Variable Life Insurance and Variable Annuities

What this document is

Arizona Revised Statutes Title 20, Secs. 20-2601 onward - Variable Life Insurance and Variable Annuities 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 § 20-2603(B) (Reports; disapproval of material)

  “The director shall disapprove any material that is submitted under this section that the director finds to be false, misleading, deceptive or inaccurate in any material respect. If the material was previously distributed, the director shall require that the insurer distribute amended material.”

• A.R.S. Title 20 § 20-2601(9) (Definitions; minimum death benefit)

  “"Minimum death benefit" means the amount of the guaranteed death benefit, except incidental insurance benefits, that is payable under a variable life insurance policy regardless of the investment performance of the separate account.”

• A.R.S. Title 20 § 20-2632(C) (Pre-Issuance Submissions to the Director)

  “C. Before a company issues or issues for delivery variable annuities in this state, the company shall submit all of the following to the director: 1. A general description of the kinds of variable annuities the company intends to issue. 2. If requested by the director, a copy of the laws of the...”

• A.R.S. Title 20 § 20-2632(A) (Qualifications to Issue Variable Annuities)

  “A. A company shall not issue or issue for delivery in this state variable annuities unless the director is satisfied that the company's condition or method of operation in connection with the issuance of variable annuity contracts will not be hazardous to the public or the company's policyholders...”

• A.R.S. Title 20 § 20-2606(H) (Separate accounts; change of investment policy)

  “A domestic insurer shall not change its investment policy of a separate account without first filing the change with the director. A change that is filed pursuant to this subsection is effective sixty days after the date on which it was filed with the director, unless the director notifies the...”

• A.R.S. Title 20 § 20-2608 (Variable life insurance policy application requirements)

  “A variable life insurance policy application shall contain all of the following: 1. A prominent statement that the death benefit may be variable or fixed under specified conditions. 2. A prominent statement that cash values may increase or decrease according to the investment experience of the...”

• A.R.S. Title 20 § 20-2607(A)(7) (Information to applicants; illustrations of benefits)

  “Illustrations of benefits that are payable under the variable life insurance contract. The insurer shall prepare the illustrations. The illustrations shall not include projections of past investment experience into the future or attempted predictions of future investment experience. This paragraph...”

Practice this material

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
• 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