South Dakota Codified Laws 58-16-47. Notice to beneficiary of interest
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In any case in which interest on the proceeds of, or payments under, any policy of life insurance becomes payable pursuant to § 58-16-44, the insurer shall notify the named beneficiary or beneficiaries at their last known address that interest will be paid on the proceeds of or payments under the policy. The notice shall specify the rate of interest to be paid.
Terms Used In South Dakota Codified Laws 58-16-47
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
Source: SL 1987, ch 375, § 4.