The national guide covers the standard life policy provisions, nonforfeiture and settlement options, beneficiaries, and riders. Arizona's required individual life provisions are in A.R.S. 20-1201 to 20-1228, and the sales rules are in R20-6-209 and the replacement statutes (20-1241 and following).

Required provisions

Simultaneous death. If the insured and beneficiary die together with no evidence of who died first, the proceeds are paid as if the insured survived the beneficiary, unless the policy says otherwise (20-1127).

Accelerated benefits. A life policy may accelerate the death benefit on terminal illness, catastrophic illness, or eligibility for long-term care (20-1136).

Creditor protection.

• Proceeds payable to a beneficiary other than the person who bought the policy are protected from that person's creditors (20-1131).
• Cash value is exempt in bankruptcy once a spouse, child, or other dependent family member has been beneficiary for two continuous years.

Sales rules (R20-6-209 and 20-431.06)

• Before a presentation, the producer discloses being a life producer and gives the insurer's full name.
• The Buyer's Guide and Policy Summary are given before the first premium. If the policy has an unconditional 10-day refund right, they may come with the policy instead. Failing to provide them counts as a misrepresentation.
• Any mention of dividends must say they are not guaranteed.
• A commission-paid producer can't use titles such as "financial planner" in a misleading way.
• Illustrations:
  • A signed basic illustration goes to the insurer with the application, and a copy to the applicant.
  • If the policy is issued differently, a revised illustration is signed no later than delivery.
  • If no illustration is used, the producer certifies that in writing.

Replacement (20-1241 and following)

• Every application includes a signed statement on whether the applicant has existing coverage.
• If there is a replacement, the producer reads the replacement notice no later than taking the application, both sign it, and the producer leaves it with the applicant along with all sales material. For an electronic notice, the insurer sends a copy within three business days.
• The replacing insurer notifies the existing insurer within five business days. The existing insurer tells the owner, within five business days, of the right to information about the old policy.
• A replacement policy carries a 30-day right to return.
• In a same-insurer replacement, credit is given for elapsed contestable and suicide periods.
• Existing policy values used within 4 months before or 13 months after a new policy from the same insurer is prima facie evidence of a financed purchase.
• Advising an applicant to answer the replacement question falsely is a violation.
• Nonconvertible term expiring within five years and credit life are exempt.

Insurable interest and minors

• A person may insure their own life for the benefit of anyone.
• For a policy on someone else, insurable interest must exist when the contract is made (20-1104). Close relatives have an interest through love and affection; others need a lawful economic interest, such as a party to a buy-sell agreement.
• A 501(c)(3) charity has an insurable interest when the insured joins in the application naming the charity as owner and irrevocable beneficiary.
• STOLI violates the insurable interest law (20-443.02).
• A minor 15 or older may contract for life or disability insurance on their own life (20-1106).

Common exam traps

• Incontestability: two years, with only the nonpayment exception.
• Reinstatement: three years, with interest of no more than 6%.
• The Buyer's Guide may come with the policy only if there's a 10-day free look.
• Replacement free look: 30 days. Insurer notices: five business days.
• Simultaneous death: the insured is presumed to have survived.