South Dakota Codified Laws 58-28-24.1. Right of annuitant to cancel–Refund by insurer
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Every individual variable annuity contract issued for delivery in South Dakota on or after July 1, 1978, shall contain a provision, or a notice attached to the contract, to the effect that during a period of ten days from the date the contract is delivered to the contract owner, it may be surrendered to the insurer together with a written request for cancellation of the contract and in such event, the insurer will pay to the contract owner an amount equal to the sum of:
(1) The difference between the premiums paid and the amounts, if any, allocated to any separate accounts under the contract; and
Terms Used In South Dakota Codified Laws 58-28-24.1
- 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.
- 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
(2) The cash value of the contract on the date of surrender attributable to the amounts so allocated.
Source: SL 1978, ch 361, § 1.