Terms Used In Montana Code > Title 33 > Chapter 20 > Part 16 - Unclaimed Life Insurance Benefits Act

• 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.
• 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}
• Contract: A legal written agreement that becomes binding when signed.
• Death master file: means the social security administration's death master file or any other database or service at least as comprehensive as the social security administration's death master file used for determining that a person has reportedly died. See Montana Code 33-20-1604
• Escheat: Reversion of real or personal property to the state when 1) a person dies without leaving a will and has no heirs, or 2) when the property (such as a bank account) has been inactive for a certain period of time. ^{Source: OCC}
• Match: means a search of the death master file that results in a match of the social security number or the name and date of birth of an insured, annuitant, or retained asset account owner. See Montana Code 33-20-1604
• Person: includes a corporation or other entity as well as a natural person. See Montana Code 1-1-201
• Policy: means a policy that provides a death benefit. See Montana Code 33-20-1604
• Property: means real and personal property. See Montana Code 1-1-205
• 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