reglab/housing_qa huggingface dataset:
SD Codified L § 58-15-28 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 15 - Life Insurance And Annuities|Section 58-15-28 - Industrial life policy--Payment of benefits.

58-15-28. Industrial life policy--Payment of benefits.An industrial life policy may also provide that if the beneficiary designated in the policy does not make a claim under the policy or does not surrender the policy with due proof of death within the period stated in the policy, which shall not be less than thirty days after the death of the insured, or if the beneficiary is the estate of the insured, or is a minor, or dies before the insured, or is not legally competent to give a valid release, then the insurer may make any payment thereunder to the personal representative of the insured, or to any relative of the insured by blood or legal adoption or connection by marriage, or to any person appearing to the insurer to be equitably entitled thereto by reason of having been named beneficiary, or by reason of having incurred expense for the maintenance, medical attention or burial of the insured. The policy may also include a similar provision applicable to any other payment due under the policy. Source: SL 1966, ch 111, ch 23, §15; SL 1995, ch 167, §188.
SD Codified L § 58-15-29 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 15 - Life Insurance And Annuities|Section 58-15-29 - Installment payments--Table of guaranteed installments required.

58-15-29. Installment payments--Table of guaranteed installments required.In case the policy provides that the proceeds may be payable in installments which are determinable at the time of issuance of the policy, there shall be a table showing the amounts of the guaranteed installments. Source: SL 1966, ch 111, ch 23, §11.
SD Codified L § 58-15-30 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 15 - Life Insurance And Annuities|Section 58-15-30 - Nonforfeiture benefits in policies issued prior to the adoption of standard nonforfeiture law.

58-15-30. Nonforfeiture benefits in policies issued prior to the adoption of standard nonforfeiture law.This section shall apply only to policies of life insurance issued prior to the operative date specified in §58-15-42.The nonforfeiture benefit referred to in §58-15-21 shall be available to the owner of the policy in event of default in premium payments, after premiums shall have been paid for three years, and shall be a stipulated form of insurance, the net value of which shall be at least equal to the reserve at the date of default on the policy and on any dividend additions thereto, computed according to a mortality table, interest rate, and method of valuation permitted by §§58-26-17 to 58-26-20, inclusive, less a sum not more than two and one-half percent of the amount insured by the policy and of any existing dividend additions thereto, and less any existing indebtedness to insurer on the policy. The policy shall stipulate that it may be surrendered to the insurer at its home office within one month from date of default for a specified cash value at least equal to the sum which would otherwise be available for the purchase of insurance as aforesaid and may stipulate that the insurer may defer payment for not more than six months after the application therefor is made. Provided, however, that if the benefits under the policy are calculated according to the commissioner's 1958 standard ordinary mortality table, the value of any extended term insurance, with accompanying pure endowment, if any, may be calculated according to rates of mortality not exceeding those shown in the commissioner's 1958 extended term insurance table, and that if the benefits under the policy are calculated according to any other more modern table than the American experience table of mortality, the value of any extended term insurance, with accompanying pure endowment, if any, may be calculated according to rates of mortality not exceeding one hundred thirty percent of the rates according to such more modern table. The policy shall contain a table showing in figures the options available each year upon default in premium payments during at least the first twenty years of the policy, or during the term of the policy, whichever is the shorter. This section shall not apply to term insurance of twenty years or less or to industrial life insurance policies. Source: SL 1966, ch 111, ch 23, §29.
SD Codified L § 58-15-34 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 15 - Life Insurance And Annuities|Section 58-15-34 - Paid-up nonforfeiture benefits--Default in payment of premium.

58-15-34. Paid-up nonforfeiture benefits--Default in payment of premium.Any paid-up nonforfeiture benefit available under the policy in the event of default in a premium payment due on any policy anniversary shall be such that its present value as of such anniversary shall be at least equal to the cash surrender value then provided for by the policy or, if none is provided for, that cash surrender value which would have been required by §58-15-33 in the absence of the condition that premiums shall have been paid for at least a specified period. Source: SL 1966, ch 111, ch 23, §28 (4).
SD Codified L § 58-15-35 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 15 - Life Insurance And Annuities|Section 58-15-35 - Adjustment of premiums under nonforfeiture provisions.

