South Dakota Codified Laws 58-15-8.1. Notice of right of cancellation after receipt of policy–“Free look” provision
Every individual life insurance policy issued for delivery in South Dakota on or after July 1, 1982, by an insurance company or fraternal benefit society, shall have a notice printed on or attached to the face page of the policy, stating in substance that the person issued the policy is permitted to return the policy, with a written request for cancellation within ten days of its actual receipt by the purchaser, and to have the premium paid refunded if, after examination of the policy, the purchaser is not satisfied with it for any reason. If a policyholder or purchaser, pursuant to the notice, returns the policy to the company or fraternal benefit society at its home or branch office or to the insurance producer through whom it was purchased, it is void from the beginning and the parties are in the same position as if no policy had been issued.
Terms Used In South Dakota Codified Laws 58-15-8.1
- Person: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2
- 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
Source: SL 1978, ch 361, § 1; SL 1982, ch 359; SL 2001, ch 286, § 106.