Montana § 33-20-904 - Definitions
Full text of Montana Montana Code Annotated § 33-20-904 — Definitions, with citation guidance and answers to common questions.
§ 33-20-904. Definitions
Definitions. As used in this part, the following definitions apply: (1) "Contract owner" means the owner named in the annuity contract or a certificate holder in the case of a group annuity contract. (2) (a) "Determinable elements" means elements that are derived from processes or methods that are guaranteed at issue and are not subject to insurer discretion, but the values or amounts cannot be determined until some point after issue. (b) The term includes premiums, credited interest rates (including any bonus), benefits, values, noninterest-based credits, and charges or elements of formulas used to determine any of these items. (c) Determinable elements may be described as guaranteed but not determined at issue. (d) An element is considered determinable if it was calculated from underlying determinable elements only or from both determinable and guaranteed elements. (3) "Generic name" means a short title descriptive of the annuity contract being applied for, such as "single premium deferred annuity". (4) "Guaranteed elements" means the premiums, credited interest rates (including any bonus), benefits, values, noninterest-based credits, and charges or elements of formulas used to determine any of these items that are guaranteed and determined at issue. An element is considered guaranteed if all of the underlying elements that go into its calculation are guaranteed. (5) "Nonguaranteed elements" means the premiums, credited interest rates (including any bonus), benefits, values, noninterest-based credits, and charges or elements of formulas used to determine any of these items that are subject to insurer discretion and are not guaranteed at issue. An element is considered nonguaranteed if any of the underlying nonguaranteed elements are used in its calculation. (6) "Structured settlement annuity" means a qualified funding asset as defined in section 130(d) of the Internal Revenue Code, 26 U.S.C. 130(d), or an annuity that would be a qualified funding asset under section 130(d) except that it is not owned by an assignee under a qualified assignment.
Frequently Asked Questions About Montana § 33-20-904
What does Montana Code Annotated § 33-20-904 cover?
Section 33-20-904 ("Definitions") is part of the Montana Code Annotated, the codified statutory law of Montana. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Montana § 33-20-904?
A common citation format is "Montana Code Annotated § 33-20-904" (Montana). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Montana law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Montana official source linked on this page or consult a licensed Montana attorney.
How does Montana § 33-20-904 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Montana can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Montana.