Montana Code Annotated Title 33 Chapter 20

What this document is

Montana Code Annotated Title 33 Chapter 20 - Life Insurance and Annuity Contracts (33-20-101 through 33-20-1606) is a state statute published by Montana Legislative Services Division (archive.legmt.gov). 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. Title 33 Chapter 20 § 33-20-127 (Life Insurance Policy With Long-Term Care or Accelerated Benefits Provision -- Summary Required)

  “In addition to complying with all applicable requirements, the summary must also include: (1) an explanation of how the long-term care benefits or accelerated benefits interact with other components of the policy, including deductions from death benefits; (2) an illustration of the amount of...”

• Mont. Code Ann. Title 33 Chapter 20 § 33-20-211(4) (Calculation of values, other requisites)

  “additional benefits payable under the following circumstances shall be disregarded in ascertaining cash surrender values and nonforfeiture benefits required by this part, and no such additional benefits shall be required to be included in any paid-up nonforfeiture benefits: (a) in the event of...”

• Mont. Code Ann. Title 33 Chapter 20 § 33-20-142(3) (Affidavit as Proof of Mailing)

  “The affidavit of any responsible officer, clerk, or insurance producer of the insurance company authorized to mail the notice that it is the standard practice of the company to mail to policyowners the notice required by this section is prima facie evidence that the notice has been duly given.”

• Mont. Code Ann. Title 33 Chapter 20 § 33-20-304 (Entire contract -- annuity and pure endowment contracts)

  “In an annuity or pure endowment contract, other than a reversionary, survivorship, or group annuity, there shall be a provision that the contract shall constitute the entire contract between the parties or, if a copy of the application is endorsed upon or attached to the contract when issued, a...”

• Mont. Code Ann. Title 33 Chapter 20 § 33-20-305 (Misstatement of age -- annuity and pure endowment contracts)

  “In an annuity or pure endowment contract, other than a reversionary, survivorship, or group annuity, there shall be a provision that if the age of the person or persons upon whose life or lives the contract is made, or of any of them, has been misstated, the amount payable or benefits accruing...”

• Mont. Code Ann. Title 33 Chapter 20 § 33-20-805(1)(a) (Producer Care Obligation)

  “(a) The producer, in making a recommendation, shall exercise reasonable diligence, care, and skill to: (i) know the consumer's financial situation, insurance needs, and financial objectives; (ii) understand the available recommendation options after making a reasonable inquiry into options...”

• Mont. Code Ann. Title 33 Chapter 20 § 33-20-503(2) (Nonforfeiture Provisions - Cash Surrender Benefit in Lieu of Paid-Up Annuity Benefit; Deferral)

  “that if a contract provides for a lump-sum settlement at maturity or at any other time, than upon surrender of the contract at or prior to the commencement of any annuity payments, the company will pay in lieu of any paid-up annuity benefit a cash surrender benefit of such amount as is specified in...”

• Mont. Code Ann. Title 33 Chapter 20 § 33-20-202(1)(b) (Nonforfeiture Provisions: Cash Surrender Value on Default)

  “that upon surrender of the policy within 60 days after the due date of any premium payment in default after premiums have been paid for at least 3 full years in the case of ordinary insurance and 5 full years in the case of industrial insurance, the insurer will pay, in lieu of any paid-up...”

• Mont. Code Ann. Title 33 Chapter 20 § 33-20-1312(1)(a) (Conditions Precedent to Entering Into Viatical Settlement Contract)

  “(1) Before a viatical settlement provider enters into a viatical settlement contract with a policyholder or certificate holder who has a terminal illness or condition, the viatical settlement provider shall first obtain the following: (a) a written statement from an attending physician that the...”

• Mont. Code Ann. Title 33 Chapter 20 § 33-20-150(4) (Contracts must conform to adopted rules)

  “After the effective date of rules that are adopted pursuant to this section, a group or individual life insurance policy, certificate, or annuity may not be marketed, issued, or issued for delivery to a Montana resident unless the policy, certificate, or annuity conforms to the rules that are...”

• Mont. Code Ann. Title 33 Chapter 20 § 33-20-124 (Conformity with state statutes)

  “Each policy regulated by this part must contain a provision or the equivalent thereto as follows: "Conformity with Montana statutes. The provisions of this policy conform to the minimum requirements of Montana law and control over any conflicting statutes of any state in which the insured resides...”

• Mont. Code Ann. Title 33 Chapter 20 § 33-20-119(1) (Incontestability -- limitation on liability after reinstatement)

  “A reinstated policy of life insurance or annuity contract may be contested on account of fraud or misrepresentation of facts material to the reinstatement only for the same period following reinstatement and with the same conditions and exceptions as the policy provides with respect to...”

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Questions about this source

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. ss. 33-20-104 to 33-20-119: Standard life insurance policy provisionsState 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 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