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.
History: En. Sec. 11, Ch. 346, L. 1979.
Structure Montana Code Annotated
Title 33. Insurance and Insurance Companies
Part 5. Standard Nonforfeiture Law Individual Deferred Annuities
33-20-503. Nonforfeiture provisions
33-20-505. Minimum nonforfeiture amounts
33-20-506. Present value to equal minimum nonforfeiture amount
33-20-507. Cash surrender benefits
33-20-508. Paid-up annuity benefits
33-20-510. Statement of noninclusion of certain death benefits
33-20-512. Calculation of benefits -- special benefits excluded