State RegulationsAZ specificDifficulty 1/5
Under A.R.S. 20-1233, how long after delivery may an Arizona annuity contract holder return the contract for a full refund?
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Answer & full 3-part explanation (select an option above, or peek)
Why C is correct
Under A.R.S. 20-1233, an Arizona annuity contract holder may return the annuity within 10 days after delivery and receive a full refund. This general free-look window gives every annuity buyer a short examination period, while a longer window applies to older buyers as provided in the same statute. Producers should time their delivery and disclosure so the client receives the full window the statute promises.
Why the other options are wrong
- A) A 15-day window is not the statutory general period; A.R.S. 20-1233 sets the general annuity return window at 10 days after delivery.
- B) A 20-day figure has no basis in the annuity free-look statute; the general window is 10 days after delivery.
- D) A 30-day window applies only when the contract holder is age 65 or older on the date of application, not to every contract holder.
Memory hook
Annuity free look starts at 10 — seniors get more, everyone gets 10.