South Dakota Codified Laws 58-37A-16. Contractual benefits allowed
A society may provide the following contractual benefits in any form:
(1) Death benefits;
Terms Used In South Dakota Codified Laws 58-37A-16
- 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.
- Children: includes children by birth and by adoption. See South Dakota Codified Laws 2-14-2
(2) Endowment benefits;
(3) Annuity benefits;
(4) Temporary or permanent disability benefits;
(5) Hospital, medical, or nursing benefits;
(6) Monument or tombstone benefits to the memory of deceased members; and
(7) Any other benefits as authorized for life and health insurers and which are not inconsistent with this chapter.
A society shall specify in its rules those persons who may be issued, or covered by, the contractual benefits consistent with providing benefits to members and their dependents. A society may provide benefits on the lives of children under the minimum age for adult membership upon application of an adult.
Source: SL 1990, ch 410, § 16.