Arizona Life Insurance (AZ)
AriZona Life Insurance Laws (AZ)
Insurance laws in Arizona are in place to protect both insurers and insurance customers. The regulations in place include:
- Title 20 of the Revised Arizona Statutes: Regulates the insurance industry in the state of
Arizona. Under Title 20, all insurance companies must allow you a 30 day grace period for all
payments made to a policy. This protects you from having your policy canceled by the company within 30 days
of your payment due date.
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Insurance companies must pay all claims within two months after the proof of death has been received. If it should take any longer, interest may begin to accrue on the
benefit and be payable to the beneficiary.
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Life insurance companies cannot disclose any personal or privileged information obtained by any insurance transaction, unless given the proper permission to do so.
Arizona Laws to Protect Insurers (az)
Insurers are protected against consumer deception by contesting any statements made on the original
application for up to two years from the policy’s effective date. Any fraudulent findings are grounds for policy
cancellation, with the exception of age. Age misstatements may be corrected at any time during the policy, with the death
benefit adjusted to reflect the correct age.
Additional Arizona Life Insurance Regulations (az)
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Viatical Settlements: Viatical settlements are an agreement between an insured individual and a third party. The third
party is responsible for all premium payments, and in turn is the life insurance policy’s beneficiary. Viatical
settlements are both legal and regulated in the state of Arizona.
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All Arizona licensed life insurance companies are required to pay dues to the Arizona Life and Disability
Insurance Guaranty Fund. This organization helps to compensate policyholders for loss of death benefits and cash values
in the event that the insurance company was to go out of business. Maximums are set at $300,000 per death benefit
per person total and $100,000 for a net cash withdrawal per insured. Since these maximums are per person, even if more than
one policy for the same person is held, the maximum amount will not change. In order to qualify for the Guaranty Fund, be sure that you purchase a life insurance policy from an insurance company that is licensed in Arizona.
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Life-Insurance-Info.us is not a life insurance broker or carrier, and cannot issue life insurance policies. This site provides free information on insurance providers and coverage options. We are not associated with the companies profiled on Life-Insurance-Info.us and we make no representation, express or implied, that you will receive a quote from a specific company profiled herein. Products and policies may not be available in all states, and product and policy information is subject to change without notice. Please contact the insurance company directly to answer your policy inquiries.
Last Updated: June 16, 2009
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