Montana § 33-20-212 - Exceptions

§ 33-20-212. Exceptions

Exceptions. (1) This part does not apply to: (a) reinsurance; (b) group insurance; (c) a pure endowment; (d) an annuity or reversionary annuity contract; (e) a term policy of uniform amount that provides no guaranteed nonforfeiture or endowment benefits, or renewal thereof, of 20 years or less expiring before age 71 for which uniform premiums are payable during the entire term of the policy; (f) a term policy of decreasing amount that provides no guaranteed nonforfeiture or endowment benefits, on which each adjusted premium, calculated as specified in 33-20-204 through 33-20-208 , is less than the adjusted premiums so calculated on a term policy of uniform amount, or renewal thereof, which provides no guaranteed nonforfeiture or endowment benefits, issued at the same age and for the same initial amount of insurance and for a term of 20 years or less expiring before age 71, for which uniform premiums are payable during the entire term of the policy; (g) a policy which provides no guaranteed nonforfeiture or endowment benefits for which the cash surrender value, if any, or present value of any paid-up nonforfeiture benefit at the beginning of any policy year, calculated as specified in 33-20-203 through 33-20-208 , does not exceed 2.5% of the amount of insurance at the beginning of the same policy year; (h) a policy that is delivered outside this state through an insurance producer or other representative of the insurer issuing the policy. (2) For purposes of subsection (1), the age at expiry for a joint term life insurance policy is the age at expiry of the oldest life.