State RegulationsAZ specificDifficulty 3/5
An Arizona producer tells a client that state law gives every insurance product a free-look period. Which statement correctly describes Arizona law?
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Answer & full 3-part explanation (select an option above, or peek)
Why A is correct
Arizona law grants statutory free looks only in specific products: annuities under A.R.S. 20-1233, variable life under A.R.S. 20-2604, long-term care under A.R.S. 20-1691.07, and Medicare supplement policies under A.A.C. R20-6-1101. There is no general statutory free look for ordinary life or health policies, so a producer who promises one as a matter of law misstates Arizona insurance regulations.
Why the other options are wrong
- B) A universal 30-day statutory free look for all life and health policies does not exist in Arizona law; free looks are product-specific.
- C) Annuities are not the only product with a statutory free look — variable life, long-term care, and Medicare supplement policies also carry statutory return windows.
- D) Ordinary life policies have no statutory free look in Arizona; the 10-day annuity window does not extend to life insurance.
Memory hook
Free looks are product-specific in Arizona — annuity, variable life, LTC, Medigap; ordinary life gets none.