Terms Used In Arizona Laws 20-2661

• 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.
• 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 contracts: means a variable life insurance policy or a variable annuity as defined in sections 20-2601 and 20-2631, respectively. See Arizona Laws 20-2661
• Variable group annuity: means a group policy or contract of two or more individuals 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 20-2661
• Variable group contracts: means a variable group annuity or a variable group life insurance policy. See Arizona Laws 20-2661
• 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