South Dakota Codified Laws 58-30-142. Definitions
Terms used in §§ 58-30-141 to 58-30-195, inclusive, and in §§ 58-30-209 to 58-30-218, inclusive mean:
(1) “Agent of the insurer,” any insurance producer who is compensated directly or indirectly by an insurer and sells, solicits, or negotiates any product of that insurer;
Terms Used In South Dakota Codified Laws 58-30-142
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- 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.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Person: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2
- Property: includes property, real and personal. See South Dakota Codified Laws 2-14-2
- 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
(2) “Agent of insured,” any insurance producer or person who secures compensation from an insured or insurance customer only and receives no compensation directly or indirectly from an insurer for a transaction with that insured or insurance customer;
(3) “Business entity,” a corporation, association, partnership, limited liability company, limited liability partnership, or other legal entity;
(3A) “Consultant,” an agent of the insured who sells, solicits, or negotiates insurance on behalf of an insured or prospective insured or who assists an insured or prospective insured in the procurement of insurance;
(4) “Credit insurance,” insurance that includes credit life, credit disability, credit property, credit unemployment, involuntary unemployment, mortgage life, mortgage guaranty, mortgage disability, guaranteed automobile protection insurance, and any other form of insurance offered in connection with an extension of credit that is limited to partially or wholly extinguishing that credit obligation that the director determines should be designated a form of limited line credit insurance;
(5) “Crop insurance,” insurance providing protection against damage to crops from unfavorable weather conditions, fire or lightening, flood, hail, insect infestation, disease or other yield-reducing conditions or perils provided by the private insurance market, or that is subsidized by the Federal Crop Insurance Corporation, including Multi-Peril Crop Insurance;
(6) “Home state,” the District of Columbia and any state or territory of the United States in which an insurance producer maintains the insurance producer’s principal place of residence or principal place of business and is licensed to act as an insurance producer;
(7) “Limited lines producer,” any person authorized by the director to sell, solicit, or negotiate limited lines insurance;
(8) “Negotiate,” the act of conferring directly with or offering advice directly to a purchaser or prospective purchaser of a particular contract of insurance concerning any of the substantive benefits, terms, or conditions of the contract if the person engaged in that act either sells insurance or obtains insurance from insurers for purchasers;
(9) “Sell,” to exchange a contract of insurance by any means, for money or its equivalent, on behalf of an insurance company;
(10) “Solicit,” attempting to sell insurance or asking or urging a person to apply for a particular kind of insurance from a particular company;
(11) “Terminate,” the cancellation of the relationship between an insurance producer and the insurer or the termination of an insurance producer’s authority to transact insurance;
(12) “Travel insurance,” a limited line of insurance as defined in §§ 58-30-209 to 58-30-217, inclusive.
Source: SL 2001, ch 286, § 2; SL 2004, ch 295, § 3; SL 2010, ch 233, § 11; SL 2013, ch 255, § 1; SL 2014, ch 241, § 4.