33-20-142. Contents of notice -- proof -- limitation on recovery -- exemptions. (1) (a) The notice of cancellation shall state:
(i) the amount of the premium, installment, or interest due on such policy;
(ii) the place where it must be paid; and
(iii) the name and address of the person or company to which the premium is payable.
(b) The notice must also state that unless the premium or other sums are paid to the company or its insurance producer, the policy will lapse or be forfeited, except as to any nonforfeiture options provided for by a life insurance policy.
(2) "Policyowner", as used in this section, means the owner of the policy or any other person designated as the person to receive premium notices, as shown by the records of the insurance company.
(3) The affidavit of any responsible officer, clerk, or insurance producer of the insurance company authorized to mail the notice that it is the standard practice of the company to mail to policyowners the notice required by this section is prima facie evidence that the notice has been duly given.
(4) No action may be maintained to recover under a lapsed or forfeited policy on the ground that the insurance company failed to comply with this section unless the action is instituted within 2 years from the due date upon which default was made in paying the premium, installment, or interest for which lapse or forfeiture is claimed.
(5) Section 33-20-141 does not apply to:
(a) group or group-type policies;
(b) industrial life or industrial disability policies; or
(c) policies upon which premiums are payable monthly or at more frequent intervals.
History: En. Sec. 2, Ch. 723, L. 1985; amd. Sec. 1, Ch. 713, L. 1989.
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