Montana Code > Title 33 > Chapter 15 > Part 11 – Property or Casualty Insurance — Premium Changes, Cancellation, and Claim Information
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Terms Used In Montana Code > Title 33 > Chapter 15 > Part 11 - Property or Casualty Insurance -- Premium Changes, Cancellation, and Claim Information
- Anniversary date: means the month and day that rates, rating plans, and rating systems are initially applied to a policy in effect. See Montana Code 33-15-1102
- Cancellation: means the decision by the insurer to terminate an insurance policy prior to the expiration of its term. See Montana Code 33-15-1102
- Classification: means an arrangement of insurance risks into an underwriting or rating group according to a classification system used by an insurer as a basis for tabulating statistical experience and determining premium rates. See Montana Code 33-15-1102
- Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
- Contract: A legal written agreement that becomes binding when signed.
- Insurer: means an insurer authorized to transact property or casualty insurance in this state or an unauthorized insurer transacting surplus lines insurance in this state. See Montana Code 33-15-1102
- Premium: means the contractual consideration charged to an insured for insurance for a specified period of time, regardless of the timing of actual charges. See Montana Code 33-15-1102
- Property: means real and personal property. See Montana Code 1-1-205
- Rate: means a monetary amount applied to the units of exposure assigned to a classification and used by an insurer to determine the premium for an insured. See Montana Code 33-15-1102
- Rating plan: means a rule used by an insurer to calculate:
(a)the premium for an insured; and
(b)the parameter values used in such calculation after application of classification premium rates to units of exposure. See Montana Code 33-15-1102
- Renewal: means an agreement between an insurer and an insured to extend or continue an existing insurance policy for 90 days or more. See Montana Code 33-15-1102
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Montana Code 1-1-201
- Statute: A law passed by a legislature.
- Writing: includes printing. See Montana Code 1-1-203