§ 20-2631 Definitions
§ 20-2632 Qualifications to issue variable annuities
§ 20-2633 Separate account; annuities
§ 20-2634 Filing of contracts; approval
§ 20-2635 Variable annuity contracts
§ 20-2636 Nonforfeiture benefits; exceptions; definition
§ 20-2637 Reports
§ 20-2638 Foreign companies

Terms Used In Arizona Laws > Title 20 > Chapter 16 > Article 2 - Variable Annuities

  • 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.
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Company: means an insurer licensed pursuant to this title to transact life insurance or annuities in this state. See Arizona Laws 20-2631
  • 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.
  • department: means the department of insurance and financial institutions. See Arizona Laws 20-101
  • Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
  • 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.
  • 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
  • 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
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Month: means a calendar month unless otherwise expressed. See Arizona Laws 1-215
  • 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
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • 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 annuity: means an individual policy or contract that provides for annuity benefits that vary according to the investment experience of a separate account or accounts that the insurer maintains pursuant to section 20-651 or the corresponding insurance laws of a foreign insurer's domiciliary state. See Arizona Laws 20-2631