Terms Used In Montana Code > Title 33 > Chapter 20 > Part 9 - Annuity Disclosure

• 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.
• Contract owner: means the owner named in the annuity contract or a certificate holder in the case of a group annuity contract. See Montana Code 33-20-904
• Determinable elements: means elements that are derived from processes or methods that are guaranteed at issue and are not subject to insurer discretion, but the values or amounts cannot be determined until some point after issue. See Montana Code 33-20-904
• Generic name: means a short title descriptive of the annuity contract being applied for, such as "single premium deferred annuity". See Montana Code 33-20-904
• Guaranteed elements: means the premiums, credited interest rates (including any bonus), benefits, values, noninterest-based credits, and charges or elements of formulas used to determine any of these items that are guaranteed and determined at issue. See Montana Code 33-20-904
• Nonguaranteed elements: means the premiums, credited interest rates (including any bonus), benefits, values, noninterest-based credits, and charges or elements of formulas used to determine any of these items that are subject to insurer discretion and are not guaranteed at issue. See Montana Code 33-20-904
• Person: includes a corporation or other entity as well as a natural person. See Montana Code 1-1-201
• Printing: means the act of reproducing a design on a surface by any process. See Montana Code 1-1-203
• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• 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