Montana § 33-20-504 Exception

Montana Statutes

§ 33-20-504 — Exception

Montana § 33-20-504

Title 33INSURANCE AND INSURANCE COMPANIES

Ch. 20LIFE INSURANCE

Part 5Standard Nonforfeiture Law Individual Deferred Annuities

This text of Montana § 33-20-504 (Exception) 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. § 33-20-504 (2026).

Text

33-20-504 . Exception. Notwithstanding the requirements of 33-20-503 , any deferred annuity contract may provide that if no consideration has been received under a contract for a period of 2 full years and the portion of the paid-up annuity benefit at maturity on the plan stipulated in the contract arising from consideration paid prior to such period would be less than $20 monthly, the company may at its option terminate such contract by payment in cash of the then present value of such portion of the paid-up annuity benefit, calculated on the basis of the mortality table, if any, and interest rate specified in the contract for determining the paid-up annuity benefit, and by such payment shall be relieved of any further obligation under such contract.

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33-20-504 . Exception. Notwithstanding the requirements of 33-20-503 , any deferred annuity contract may provide that if no consideration has been received under a contract for a period of 2 full years and the portion of the paid-up annuity benefit at maturity on the plan stipulated in the contract arising from consideration paid prior to such period would be less than $20 monthly, the company may at its option terminate such contract by payment in cash of the then present value of such portion of the paid-up annuity benefit, calculated on the basis of the mortality table, if any, and interest rate specified in the contract for determining the paid-up annuity benefit, and by such payment shall be relieved of any further obligation under such contract.