Montana § 33-20-117 Nonforfeiture Rights -- Policies Issued Before Operative Date

Montana Statutes

§ 33-20-117 — Nonforfeiture Rights -- Policies Issued Before Operative Date

Montana § 33-20-117

Title 33INSURANCE AND INSURANCE COMPANIES

Ch. 20LIFE INSURANCE

Part 1Policy Provisions

This text of Montana § 33-20-117 (Nonforfeiture Rights -- Policies Issued Before Operative Date) is published on Counsel Stack Legal Research, covering Montana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Mont. Code Ann. § 33-20-117 (2026).

Text

33-20-117 . Nonforfeiture rights -- policies issued before operative date.

(1)This section applies only to policies of life insurance issued prior to the operative date of 33-20-213 .

(2)In the event of default in payment of any premium due on any policy, if not less than 3 full years' premiums have been paid, there must be secured to the insured, without action on the insured's part, either paid-up or extended insurance as specified in the policy, the net value of which must be at least equal to the entire net reserve held by the insurer of the policy, less 2 1/2% of the amount insured by the policy and dividend additions, if any, and less any outstanding indebtedness to the insurer on the policy at the time of default. There must be secured to the insured the right to surrender the pol

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33-20-117 . Nonforfeiture rights -- policies issued before operative date. (1) This section applies only to policies of life insurance issued prior to the operative date of 33-20-213 .
(2) In the event of default in payment of any premium due on any policy, if not less than 3 full years' premiums have been paid, there must be secured to the insured, without action on the insured's part, either paid-up or extended insurance as specified in the policy, the net value of which must be at least equal to the entire net reserve held by the insurer of the policy, less 2 1/2% of the amount insured by the policy and dividend additions, if any, and less any outstanding indebtedness to the insurer on the policy at the time of default. There must be secured to the insured the right to surrender the policy to the insurer at its home office within 1 month after the date of default for cash value otherwise available for the purchase of the paid-up or extended insurance.