§ 20-1241.02 — Policy summary requirements

Arizona § 20-1241.02

• Jurisdiction: Arizona
• Title 20: Arizona Revised Statutes
• Ch. 6: PARTICULAR TYPES OF INSURANCE
• Art. 1.: Replacement of Life Insurance Policies and Annuity Contracts

Text

A. Any policy summary required under this article shall be in writing and shall satisfy the requirements of this section.

B. A summary of a policy or contract other than a universal life policy shall contain, to the extent applicable, at least the following information:

1. Current death benefit.

2. Annual contract premium.

3. Current cash surrender value.

4. Current dividend.

5. Application of current dividend.

6. Amount of outstanding loan.

C. A summary of a universal life policy shall contain at least the following information:

1. The beginning and end date of the current report period.

2. The policy value at the end of the previous report period and at the end of the current report period.

3. The total amounts that have been credited or debited to the policy value during the current report period, identifying each by type.

4. The current death benefit at the end of the current report period on each life covered by the policy.

5. The net cash surrender value of the policy as of the end of the current report period.

6. The amount of outstanding loans, if any, as of the end of the current report period.