Terms Used In Montana Code 71-1-310

• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• Beneficiary: means the person named or otherwise designated in a trust indenture as the person for whose benefit a trust indenture is given or the person's successor in interest, who may not be the trustee. See Montana Code 71-1-303
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Title insurance producer: means a person who holds a valid title insurance producer's license and is authorized in writing by a title insurer to:

  (i)solicit title insurance business;

  (ii)collect rates;

  (iii)determine insurability in accordance with underwriting rules and standards of the insurer; or

  (iv)issue policies of the title insurer. See Montana Code 71-1-303

• Title insurer: means an insurer formed and authorized under the laws of this state to transact the business of title insurance in this state or a foreign or alien insurer authorized to transact title insurance in this state. See Montana Code 71-1-303
• Trust indenture: means an indenture executed in conformity with this part and conveying real property to a trustee in trust to secure the performance of an obligation of the grantor or other person named in the indenture to a beneficiary. See Montana Code 71-1-303