South Dakota Codified Laws 58-15-57. Annuity and endowment contracts–Standard provisions required, exceptions
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No annuity or pure endowment contract, other than reversionary, survivorship, or group annuities and except as stated herein or in § 58-15-58, shall be delivered or issued for delivery in this state unless it contains in substance each of the provisions specified in §§ 58-15-59 to 58-15-64, inclusive. Any of such provisions not applicable to single premium annuities or single premium pure endowment contracts shall not, to that extent, be incorporated therein.
Terms Used In South Dakota Codified Laws 58-15-57
- 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.
- State: when used in context signifying a jurisdiction other than the State of South Dakota, a state, the District of Columbia, a territory, commonwealth, or possession of the United States of America, or a province of the Dominion of Canada. See South Dakota Codified Laws 58-1-2
Source: SL 1966, ch 111, ch 23, § 18 (1).