§ 20-1242 Definitions
§ 20-1242.01 Applicability and scope
§ 20-1242.02 Standards for the disclosure document and buyer’s guide
§ 20-1242.03 Report to contract owners
§ 20-1242.04 Penalties
§ 20-1242.05 Rules; exemption from rule making procedures

Terms Used In Arizona Laws > Title 20 > Chapter 6 > Article 1.2 - Annuity Disclosure

  • 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.
  • Contract: A legal written agreement that becomes binding when signed.
  • department: means the department of insurance and financial institutions. See Arizona Laws 20-101
  • Determinable elements: means elements that are derived from processes or methods that are guaranteed at issue and that are not subject to company discretion, but where the values or amounts cannot be determined until some point after issue. See Arizona Laws 20-1242
  • Generic name: means a short title descriptive of the annuity contract being applied for or illustrated such as "single premium deferred annuity". See Arizona Laws 20-1242
  • Guaranteed elements: means the premiums, credited interest rates, including any bonus, benefits, values, noninterest based credits, charges, or elements of formulas used to determine any of these, that are guaranteed and determined at issue. See Arizona Laws 20-1242
  • including: means not limited to and is not a term of exclusion. See Arizona Laws 1-215
  • Nonguaranteed elements: means the premiums, credited interest rates, including any bonus, benefits, values, noninterest based credits, charges, or elements of formulas used to determine any of these, that are subject to company discretion and that are not guaranteed at issue. See Arizona Laws 20-1242
  • 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
  • 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.
  • Statute: A law passed by a legislature.
  • United States: includes the District of Columbia and the territories. See Arizona Laws 1-215