Terms Used In Arizona Laws > Title 20 > Chapter 16 > Article 1 - Variable Life Insurance

• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Assumed investment rate: means the rate of investment return that is required to be credited to a variable life insurance policy, after the deduction of charges for taxes, investment expenses and mortality and expense guarantees, to maintain the variable death benefit in an amount that is equal at all times to the amount of the death benefit, other than incidental insurance benefits, that would be payable under the plan of insurance if the death benefit did not vary according to the investment experience of the separate account. See Arizona Laws 20-2601
• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• Benefit base: means the amount to which the net investment return is applied. See Arizona Laws 20-2601
• Contract: A legal written agreement that becomes binding when signed.
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Dependent: A person dependent for support upon another.
• Embezzlement: In most states, embezzlement is defined as theft/larceny of assets (money or property) by a person in a position of trust or responsibility over those assets. Embezzlement typically occurs in the employment and corporate settings. ^{Source: OCC}
• 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.
• Fraud: Intentional deception resulting in injury to another.
• General account: means all of the assets of an insurer other than assets in separate accounts 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
• Grace period: The number of days you'll have to pay your bill for purchases in full without triggering a finance charge. ^{Source: Federal Reserve}
• Incidental insurance benefit: means all of the insurance benefits in a variable life insurance policy except the variable death benefit and the minimum death benefit. See Arizona Laws 20-2601
• including: means not limited to and is not a term of exclusion. See Arizona Laws 1-215
• Insurance producer: means any person, corporation, partnership, or other legal entity that is licensed by this state as a life insurance producer. See Arizona Laws 20-2601
• Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Minimum death benefit: means the amount of the guaranteed death benefit, except incidental insurance benefits, that is payable under a variable life insurance policy regardless of the investment performance of the separate account. See Arizona Laws 20-2601
• Net investment return: means the rate of investment return in a separate account that is applied to the benefit base. See Arizona Laws 20-2601
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Person: includes a corporation, company, partnership, firm, association or society, as well as a natural person. See Arizona Laws 1-215
• Policy processing day: means the day on which the charges that are authorized in a policy are deducted from the policy's cash value. See Arizona Laws 20-2601
• Scheduled premium policy: means a variable life insurance policy under which both the amount and timing of premium payments are fixed by the insurer. See Arizona Laws 20-2601
• 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
• 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
• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• United States: includes the District of Columbia and the territories. See Arizona Laws 1-215
• Variable death benefit: means the amount of the death benefit, except incidental insurance benefits, that is payable under a variable life insurance policy, that is dependent on the investment performance of the separate account and that the insurer must pay in the absence of any minimum death benefit. 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
• Wilfully: means , with respect to conduct or to a circumstance described by a statute defining an offense, that a person is aware or believes that the person's conduct is of that nature or that the circumstance exists. See Arizona Laws 1-215
• Writing: includes printing. See Arizona Laws 1-215