State RegulationsAZ specificDifficulty 2/5
An annuity applicant in Scottsdale was 65 or older on the application date, but delivery of the contract was delayed until three weeks after the application. Under A.R.S. 20-1233, the contract holder's return window is:
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Answer & full 3-part explanation (select an option above, or peek)
Why D is correct
Under A.R.S. 20-1233, the extended 30-day return window applies whenever the contract holder is age 65 or older on the date of application, regardless of when delivery later occurs. This applicant qualified at application, so even though delivery was delayed three weeks, the holder receives 30 days after delivery to return the annuity for a full refund.
Why the other options are wrong
- A) The age test is measured on the date of application, not at delivery, so the delivery-day age is irrelevant.
- B) A delayed delivery does not eliminate the return window; it merely delays the start, which runs from delivery.
- C) The application date controls the age trigger, and here it extends — not shortens — the window to 30 days.
Memory hook
65 at application locks in the 30 — late delivery just moves the start line.