Montana Code 33-20-1603. Application of part
33-20-1603. Application of part. (1) This part applies to life insurance policies, annuity contracts, certificates under a life insurance policy or annuity contract, or certificates issued to a fraternal benefit society under which benefits are payable upon the death of the insured.
Terms Used In Montana Code 33-20-1603
- 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.
- Policy: means a policy that provides a death benefit. See Montana Code 33-20-1604
(2)This part may not be construed to limit any agreement by the commissioner with an insurer regarding unclaimed life insurance benefits.
(3)For the purposes of this part, the term “annuity contract” does not include an annuity used to fund an employment-based retirement plan or program when the insurer is not committed by terms of the annuity contract to pay death benefits to the beneficiaries of specific plan participants.