South Dakota Codified Laws > Title 58 > Chapter 10 – Insurable Interest


§ 58-10-1	Application to all insurance and annuity contracts–Exceptions
§ 58-10-2	Policy defined
§ 58-10-3	Procurement of insurance on own life or body for benefit of another–Interestrequired for insurance on life or body of another
§ 58-10-4	Insurable interest in personal insurance defined
§ 58-10-5	Insurance benefits recoverable from beneficiary without insurable interest
§ 58-10-6	Consent of insured required for life or health insurance on an individual
§ 58-10-6.1	Assignment of incidents of ownership under life insurance policy–Assignmentbefore July 1, 1989, enforceable
§ 58-10-7	Insurance of property–Insurable interest required
§ 58-10-8	Insurable interest in property defined
§ 58-10-9	Measure of insurable interest in property
§ 58-10-10	Insurance against fire, tornado, or lightning–Measure of damages where propertywholly destroyed
§ 58-10-11	Change of property interest on death of insured
§ 58-10-13	Trust defined
§ 58-10-14	Business trust defined
§ 58-10-15	Trust to be governed by South Dakota law
§ 58-10-16	Retroactive effect of statutory provisions regarding trusts
§ 58-10-17	Creation of entity to purchase, hold, or administer insurance contract on life ofindividual settlor

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Terms Used In South Dakota Codified Laws > Title 58 > Chapter 10 - Insurable Interest

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.
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}
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.
Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
Dependent: A person dependent for support upon another.
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
Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
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
Statute: A law passed by a legislature.
Trustee: A person or institution holding and administering property in trust.
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