Standard life insurance policy provisions

What this document is

Mont. Code Ann. ss. 33-20-104 to 33-20-119: Standard life insurance policy provisions is a state statute published by Montana Legislative Services Division. It is one of the Montana documents that insurance license exam questions are written from, including montana life & health practice questions. This page summarizes it and points to the official version, which is the text to rely on.

Sections cited in practice questions

Each practice answer shows the exact passage it comes from. These are sections of this document that questions cite, with a short excerpt from the source text.

• Mont. Code Ann. § 33-20-108 (Dividends)

  “If any such other dividend options are provided, the policy shall further state which option shall be automatically effective if such party shall not have elected some other option.”

• Mont. Code Ann. § 33-20-104 (Grace period)

  “during which period of grace the policy shall continue in full force; but if a claim arises under the policy during such period of grace, the amount of any premium due or overdue may be deducted from the policy proceeds.”

• Mont. Code Ann. § 33-20-105(1) (Incontestability)

  “There must be a provision that the policy, exclusive of provisions relating to disability benefits or to additional benefits in the event of death by accident or accidental means, is incontestable, except for nonpayment of premiums, after the policy has been in force during the lifetime of the...”

• Mont. Code Ann. § 33-20-107 (Misstatement of age)

  “if the age of the insured or of any other person whose age is considered in determining the premium has been misstated, any amount payable or benefit accruing under the policy shall be such as the premium would have purchased at the correct age or ages.”

• Mont. Code Ann. § 33-20-112 (Reinstatement)

  “the policy will be reinstated at any time within 3 years, or 2 years in the case of industrial life insurance policies, from the date of premium default upon written application therefor, the production of evidence of insurability satisfactory to the insurer, the payment of all premiums in arrears,...”

• Mont. Code Ann. § 33-20-104 (Grace Period)

  “shall be allowed within which the payment of any premium after the first may be made, during which period of grace the policy shall continue in full force; but if a claim arises under the policy during such period of grace, the amount of any premium due or overdue may be deducted from the policy proceeds.”

• Mont. Code Ann. § 33-20-107 (Misstatement of Age)

  “There shall be a provision that if the age of the insured or of any other person whose age is considered in determining the premium has been misstated, any amount payable or benefit accruing under the policy shall be such as the premium would have purchased at the correct age or ages.”

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More Montana sources

• Mont. Code Ann. s. 33-18-201: Unfair claim settlement practices prohibitedState statute
• Mont. Code Ann. s. 33-18-202: Misrepresentation and false advertising of policies prohibitedState statute
• Mont. Code Ann. s. 33-17-1001: Suspension, revocation, or refusal of licenseState statute
• Montana Code Annotated Title 33 Chapter 15 - The Insurance Contract (33-15-101 through 33-15-1126)State statute
• Montana Code Annotated Title 33 Chapter 17 - Insurance Producers, Adjusters, Consultants and Administrators (33-17-101 through 33-17-1205)State statute
• Montana Code Annotated Title 33 Chapter 20 - Life Insurance and Annuity Contracts (33-20-101 through 33-20-1606)State statute
• Montana Code Annotated Title 33 Chapter 22 Parts 1-6 - Disability Insurance: general provisions, individual policy provisions, coverage requirements, group and blanket (33-22-101 through 33-22-604)State statute
• Montana Code Annotated Title 33 Chapter 22 Parts 7-22 - Disability Insurance: mental health parity, Medicare supplement, long-term care, reinsurance, preferred providers, small employer, dental (33-22-701 through 33-22-2205)State statute