§ 58-15-1 Application of chapter
§ 58-15-2 “Industrial life insurance” defined
§ 58-15-3 Investment of trust funds in life insurance and annuities
§ 58-15-4 Standard provisions required in policy of life insurance, exceptions
§ 58-15-5 Standard provisions inapplicable to annuity contract or health or accident benefits
§ 58-15-6 Standard provisions inapplicable to single premium or term policies
§ 58-15-7 Description of policy in title
§ 58-15-8 Entire contract contained in policy and application–Statement of applicant not deemed a warranty
§ 58-15-8.1 Notice of right of cancellation after receipt of policy–“Free look” provision
§ 58-15-8.2 Issuance of policies by insurance company or fraternal benefit society–Delivery receipts–Certificates of mailing–Term of retention
§ 58-15-9 Effect of misstatement in policy regarding age
§ 58-15-10 Incontestability provision required–Exceptions
§ 58-15-11 Exclusions and restrictions unaffected by incontestability clause
§ 58-15-12 Payment of premiums provision
§ 58-15-13 Grace period in policy
§ 58-15-14 Automatic premium loan–Provision optional with insurer
§ 58-15-15 Insurance policy loan–Security–Maximum amount–Private placement policies
§ 58-15-15.4 Insurance policy loan–Definition of terms
§ 58-15-15.5 “Published monthly average” defined
§ 58-15-15.6 Insurance policy loan–Permitted interest rates
§ 58-15-15.7 Insurance policy loan–Allowable rate under adjustable maximum interest rate
§ 58-15-15.8 Insurance policy loan–Determination of interest under adjustable maximum interest rate
§ 58-15-15.9 Insurance policy loan–Notice of interest rate to policyholder
§ 58-15-15.10 Insurance policy loan–Loan value of policy
§ 58-15-15.11 Insurance policy loan–Provisions of statutes required in policies
§ 58-15-15.12 Insurance policy loan–Application of statutes on interest rates to prior contracts
§ 58-15-15.13 Private placement policy defined
§ 58-15-15.14 Premium defined
§ 58-15-16 Loans on policies issued prior to the adoption of standard policy provisions–Loan value–Deferment of application–Private placement policies
§ 58-15-17 Loans on policies under standard policy provisions–Loan value–Deferment of application–Private placement policies
§ 58-15-18 Loan value of policy–Indebtedness deducted
§ 58-15-19 Delinquent interest on policy loan exceeding amount of loan value–Termination of policy, notice
§ 58-15-20 Policy loan provisions inapplicable to term insurance or industrial life insurance policies
§ 58-15-21 Nonforfeiture of benefits–Cash surrender value–Provisions required in policies
§ 58-15-22 Reinstatement provisions required in policy
§ 58-15-23 Participating policies–Annual dividends, ascertainment, and apportionment
§ 58-15-24 Participating policies–Rights of policyholder to dividends
§ 58-15-25 Participating industrial life insurance policies–Annual participation of policy in divisible surplus
§ 58-15-26 Payment of claims for benefits–Private placement policies
§ 58-15-26.1 Insurers to pay interest on life insurance proceeds
§ 58-15-26.2 Computation of interest
§ 58-15-26.3 Interest not required where beneficiary elects to receive other than lump sum payment
§ 58-15-26.4 Notice to beneficiary of interest
§ 58-15-26.5 Application limited
§ 58-15-27 Beneficiary to be designated in industrial life policy–Change of beneficiary–Endorsement on policy
§ 58-15-28 Industrial life policy–Payment of benefits
§ 58-15-29 Installment payments–Table of guaranteed installments required
§ 58-15-30 Nonforfeiture benefits in policies issued prior to the adoption of standard nonforfeiture law
§ 58-15-31 Nonforfeiture benefits in policies issued under standard nonforfeiture law
§ 58-15-32 Nonforfeiture benefit provisions which may be omitted–Deferred payment of cash surrender value–Private placement policies
§ 58-15-33 Cash surrender value–Amount available under policy on default of premium–Paid-up policy
§ 58-15-34 Paid-up nonforfeiture benefits–Default in payment of premium
§ 58-15-35 Adjustment of premiums under nonforfeiture provisions
§ 58-15-36 Amount of insurance varying with duration of policy–Adjustment of premiums
§ 58-15-37 Adjusted premiums–Term insurance benefits provided by rider or supplemental policy
§ 58-15-38 Adjusted premiums and present values–Computation
§ 58-15-39 Default in payment of premium–Computation of cash surrender value and paid-up nonforfeiture benefit
§ 58-15-40 Additional accident benefits–Premiums disregarded in ascertaining cash surrender value
§ 58-15-41 Nonforfeiture benefit provision inapplicable to reinsurance, group insurance, annuity contracts, or term insurance
§ 58-15-42 Notice by company of election to comply with nonforfeiture benefit provisions–Filing with director
§ 58-15-43 Citation of standard nonforfeiture law for life insurance
§ 58-15-43.1 Adjusted premiums–Calculation on annual basis
§ 58-15-43.2 “Nonforfeiture net level premium” defined
§ 58-15-43.3 Initial calculation of changes in benefits or premiums–Recalculation after change
§ 58-15-43.4 Recalculated future adjusted premiums
§ 58-15-43.5 Additional expense allowance
§ 58-15-43.6 Recalculated nonforfeiture net level premium
§ 58-15-43.7 Substandard policy–Calculation of adjusted premiums and present value
§ 58-15-43.8 Adjusted premiums and present values–Calculation–Applicable procedures and tables
§ 58-15-43.9 Nonforfeiture interest rate
§ 58-15-43.10 Refiling of nonforfeiture values or methods of computation
§ 58-15-43.11 Notice of election to comply with revised nonforfeiture
§ 58-15-43.12 Insurance plans to conform to minimum standards of nonforfeiture laws
§ 58-15-43.13 Default in payment of premium–Amount of cash surrender value–Amount of nonforfeiture factor–Policies issued after January 1, 1986
§ 58-15-44 Dating back of application for insurance to reduce premium prohibited–Contract not invalidated
§ 58-15-45 Excluding or restricting coverage in case of death–Permissible exclusions
