South Dakota Codified Laws 58-15-69. Reinstated life insurance policy or annuity contract–Limitation of liability
Current as of: 2023 | Check for updates
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When any life insurance policy or annuity contract is reinstated, such reinstated policy or contract may exclude or restrict liability to the same extent that such liability could have been or was excluded or restricted when the policy or contract was originally issued and such exclusion or restriction shall be effective from the date of reinstatement.
Terms Used In South Dakota Codified Laws 58-15-69
- 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, § 31 (2).