§ 33-20-501 Short title
§ 33-20-502 Application
§ 33-20-503 Nonforfeiture provisions
§ 33-20-504 Exception
§ 33-20-505 Minimum nonforfeiture amounts
§ 33-20-506 Present value to equal minimum nonforfeiture amount
§ 33-20-507 Cash surrender benefits
§ 33-20-508 Paid-up annuity benefits
§ 33-20-509 Maturity date
§ 33-20-510 Statement of noninclusion of certain death benefits
§ 33-20-511 Adjusted benefit
§ 33-20-512 Calculation of benefits — special benefits excluded
§ 33-20-513 Operative date

Terms Used In Montana Code > Title 33 > Chapter 20 > Part 5 - Standard Nonforfeiture Law Individual Deferred Annuities

  • 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.
  • Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • 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.