State RegulationsAZ specificDifficulty 1/5
Under A.R.S. 20-1233, the Arizona annuity free-look return right belongs to:
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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, the right to return an annuity within the free-look window for a full refund belongs to the contract holder — the person who owns the contract. Neither the producer, the beneficiary, nor the insurer holds this right. Producers should explain the return right directly to the contract holder at delivery so the owner understands and can exercise the protection.
Why the other options are wrong
- A) The producer sells and delivers the contract but has no statutory right to return it on the owner's behalf or otherwise.
- B) A named beneficiary holds contingent rights under the contract, not the owner's free-look return right under A.R.S. 20-1233.
- D) The issuing insurer is the party obligated to refund, not the party holding the return right.
Memory hook
The owner owns the free look — only the contract holder can hand it back.