33-20-105. Incontestability. (1) There must be a provision that the policy, exclusive of provisions relating to disability benefits or to additional benefits in the event of death by accident or accidental means, is incontestable, except for nonpayment of premiums, after the policy has been in force during the lifetime of the insured for a period of 2 years from the policy date of issue.
(2) (a) Life insurance coverage issued as the result of an exchange or a conversion of existing life insurance coverage with the same insurer or its subsidiaries is incontestable, except for nonpayment of premiums, under the following conditions:
(i) the person who is covered is alive; and
(ii) the policy that is being exchanged or converted has been in effect for 2 years from the date of issue.
(b) This subsection (2) does not apply to any amount of insurance provided by the new policy that exceeds the coverage amount that was exchanged or converted.
History: En. Sec. 299, Ch. 286, L. 1959; R.C.M. 1947, 40-3805; amd. Sec. 26, Ch. 380, L. 2003; amd. Sec. 23, Ch. 469, L. 2005.
Structure Montana Code Annotated
Title 33. Insurance and Insurance Companies
33-20-102. Industrial life insurance defined
33-20-103. Standard provisions required -- exceptions
33-20-107. Misstatement of age
33-20-109. Renumbered 33-20-131
33-20-111. Table of installments
33-20-113. Payment of premiums
33-20-114. Payment of claims -- interest
33-20-115. Beneficiary -- industrial policies
33-20-117. Nonforfeiture rights -- policies issued before operative date
33-20-118. Contestability -- excluded or restricted coverage
33-20-120. Policy settlements -- holding proceeds -- indebtedness deducted from proceeds
33-20-121. Prohibited provisions -- limitations on liability
33-20-122. Prohibited provisions -- industrial life insurance
33-20-123. Prohibited policy plans -- life insurance policies or annuity contracts
33-20-124. Policy provisions -- conformity with state statutes
33-20-125. and 33-20-126 reserved
33-20-128. Life insurance policy paying long-term benefits -- monthly report
33-20-129. and 33-20-130 reserved
33-20-131. Policy loan or certificate loan
33-20-132. Variable policy loan interest rates -- purpose
33-20-133. Variable interest rates -- exclusions from application
33-20-134. Variable interest rates -- published monthly average defined
33-20-135. Variable interest rates on policy loans
33-20-136. Variable interest rates -- applicability to policies issued before October 1985
33-20-137. through 33-20-140 reserved
33-20-141. Notice required for cancellation
33-20-142. Contents of notice -- proof -- limitation on recovery -- exemptions
33-20-143. through 33-20-149 reserved
33-20-150. Life insurance policy and sales illustrations -- annuity disclosure -- rules