Montana Code 33-15-303. Contents of policies in general — identification
33-15-303. Contents of policies in general — identification. (1) Each policy must specify:
Terms Used In Montana Code 33-15-303
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Contract: A legal written agreement that becomes binding when signed.
(a)the names of the parties to the contract;
(b)the subject of the insurance;
(c)the risks insured against;
(d)the time when the insurance under the policy takes effect and the period during which the insurance is to continue;
(e)the premium;
(f)the conditions pertaining to the insurance.
(2)If under the policy the exact amount of premium is determinable only at stated intervals or termination of the contract, a statement of the basis and rates upon which the premium is to be determined and paid must be included.
(3)All policies and annuity contracts issued by insurers and the forms of policies and annuity contracts filed with the commissioner must have printed on the policy or annuity contract an appropriate designating letter or figure, combination of letters or figures, or terms identifying the respective forms of policies or contracts. Each form, including riders and endorsements, must be identified by a designating letter or figure placed in a lower, preferably left-hand, corner of the first page of the form. Whenever any change is made in any form, the designating letters, figures, or terms on the form must be correspondingly changed and the revision date must be noted next to the designating letters.