South Dakota Codified Laws 58-33-84. Refund of unearned life and health insurance premiums on canceled policy due to death of insured–Exceptions
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If any life insurance policy or health insurance policy is canceled before its renewal date or expiration date because of the death of the insured and the premiums have been paid in advance on the policy, the insurer shall refund the unearned portion of the premiums paid beyond the end of the month in which the cancellation occurred to the named beneficiary or, if there is no named beneficiary, to the estate of the insured.
This section applies to all life insurance policies, except group life insurance policies, and to all health insurance policies in effect on July 1, 1994, or issued thereafter.
Terms Used In South Dakota Codified Laws 58-33-84
- 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
Source: SL 1994, ch 372, § 4; SL 2010, ch 244, § 2.