Learn About The Law
Get help with your legal needs
FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.
Current as of January 01, 2025 | Updated by Findlaw Staff
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.
Cite this article: FindLaw.com - Arizona Revised Statutes Title 20. Insurance § 20-1241.02. Policy summary requirements - last updated January 01, 2025 | https://codes.findlaw.com/az/title-20-insurance/az-rev-st-sect-20-1241-02/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw’s Learn About the Law.
Get help with your legal needs
FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.
Search our directory by legal issue
Enter information in one or both fields (Required)