Montana Statutes
§ 33-1-217 — Gap Amount -- Gap Insurance
Montana·Title 33 INSURANCE AND INSURANCE COMPANIES·Ch. 1 ADMINISTRATION AND GENERAL PROVISIONS·Part 2 Definitions and Insurance Coverages
33-1-217 . Gap amount -- gap insurance.
(1)As used in this section, gap amount means the difference between the amount owed by the lessee or borrower under the purchase or lease agreement in the event of total loss of the personal property prior to the expiration of the agreement by theft or physical damage and the actual cash value or portion received by the lessor or creditor from insurance proceeds or from any other person on account of the total loss or destruction of the personal property.
(2)Gap insurance means insurance covering the gap amount that is payable upon the total loss of personal property, which is the subject of a lease or a loan or another credit transaction, occasioned by the theft of or physical damage to the property.
(3)Gap insurance is a type of casualty insuran
Free access — add to your briefcase to read the full text and ask questions with AI
Montana § 33-1-217 (Gap Amount -- Gap Insurance) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
En. Sec. 68, Ch. 472, L. 1999; amd. Sec. 13, Ch. 227, L. 2001.
Nearby Sections
15
§ 33-1-101
Short Title§ 33-1-103
Particular Provisions Prevail§ 33-1-104
Repealed§ 33-1-105
And 33-1-106 Reserved§ 33-1-107
Repealed§ 33-1-108
And 33-1-109 Reserved§ 33-1-110
Limitations Of Provider Agreements§ 33-1-1101
Short Title§ 33-1-1103
Through 33-1-1110 Reserved§ 33-1-1111
How To Show Jurisdiction§ 33-1-1112
Subject To State Laws§ 33-1-1113
Examination