South Dakota Codified Laws 58-15-63. Participating annuity or endowment contract–Ascertainment and apportionment of divisible surplus
Current as of: 2023 | Check for updates
|
Other versions
If an annuity or pure endowment contract, other than reversionary, survivorship, or group annuity, is participating, there shall be a provision that the insurer shall annually ascertain and apportion any divisible surplus accruing on the contract.
Terms Used In South Dakota Codified Laws 58-15-63
- 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, § 23.