Terms Used In Arizona Laws > Title 20 > Chapter 6 > Article 1.1 - Replacement of Life Insurance Policies and Annuity Contracts

• Action: includes any matter or proceeding in a court, civil or criminal. See Arizona Laws 1-215
• Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
• Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
• Contract: A legal written agreement that becomes binding when signed.
• Contract: means a contract for the purchase of an annuity. See Arizona Laws 20-1241
• department: means the department of insurance and financial institutions. See Arizona Laws 20-101
• Direct response solicitation: means a solicitation to purchase a policy or contract solely through mail, telephone, the internet or other mass communication media. See Arizona Laws 20-1241
• Direct solicitation: means personal contact to solicit someone to purchase a policy or contract, but does not include any group meeting held by an insurance producer solely for the purpose of educating or enrolling individuals or when initiated by an individual member of a group assisting the individual with selection of investment options offered by a single insurer in connection with enrolling that individual. See Arizona Laws 20-1241
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Existing insurer: means the insurer whose policy or contract is or will be replaced. See Arizona Laws 20-1241
• Existing policy or contract: means a policy or contract that is in force and includes a policy under a binding or conditional receipt and a policy or contract that is within an unconditional refund period. See Arizona Laws 20-1241
• Financed purchase: means the purchase of a new policy involving the actual or intended use of monies obtained by the withdrawal or surrender of, or by borrowing from values of, an existing policy to pay all or part of any premium due on the new policy. See Arizona Laws 20-1241
• Illustration: means a presentation or depiction that includes nonguaranteed elements of a policy of life insurance over a period of years. See Arizona Laws 20-1241
• including: means not limited to and is not a term of exclusion. See Arizona Laws 1-215
• Person: includes a corporation, company, partnership, firm, association or society, as well as a natural person. See Arizona Laws 1-215
• Policy summary: means a description of a policy or contract that meets the requirements in Section 20-1241. See Arizona Laws 20-1241
• Process: means a citation, writ or summons issued in the course of judicial proceedings. See Arizona Laws 1-215
• replacement: means a transaction in which a new policy or contract is to be purchased and it is known or should be known to the proposing insurance producer, or to the proposing insurer if there is no insurance producer, that by reason of the transaction an existing policy or contract has been or is to be:

  (a) Lapsed, forfeited, surrendered or partially surrendered, assigned to the replacing insurer or otherwise terminated. See Arizona Laws 20-1241

• Replacing insurer: means the insurer that issues or proposes to issue a new policy or contract that replaces an existing policy or contract or is a financed purchase. See Arizona Laws 20-1241
• Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
• Sales material: means a sales illustration and any other written, printed or electronically presented information that is created, completed or provided by an insurer or insurance producer, that is used in the presentation to the policy or contract owner and that is related to the policy or contract purchased. See Arizona Laws 20-1241
• sent: means to deliver by United States mail, personal delivery or fax or by electronic means consistent with the requirements of section 20-239. See Arizona Laws 20-117
• United States: includes the District of Columbia and the territories. See Arizona Laws 1-215
• Writing: includes printing. See Arizona Laws 1-215