Montana Code > Title 33 > Chapter 20 > Part 6 – Variable Contracts


§ 33-20-601	Short title
§ 33-20-602	Powers of commissioner
§ 33-20-603	Separate accounts for life insurance or annuities
§ 33-20-604	Contract to contain statement of essential features
§ 33-20-605	Requirements for doing business
§ 33-20-606	Variable contracts to meet insurance contract requirements

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.
Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
Contract: A legal written agreement that becomes binding when signed.
Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
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
Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. ^{Source: OCC}
Trustee: A person or institution holding and administering property in trust.