Montana Code 33-21-104. Existing insurance — choice of insurer
33-21-104. Existing insurance — choice of insurer. When credit life insurance or credit disability insurance is required as additional security for an indebtedness, the debtor, upon request to the creditor, has the option of furnishing the required amount of insurance through existing policies of insurance owned or controlled by the debtor or of procuring and furnishing the required coverage through an insurer authorized to transact insurance within Montana.
Terms Used In Montana Code 33-21-104
- Credit disability insurance: means insurance on a debtor or joint debtors to provide indemnity for payments becoming due on a specific loan or other credit transaction while the debtor or either of the joint debtors is disabled as defined in the policy. See Montana Code 33-21-103
- Credit life insurance: means insurance on the life of a debtor or the lives of joint debtors pursuant to or in connection with a specific loan or other credit transaction. See Montana Code 33-21-103
- Creditor: means :
(a)a lender of money or vendor or lessor of goods, services, property, rights, or privileges, for which payment is arranged through a credit transaction;
(b)any successor to the right, title, or interest of a lender, vendor, or lessor;
(c)an affiliate, associate, or subsidiary of a lender, vendor, or lessor;
(d)a director, officer, or employee of a lender, vendor, or lessor; or
(e)any other person in any way associated with a lender, vendor, or lessor. See Montana Code 33-21-103
- Debtor: means a borrower of money or a purchaser or lessee of goods, services, property, rights, or privileges for which payment is arranged through a credit transaction. See Montana Code 33-21-103
- Indebtedness: means the total amount payable by a debtor to a creditor in connection with a loan or other credit transaction. See Montana Code 33-21-103