South Dakota Codified Laws 58-15-5. Standard provisions inapplicable to annuity contract or health or accident benefits
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Section 58-15-4 shall not apply to annuity contracts nor to any provision of a life insurance policy, or contract supplemental thereto, relating to health benefits or to additional benefits in the event of death by accident or accidental means.
Terms Used In South Dakota Codified Laws 58-15-5
- 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.
Source: SL 1966, ch 111, ch 23, § 3 (1).