Montana Statutes
§ 33-20-307 — Reinstatement
Montana·Title 33 INSURANCE AND INSURANCE COMPANIES·Ch. 20 LIFE INSURANCE·Part 3 Annuity Contract Provisions
33-20-307 . Reinstatement. In an annuity or pure endowment contract, other than a reversionary, survivorship, or group annuity, there shall be a provision that the contract may be reinstated at any time within 1 year from the default in making stipulated payments to the insurer, unless the cash surrender value had been paid, but all overdue stipulated payments and any indebtedness to the insurer on the contract shall be paid or reinstated with interest thereon at a rate to be specified in the contract but not exceeding 6% per annum payable annually. In cases where applicable the insurer may also include a requirement of evidence of insurability satisfactory to the insurer.
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Legislative History
En. Sec. 318, Ch. 286, L. 1959; R.C.M. 1947, 40-3824.
Nearby Sections
15
§ 33-20-1002
Employee Life Insurance Defined§ 33-20-1003
Repealed§ 33-20-101
Scope§ 33-20-102
Industrial Life Insurance Defined§ 33-20-103
Standard Provisions Required -- Exceptions§ 33-20-104
Grace Period§ 33-20-105
Incontestability§ 33-20-106
Entire Contract§ 33-20-107
Misstatement Of Age§ 33-20-108
Dividends§ 33-20-109
Renumbered 33-20-131§ 33-20-110
Table Of Values§ 33-20-1101
Employee Groups§ 33-20-1102
Labor Union Groups