The making of a declaration pursuant to this chapter does not affect the sale, procurement, or issuance of a policy of life insurance or annuity, nor does it affect, impair, or modify the terms of an existing policy of life insurance or annuity. A policy of life insurance or annuity is not legally impaired or invalidated by the withdrawal or withholding of life–sustaining treatment from an insured, notwithstanding any term to the contrary.
Terms Used In South Dakota Codified Laws 34-12D-15
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
Source: SL 1991, ch 273, § 14.