58-15-35. Adjustment of premiums under nonforfeiture provisions.Except as provided in §58-15-37, the adjusted premiums for any policy shall be calculated on an annual basis and shall be such uniform percentage of the respective premiums specified in the policy for each policy year, excluding any extra premiums charged because of impairments or special hazards, that the present value, at the date of issue of the policy, of all such adjusted premiums shall be equal to the sum of:(1)The then present value of the future guaranteed benefits provided for by the policy;(2)Two percent of the amount of the insurance, if the insurance be uniform in amount, or of the equivalent uniform amount, as defined in §58-15-36, if the amount of insurance varies with duration of the policy;(3)Forty percent of the adjusted premium for the first policy year;(4)Twenty-five percent of either the adjusted premium for the first policy year or the adjusted premium for a whole life policy of the same uniform or equivalent uniform amount with uniform premiums for the whole of life issued at the same age for the same amount of insurance, whichever is less.However, in applying the percentages specified in subdivisions (3) and (4) above, no adjusted premium shall be deemed to exceed four percent of the amount of insurance or uniform amount equivalent thereto. The date of issue of a policy for the purpose of §§58-15-35 to 58-15-38, inclusive, shall be the date as of which the rated age of the insured is determined. This section and §§58-15-36 to 58-15-38, inclusive, may not apply to policies issued on or after the operative date of §§58-15-43.1 to 58-15-43.11, inclusive. Source: SL 1966, ch 111, ch 23, §28 (5); SL 1982, ch 357, §3.
SD Codified L § 58-15-36 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 15 - Life Insurance And Annuities|Section 58-15-36 - Amount of insurance varying with duration of policy--Adjustment of premiums.

58-15-36. Amount of insurance varying with duration of policy--Adjustment of premiums.In the case of a policy providing an amount of insurance varying with duration of the policy, the equivalent uniform amount thereof for the purpose of §§58-15-35 to 58-15-38, inclusive, shall be deemed to be the uniform amount of insurance provided by an otherwise similar policy, containing the same endowment benefit or benefits, if any, issued at the same age and for the same term, the amount of which does not vary with duration and the benefits under which have the same present value at the date of issue as the benefits under the policy, provided, however, that in the case of a policy providing a varying amount of insurance issued on the life of a child under age ten, the equivalent uniform amount may be computed as though the amount of insurance provided by the policy prior to the attainment of age ten were the amount provided by such policy at age ten. Source: SL 1966, ch 111, ch 23, §28 (5).
SD Codified L § 58-15-37 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 15 - Life Insurance And Annuities|Section 58-15-37 - Adjusted premiums--Term insurance benefits provided by rider or supplemental policy.

58-15-37. Adjusted premiums--Term insurance benefits provided by rider or supplemental policy.The adjusted premiums for any policy providing term insurance benefits by rider or supplemental policy provision shall be equal to:(1)The adjusted premiums for an otherwise similar policy issued at the same age without such term insurance benefits, increased during the period for which premiums for such term insurance benefits are payable, by(2)The adjusted premiums for such term insurance,the foregoing items (1) and (2) being calculated separately and as specified in §§58-15-35 and 58-15-36 except that, for the purposes of subdivisions 58-15-35(2), (3), and (4), the amount of insurance or equivalent uniform amount of insurance used in the calculation of the adjusted premiums referred to in item (2) of this section shall be equal to the excess of the corresponding amount determined for the entire policy over the amount used in the calculation of the adjusted premiums in item (1) of this section. Source: SL 1966, ch 111, ch 23, §28 (5).
SD Codified L § 58-15-39 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 15 - Life Insurance And Annuities|Section 58-15-39 - Default in payment of premium--Computation of cash surrender value and paid-up nonforfeiture benefit.

