South Dakota Codified Laws 58-12-31. Definitions regarding standards for claims processing
Terms used in §§ 58-12-31 to 58-12-37, inclusive, mean:
(1) “Director,” the director of the South Dakota Division of Insurance;
Terms Used In South Dakota Codified Laws 58-12-31
- 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.
- Person: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2
(2) “Insured,” the party named on a policy or certificate as the individual with legal rights to the benefits provided by the policy;
(3) “Insurer,” a person, reciprocal exchange, interinsurer, Lloyd’s insurer, fraternal benefit society, and any other legal entity engaged in the business of insurance, including claim agents, brokers, adjusters, and third party administrators. The term also includes medical service plans, hospital service plans, health maintenance organizations, prepaid limited health care service plans, dental plans, and optometric plans. This term does not include any insurance producer licensed pursuant to chapter 58-30, unless an insurance producer is directly involved in the adjudication of claims;
(4) “Person,” a natural or artificial entity, including individuals, partnerships, associations, trusts, or corporations;
(5) “Policy,” or “certificate,” a contract of insurance, indemnity, medical, health, or hospital service, or annuity issued. The term does not include contracts of workers’ compensation, fidelity, suretyship, or boiler and machinery insurance.
Source: SL 2014, ch 235, § 1.