State RegulationsAZ specificDifficulty 3/5
An Arizona annuity contract holder who was 65 or older at application asks how the two free-look windows interact. Under A.R.S. 20-1233, the holder receives:
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Answer & full 3-part explanation (select an option above, or peek)
Why B is correct
Under A.R.S. 20-1233, the base annuity return window is 10 days after delivery, but a contract holder age 65 or older on the date of application receives the extended 30-day window instead. The extended window supersedes — it does not add to — the general window, so an older holder gets 30 days, not 40, and the remedy on a timely return is a full refund.
Why the other options are wrong
- A) The general 10-day window is superseded for applicants age 65 or older; the older holder's window is 30 days.
- C) The windows do not stack; the statute provides a single 30-day window for age 65-or-older applicants, not an additive 40 days.
- D) The statutory remedy is a full refund on timely return; there is no paid-up alternative created by the free-look provision.
Memory hook
Senior window replaces, never stacks — 30 days total, refund in full.