Arizona Revised Statutes

Ariz. Rev. Stat. § 20-1605 (2026)

Maximum amount of credit life insurance

✓ current as of May 2026

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A. The initial amount of credit life insurance shall not exceed the gross debt.

B. If a debt is repayable in substantially equal installments, the amount of insurance shall at no time exceed the scheduled or actual amount of the gross debt, whichever is greater.

C. Notwithstanding subsections A and B, credit life insurance in connection with a loan not exceeding one year in duration, or pursuant to a bank or financial institution loan checking account or revolving line of credit plan, may be issued or made effective on a nondecreasing or level term plan in an amount not in excess of the loan. Credit life insurance on an educational transaction commitment may be issued or made effective in an amount which includes that portion of the commitment not yet advanced by the creditor.

Notes of Decisions

Cited in 2 cases, 1978–2003 · leading case: Foremost Life Ins. v. Trimble, 580 P.2d 360 (Ariz. Ct. App. 1978).

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Foremost Life Ins. v. Trimble, 580 P.2d 360 (Ariz. Ct. App. 1978). · cites it 2× “A.R.S. §§ 20-1605 and 20-1606. Necessary provisions within policy forms and certificates are prescribed.”

Printis v. Bankers Life Ins., 583 S.E.2d 22 (Ga. 2003). “§ 16a-4-202 (1) (a) (Kan.); K.R.S. § 304.19-040 (1) (Ky); V.”

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