South Dakota Codified Laws 58-11-44. Application for insurance or annuity–Statements by insured deemed representations–Omissions, concealment, and incorrect statements preventing recovery
All statements and descriptions in any application for an insurance policy, certificate, or annuity contract, by or on behalf of the insured or annuitant, shall be deemed to be representations and not warranties. No misrepresentation, omission, concealment of fact, or incorrect statement prevents a recovery under the policy or contract unless:
(1) Fraudulent or an intentional misrepresentation of a material fact; or
Terms Used In South Dakota Codified Laws 58-11-44
- 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.
- Contract: A legal written agreement that becomes binding when signed.
(2) Material either to the acceptance of the risk, or to the hazard assumed by the insurer; or
(3) The insurer in good faith would either not have issued the policy or contract, or would not have issued it at the same premium rate, or would not have issued a policy or contract in as large an amount, or would not have provided coverage with respect to the hazard resulting in the loss, if the true facts had been made known to the insurer as required either by the application for the policy or contract or otherwise.
With respect to any health insurance policy or certificate, subdivisions (2) and (3) of this section only apply to excepted benefits.
No applicant, insured, or annuitant may be asked to warranty or certify whether or not the applicant, insured, or annuitant is insurable.
Source: SL 1966, ch 111, ch 22, § 12; SL 2011, ch 214, § 1.