58-15-39. Default in payment of premium--Computation of cash surrender value and paid-up nonforfeiture benefit.Any cash surrender value and any paid-up nonforfeiture benefit, available under the policy in the event of default in a premium payment due at any time other than on the policy anniversary, shall be calculated with allowance for the lapse of time and the payment of fractional premiums beyond the last preceding policy anniversary. All values referred to in §§58-15-33 to 58-15-39, inclusive, may be calculated upon the assumption that any death benefit is payable at the end of the policy year of death. The net value of any paid-up additions, other than paid-up term additions, may be not less than the amounts used to provide such additions. Source: SL 1966, ch 111, ch 23, §28 (6); SL 1982, ch 357, §17.
SD Codified L § 58-15-40 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 15 - Life Insurance And Annuities|Section 58-15-40 - Additional accident benefits--Premiums disregarded in ascertaining cash surrender value.

58-15-40. Additional accident benefits--Premiums disregarded in ascertaining cash surrender value.Notwithstanding the provisions of §58-15-33, additional benefits payable in the event of death or dismemberment by accident or accidental means, in the event of total and permanent disability, as reversionary annuity or deferred reversionary annuity benefits, as term insurance benefits provided by a rider or supplemental policy provision to which if issued as a separate policy, §§58-15-31 to 58-15-43, inclusive, would not apply, as term insurance on the life of a child or on the lives of children provided in a policy on the life of a parent of the child, if such term insurance expires before the child's age is twenty-six, is uniform in amount after the child's age is one, and has not become paid up by reason of the death of a parent of the child, and as other policy benefits additional to life insurance and endowment benefits, and premiums for all such additional benefits, shall be disregarded in ascertaining cash surrender values and nonforfeiture benefits required by §§58-15-33 and 58-15-34, and no such additional benefits shall be required to be included in any paid-up nonforfeiture benefits. Source: SL 1966, ch 111, ch 23, §28 (6).
SD Codified L § 58-15-41 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 15 - Life Insurance And Annuities|Section 58-15-41 - Nonforfeiture benefit provision inapplicable to reinsurance, group insurance, annuity contracts, or term insurance.

58-15-41. Nonforfeiture benefit provision inapplicable to reinsurance, group insurance, annuity contracts, or term insurance.The provisions of §§58-15-31 to 58-15-43, inclusive, do not apply to any reinsurance; group insurance; pure endowment; annuity or reversionary annuity contract; term policy of uniform amount, which provides no guaranteed nonforfeiture or endowment benefits, or renewal thereof, of twenty years or less expiring before age seventy-one, for which uniform premiums are payable during the entire term of the policy; term policy of decreasing amount, which provides no guaranteed nonforfeiture or endowment benefits, on which each adjusted premium, calculated as specified in §§58-15-35 to 58-15-38, inclusive, and §§58-15-43.1 to 58-15-43.11, inclusive, is less than the adjusted premium so calculated, on a term policy of uniform amount, or renewal thereof, which provides no guaranteed nonforfeiture or endowment benefits, issued at the same age and for the same initial amount of insurance and for a term of twenty years or less expiring before age seventy-one, for which uniform premiums are payable during the entire term of the policy; policy, which provides no guaranteed nonforfeiture or endowment benefits, for which no cash surrender value, if any, or present value of any paid-up nonforfeiture benefit, at the beginning of any policy year, calculated as specified in §§58-15-33 to 58-15-38, inclusive, and §§58-15-43.1 to 58-15-43.11, inclusive, exceeds two and one- half percent of the amount of insurance at the beginning of the same policy year; nor policy which is delivered outside this state through an insurance producer or other representative of the company issuing the policy. For purposes of determining the applicability of §§58-15-31 to 58-15-43, inclusive, the age at expiry for a joint term life insurance policy is the age at expiry of the oldest life. Source: SL 1966, ch 111, ch 23, §28 (7); SL 1982, ch 357, §19; SL 2001, ch 286, §108.
SD Codified L § 58-15-42 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 15 - Life Insurance And Annuities|Section 58-15-42 - Notice by company of election to comply with nonforfeiture benefit provisions--Filing with director.

