A variable life insurance policy application shall contain all of the following:

Terms Used In Arizona Laws 20-2608

  • Separate account: means a separate account established pursuant to section 20-651 or the insurance laws of the insurer's state of domicile if the insurer is a foreign or alien insurer. See Arizona Laws 20-2601
  • Variable life insurance policy: means an individual policy that provides for life insurance, the amount or duration of which varies according to the investment experience of any separate account or accounts that are established and maintained by the insurer pursuant to section 20-651 or the insurance laws of the insurer's state of domicile if the insurer is a foreign or alien insurer. See Arizona Laws 20-2601

1. A prominent statement that the death benefit may be variable or fixed under specified conditions.

2. A prominent statement that cash values may increase or decrease according to the investment experience of the separate account.

3. Questions that enable the insurer to determine the suitability of variable life insurance for the applicant.

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