Terms Used In Montana Code > Title 33 > Chapter 7 > Part 4 - Finance

• 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.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• 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}
• Benefit member: means an adult member who is designated by the laws or rules of the society to be a benefit member under a benefit contract. See Montana Code 33-7-108
• Contract: A legal written agreement that becomes binding when signed.
• Laws: means the society's articles of incorporation, charter, constitution, and bylaws. See Montana Code 33-7-108
• Rules: means all rules, regulations, or resolutions that are adopted by the supreme governing body or board of directors and that are intended to have general application to the members of the society. See Montana Code 33-7-108
• Society: means a fraternal benefit society described in 33-7-105. 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