Montana Code 33-7-525. Insurance producer defined — fraternal benefit society insurance contracts
33-7-525. Insurance producer defined — fraternal benefit society insurance contracts. (1) The term “insurance producer”, as used in this chapter, means any authorized or acknowledged insurance producer of a society who acts as an insurance producer in the solicitation, negotiation, or sale of a life insurance, accident and health insurance, or annuity contract.
Terms Used In Montana Code 33-7-525
- 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.
- Dependent: A person dependent for support upon another.
- insurance producer: as used in this chapter , means any authorized or acknowledged insurance producer of a society who acts as an insurance producer in the solicitation, negotiation, or sale of a life insurance, accident and health insurance, or annuity contract. See Montana Code 33-7-525
- Society: means a fraternal benefit society described in 33-7-105. See Montana Code 33-7-108
(2)The term does not include any regular salaried officer or employee of a licensed society who devotes substantially all of the officer’s or employee’s services to activities other than the solicitation of fraternal insurance contracts from the public and who receives for the solicitation of the contracts no commission or other compensation directly dependent upon the amount of business obtained.