Standard life insurance policy provisions

What this document is

Ariz. Rev. Stat. ss. 20-1203 to 20-1210: Standard life insurance policy provisions is a state statute published by Arizona State Legislature. It is one of the Arizona documents that insurance license exam questions are written from, including arizona life & health practice questions. This page summarizes it and points to the official version, which is the text to rely on.

Sections cited in practice questions

Each practice answer shows the exact passage it comes from. These are sections of this document that questions cite, with a short excerpt from the source text.

• Ariz. Rev. Stat. § 20-1205 (Entire contract; statements as representations)

  “A. There shall be a provision that the policy, or the policy and the application therefor if a copy of the application is endorsed upon or attached to the policy when issued, shall constitute the entire contract between the parties, and that all statements contained in the application shall, in the...”

• Ariz. Rev. Stat. § 20-1203 (Grace period)

  “There shall be a provision that a grace period of thirty days, or, at the option of the insurer, of one month of not less than thirty days, shall be allowed within which the payment of any premium after the first may be made, during which period of grace the policy shall continue in full force. If...”

• Ariz. Rev. Stat. § 20-1209 (Policy Loan on New Policies)

  “The policy may also provide that if interest on any indebtedness is not paid when due it shall then be added to the existing indebtedness and shall bear interest at the same rate, and that if and when the total indebtedness on the policy, including interest due or accrued, equals or exceeds the...”

• Ariz. Rev. Stat. § 20-1206 (Misstatement of age)

  “There shall be a provision that if the age of the insured or of any other person whose age is considered in determining the premium has been misstated, any amount payable or benefit accruing under the policy shall be such as the premium would have purchased at the correct age or ages.”

• Ariz. Rev. Stat. § 20-1210 (Nonforfeiture Options in Old Policies)

  “There shall be a provision specifying the option to which the policyholder is entitled in the event of default in a premium payment after three full annual premiums have been paid.”

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Questions about this source

More Arizona sources

• Ariz. Rev. Stat. s. 20-443: Misrepresentations and false advertising of policiesState statute
• Ariz. Rev. Stat. s. 20-295: License denial, suspension, or revocation; civil penaltyState statute
• Ariz. Rev. Stat. ss. 20-448, 20-452: Unfair discrimination and rebatesState statute
• A.R.S. Title 20, Chapter 2, Article 2 - Unfair Trade Practices (Secs. 20-441 through 20-462)State statute
• Arizona Revised Statutes Title 20, Chapter 1 - General Provisions (Secs. 20-101 through 20-191)State statute
• Arizona Revised Statutes Title 20, Secs. 20-1001 onward - Prepaid Dental Plan Organizations and Related EntitiesState statute
• Arizona Revised Statutes Title 20, Secs. 20-1101 onward - The Insurance ContractState statute
• Arizona Revised Statutes Title 20, Secs. 20-1201 onward - Life Insurance Policy ProvisionsState statute