§ 58-15-46 Excluding or restricting coverage in case of death–Return of premiums, adjustment for indebtedness and dividend credits
§ 58-15-47 Prohibited policy provisions–Person soliciting insurance or annuity insurance producer of insured
§ 58-15-48 Prohibited policy provisions–Construction of contract according to laws of other state or country
§ 58-15-49 Prohibited policy provisions–Rights and obligations of insured under contract governed by law of other state
§ 58-15-50 Prohibited policy provisions–Depriving courts of jurisdiction of action against insurer
§ 58-15-51 Limitation of action on policy–Minimum time
§ 58-15-52 Prohibited policy provisions inapplicable to group life insurance, health insurance, reinsurance, annuities, and accident benefits under life insurance policy
§ 58-15-53 Use of prohibited policy provision which is more favorable to insured
§ 58-15-54 Prohibited policy provisions in industrial life insurance–Denial of liability because of other insurance
§ 58-15-55 Prohibited policy provisions in industrial life insurance–Right to declare policy void because of disease or ailment of insured
§ 58-15-56 Prohibited policy provisions in industrial life insurance–Right to declare policy void because insured rejected for insurance
§ 58-15-57 Annuity and endowment contracts–Standard provisions required, exceptions
§ 58-15-58 Standard provisions of annuity and endowment contracts inapplicable to deferred annuities under life insurance policies
§ 58-15-59 Annuities and endowments–Entire agreement contained in contract and application
§ 58-15-59.1 Right of annuitant or purchaser to cancel after receipt of contract–Effect of cancellation
§ 58-15-59.2 Issuance of policies by insurance company or fraternal benefit society–Delivery receipts–Certificates of mailing–Term of retention
§ 58-15-60 Effect of misstatement of age or sex in annuity or endowment contract
§ 58-15-61 Incontestability provision in annuity or endowment contract
§ 58-15-62 Grace period in annuity or endowment contract
§ 58-15-63 Participating annuity or endowment contract–Ascertainment and apportionment of divisible surplus
§ 58-15-64 Reinstatement provision required in annuity or endowment contract
§ 58-15-65 Reversionary annuity contract–Standard provisions
§ 58-15-66 Reinstatement provision required in reversionary annuity contract
§ 58-15-67 Reversionary annuity contract provisions inapplicable to group annuities or to annuities included in life insurance policies
§ 58-15-68 Incontestability provisions after reinstatement of life insurance policy or annuity contract
§ 58-15-69 Reinstated life insurance policy or annuity contract–Limitation of liability
§ 58-15-70 Policy settlements by life insurer
§ 58-15-71 Life insurance policy–Restrictions on issuing and delivering
§ 58-15-82 Uniform life insurance and annuity request forms–Director to adopt by rule–Insurers to accept
§ 58-15-84 Provisions required in annuity contracts
§ 58-15-85 Minimum values based on minimum nonforfeiture amounts–Minimum nonforfeiture amounts defined
§ 58-15-86 Present value of paid-up annuity benefit–Computation
§ 58-15-87 Cash surrender benefits–Calculation of minimum–Death benefit
§ 58-15-88 Contracts without cash surrender benefits–Contracts not providing death benefits prior to commencement of payments–Present value calculations
§ 58-15-89 Election to have payments commence at optional maturity date–Maturity date used for calculation of benefits
§ 58-15-90 Contracts without cash surrender benefits or death benefits at least equal to minimum nonforfeiture amount–Statement in contract
§ 58-15-91 Lapse of time and payments beyond cessation year allowed for calculations
§ 58-15-92 Annuity and life insurance benefits in excess of greater of cash surrender benefits or return of gross considerations with interest–Minimum nonforfeiture benefits–Additional benefits
§ 58-15-95 Definition of terms regarding identification and location of beneficiaries
§ 58-15-96 Comparison of policies, annuity contracts, and retained asset accounts against DMF
§ 58-15-97 Semi-annual comparison of lapsed policies, annuity contracts, and retained asset accounts against updated DMF
§ 58-15-98 Procedures for DMF comparisons–Validation of match
§ 58-15-99 Exemption of insurer for financial hardship
§ 58-15-100 Requirements upon receipt of information establishing knowledge of death
§ 58-15-101 Beneficiary search
§ 58-15-102 Disclosure of information to assist in search
§ 58-15-103 Search fees and costs not chargeable to beneficiary
§ 58-15-104 Provision of claim forms or instructions to beneficiaries
§ 58-15-105 Request for information about beneficiaries
§ 58-15-106 Compliance documentation
§ 58-15-107 Promulgation of rules regarding identification and location of beneficiaries
§ 58-15-108 Compliance with unclaimed property act

Terms Used In South Dakota Codified Laws > Title 58 > Chapter 15 - Life Insurance and Annuities

  • 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.
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • 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
  • Children: includes children by birth and by adoption. See South Dakota Codified Laws 2-14-2
  • Contract: A legal written agreement that becomes binding when signed.
  • Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
  • Fraud: Intentional deception resulting in injury to another.
  • Grace period: The number of days you'll have to pay your bill for purchases in full without triggering a finance charge. Source: Federal Reserve
  • Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Person: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • 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
  • Statute: A law passed by a legislature.
  • written: include typewriting and typewritten, printing and printed, except in the case of signatures, and where the words are used by way of contrast to typewriting and printing. See South Dakota Codified Laws 2-14-2