Life Insurance Policy Provisions

What this document is

Arizona Revised Statutes Title 20, Secs. 20-1201 onward - Life Insurance Policy Provisions is a state statute published by Arizona State Legislature (azleg.gov). 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.

• A.R.S. Title 20 § 20-1231(B)(1) (Standard Nonforfeiture Law for Life Insurance: paid-up nonforfeiture benefit on default)

  “That in the event of default in any premium payment, the insurer will grant, upon proper request not later than sixty days after the due date of the premium in default, a paid-up nonforfeiture benefit on a plan stipulated in the policy, effective as of such due date, of such amount as is specified...”

• A.R.S. Title 20 § 20-1229 (Authorized deductions from insurance proceeds)

  “In determining the amount due under any life insurance policy issued, deduction may be made of: 1. Any unpaid premiums or installments thereof for the current policy year due under the terms of the policy. 2. The amount of principal and accrued interest of any policy loan or other indebtedness...”

• A.R.S. Title 20 § 20-1231(B)(2) (Standard Nonforfeiture Law for Life Insurance: cash surrender value on surrender after default)

  “That upon surrender of the policy within sixty days after the due date of any premium payment in default after premiums have been paid for at least three full years in the case of ordinary insurance, and five full years in the case of industrial insurance, the insurer will pay, in lieu of any...”

• A.R.S. Title 20 § 20-1207 (Dividends; election of dividend options)

  “Except as provided in this section, any dividend so apportioned shall, at the option of the party entitled to elect such option, be either payable in cash or applied to any one of such other dividend options as may be provided by the policy. If any such other dividend options are provided, the...”

• A.R.S. Title 20 § 20-1230 (Prohibition of dual or multiple pay policies)

  “No life insurance policy shall be issued or delivered in this state if it provides that on the death of anyone not specifically named therein, the owner or beneficiary of the policy shall receive the payment or granting of anything of value.”

• A.R.S. Title 20 § 20-1205(A) (Application and policy as entire contract; statements as representations)

  “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...”

• A.R.S. Title 20 § 20-1203 (Grace period)

  “If a claim arises under the policy during the period of grace before the overdue premium is paid, the amount of the premium may be deducted from the policy proceeds.”

• A.R.S. Title 20 § 20-1275 (Group Annuity Contract Certificates)

  “In group annuity contracts there shall be a provision that the insurer will issue to the holder of the contract for delivery to each annuitant who contributes thereunder an individual certificate setting forth a statement in substance of the benefits to which he is entitled under the contract.”

• A.R.S. Title 20 § 20-1274(C) (Nonforfeiture Benefits in Group Annuity Contract)

  “The contract shall also provide that in case of the death of an annuitant before the commencement date of the annuity, the insurer shall pay a death benefit at least equal to the aggregate amount of the annuitant's contributions without interest.”

• A.R.S. Title 20 § 20-1264 (Group life beneficiary provision)

  “In group life policies there shall be a provision that any sum becoming due by reason of the death of the person insured shall be payable to the beneficiary designated by the person insured, subject to the provisions of the policy in the event there is no designated beneficiary, as to all or any...”

• A.R.S. Title 20 § 20-1268 (Death Pending Conversion)

  “In group life policies there shall be a provision that if a person insured under the group policy dies during the period within which he would have been entitled to have an individual policy issued to him in accordance with sections 20-1266 or 20-1267 and before such an individual policy becomes...”

• A.R.S. Title 20 § 20-1202(B) (Provisions inapplicable to single premium or term policies)

  “Any provisions or portions thereof not applicable to single premium or term policies shall to that extent not be incorporated therein.”

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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
• Ariz. Rev. Stat. ss. 20-1203 to 20-1210: Standard life insurance policy provisionsState 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