33-24-101. Measure of the indemnity -- rescission for fraud. If there is no valuation in the policy and unless a basis more favorable to the insured is provided for in the policy, the measure of indemnity in an insurance against fire is the expense, at the time that the loss is payable, of replacing the thing lost or injured, in the condition in which it was at the time of the injury; but a valuation, fraudulent in fact, entitles the insurer to rescind the contract.
History: En. Sec. 409, Ch. 286, L. 1959; R.C.M. 1947, 40-4301.
Structure Montana Code Annotated
Title 33. Insurance and Insurance Companies
Chapter 24. Property Insurance
33-24-101. Measure of the indemnity -- rescission for fraud
33-24-102. Insuring improvements -- insurance equal to true value
33-24-103. Specific valuation -- loss equal to insured value
33-24-104. Tax lien on insured property destroyed by fire
33-24-105. Property insurance policy -- conformity with state statutes