Montana Code 33-7-524. Nonforfeiture benefits, cash surrender values, certificate loans, and other options
33-7-524. Nonforfeiture benefits, cash surrender values, certificate loans, and other options. (1) For certificates issued prior to July 1, 1993, the value of every paid-up nonforfeiture benefit and the amount of any cash surrender value, loan, or other option granted must comply with the provisions of law applicable immediately prior to July 1, 1992.
Terms Used In Montana Code 33-7-524
- Certificate: means the document issued as written evidence of the benefit contract. See Montana Code 33-7-108
- Laws: means the society's articles of incorporation, charter, constitution, and bylaws. See Montana Code 33-7-108
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Montana Code 1-1-201
(2)For certificates issued on or after July 1, 1993, for which reserves are computed on the commissioner of insurance’s 1941 standard ordinary mortality table, the commissioner’s 1941 standard industrial mortality table, the commissioner’s 1958 standard ordinary mortality table, the commissioner’s 1980 standard mortality table, or any more recent table made applicable to life insurers, every paid-up nonforfeiture benefit and the amount of any cash surrender value, loan, or other option granted may not be less than the corresponding amount ascertained in accordance with the laws of this state applicable to life insurers issuing policies containing similar benefits based upon the tables.