State RegulationsAZ specificDifficulty 1/5
Under A.R.S. 20-1233, an Arizona annuity contract holder who is age 65 or older on the date of application may return the contract for a full refund within:
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Answer & full 3-part explanation (select an option above, or peek)
Why B is correct
Under A.R.S. 20-1233, an annuity contract holder who is age 65 or older on the date of application has an extended return window of 30 days after delivery for a full refund. The age trigger is fixed at application, and the window itself runs from delivery of the contract. This age-graded protection gives older Arizona buyers a doubled examination period compared with the general 10-day window.
Why the other options are wrong
- A) The 10-day window is the general rule, and it runs from delivery, not from the signing of the application.
- C) A 15-day window does not exist in the annuity free-look statute; the age 65-or-older window is 30 days after delivery.
- D) Although 30 days is the correct length for older buyers, the window runs from delivery of the contract, not from the application date.
Memory hook
Sixty-five at application means 30 days from delivery to walk away.