Arizona Revised Statutes Title 20. Insurance § 20-1614. Debtor's option in satisfying security

When consumer credit insurance is required as a condition to a loan or credit transaction or as security for a debt, if so permitted by law, the debtor, upon request to the creditor, shall have the option of satisfying the requirements by furnishing existing policies of insurance in sufficient amount owned or controlled by the debtor or by procuring the necessary coverage from any insurer authorized by the director.