State RegulationsAZ specificDifficulty 1/5
A scheduled-premium variable life policy issued in Arizona must provide a grace period of at least how long, under A.R.S. 20-2604?
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Answer & full 3-part explanation (select an option above, or peek)
Why C is correct
A.R.S. 20-2604 requires a scheduled-premium variable life policy to carry a grace period of not less than 31 days. Note the split: scheduled-premium variable life gets 31 days, while ordinary individual life in Arizona is 30 days under A.R.S. 20-1203.
Why the other options are wrong
- A) 30 days is the ordinary life grace figure under A.R.S. 20-1203; scheduled-premium variable life must provide not less than 31 days.
- B) 10 days is the variable life right of return after receipt, not the grace period.
- D) 61 days is the minimum end of the grace window for flexible-premium variable life measured from the policyholder report.
Memory hook
Scheduled variable runs one day longer: 31.