Montana Code 33-21-201. Form of issuance
33-21-201. Form of issuance. An insurer may deliver or issue for delivery credit life insurance and credit disability insurance only in the following forms:
Terms Used In Montana Code 33-21-201
- 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
(1)individual policies of life insurance issued to debtors on a term plan;
(2)individual policies of disability insurance issued to debtors on a term plan or disability benefit provisions in individual policies of credit life insurance;
(3)group policies of life insurance issued to creditors providing insurance on the lives of debtors on a term plan;
(4)group policies of disability insurance issued to creditors on a term plan insuring debtors or disability provisions in group credit life insurance policies to provide disability coverage;
(5)joint policies of life insurance issued to debtors providing insurance jointly on the lives of joint debtors on a term plan; or
(6)joint policies of disability insurance issued to debtors on a term plan insuring joint debtors or disability provisions in joint credit life insurance policies to provide disability coverage.