State RegulationsAZ specificDifficulty 1/5
A variable life policy delivered in Arizona may be returned by the policyholder for a refund within what period after receipt of the policy, under A.R.S. 20-2604?
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Answer & full 3-part explanation (select an option above, or peek)
Why B is correct
A.R.S. 20-2604 gives the variable life policyholder a right of return within 10 days after receipt of the policy. On return, the refund equals premiums paid minus separate-account allocations, plus the separate-account value when the returned policy is received.
Why the other options are wrong
- A) 30 days is the age-graded annuity free look for contract holders age 65 or older under A.R.S. 20-1233, and the LTC and Medigap free-look figure - not the variable life right of return.
- C) 31 days is the minimum grace period for scheduled-premium variable life, not the right of return.
- D) 45 days is the health reinstatement conditional-receipt figure under A.R.S. 20-1348, unrelated to variable life.
Memory hook
Variable life: 10 days to hand it back.