58-15-42. Notice by company of election to comply with nonforfeiture benefit provisions--Filing with director.After July 1, 1966, any company could file with the director a written notice of its election to comply with the provisions of §§58-15-31 to 58-15-43, inclusive, after a specified date before January 1, 1967. After the filing of such notice, then upon such specified date, which shall be the operative date of said sections for such company, this section became operative with respect to the policies thereafter issued by such company. If a company made no such election, the operative date of said sections for such company shall be January 1, 1967. Source: SL 1966, ch 111, ch 23, §28 (8).
SD Codified L § 58-15-43 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 15 - Life Insurance And Annuities|Section 58-15-43 - Citation of standard nonforfeiture law for life insurance.

58-15-43. Citation of standard nonforfeiture law for life insurance.Sections 58-15-31 to 58-15-43, inclusive, shall be known as the standard nonforfeiture law for life insurance.For purposes of §§58-15-31 to 58-15-43, the operative date of the valuation manual is January first of the first calendar year that the valuation manual, as defined in §58-26-44.1, is effective. Source: SL 1966, ch 111, ch 23, §28; SL 1977, ch 412, §2; SL 2015, ch 254, §40.
SD Codified L § 58-15-43.1 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 15 - Life Insurance And Annuities|Section 58-15-43.1 - Adjusted premiums--Calculation on annual basis.

58-15-43.1. Adjusted premiums--Calculation on annual basis.Sections 58-15-43.1 to 58-15-43.11, inclusive, apply to all policies issued on or after July 1, 1982. Except as provided in §58-15-43.7, the adjusted premiums for any policy shall be calculated on an annual basis and shall be such uniform percentage of the respective premiums specified in the policy for each policy year, excluding amounts payable as extra premiums to cover impairments or special hazards and also excluding any uniform annual contract charge or policy fee specified in the policy in a statement of the method to be used in calculating the cash surrender values and paid up nonforfeiture benefits, that the present value, at the date of issue of the policy, of all adjusted premiums is equal to the sum of the then present value of the future guaranteed benefits provided for by the policy; one percent of either the amount of insurance, if the insurance be uniform in amount, or the average amount of insurance at the beginning of each of the first ten policy years; and one hundred twenty-five percent of the nonforfeiture net level premium as hereinafter defined. However, in applying the above percentage, no nonforfeiture net level premium may be deemed to exceed four percent of either the amount of insurance, if the insurance be uniform in amount, or the average amount of insurance at the beginning of each of the first ten policy years. The date of issue of a policy for the purpose of this section is the date as of which the rated age of the insured is determined. Source: SL 1982, ch 357, §5.
SD Codified L § 58-15-43.2 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 15 - Life Insurance And Annuities|Section 58-15-43.2 - "Nonforfeiture net level premium" defined.

58-15-43.2. Nonforfeiture net level premium determined.The nonforfeiture net level premium is equal to the present value, at the date of issue of the policy, of the guaranteed benefits provided for by the policy divided by the present value, at the date of issue of the policy, of an annuity of one per annum payable on the date of issue of the policy and on each anniversary of the policy on which a premium falls due. Source: SL 1982, ch 357, §6.
SD Codified L § 58-15-43.3 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 15 - Life Insurance And Annuities|Section 58-15-43.3 - Initial calculation of changes in benefits or premiums--Recalculation after change.

58-15-43.3. Initial calculation of changes in benefits or premiums--Recalculation after change.In the case of a policy which causes, on a basis guaranteed in the policy, unscheduled changes in benefits or premiums, or which provides an option for changes in benefits or premiums other than a change to a new policy, the adjusted premiums and present values shall initially be calculated on the assumption that future benefits and premiums do not change from those stipulated at the date of issue of the policy. At the time of any such change in the benefits or premiums, the future adjusted premiums, nonforfeiture net level premiums and present values shall be recalculated on the assumption that future benefits and premiums do not change from those stipulated by the policy immediately after the change. Source: SL 1982, ch 357, §7.
SD Codified L § 58-15-43.4 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 15 - Life Insurance And Annuities|Section 58-15-43.4 - Recalculated future adjusted premiums.

58-15-43.4. Recalculated future adjusted premiums.Except as otherwise provided in §58-15-43.7, the recalculated future adjusted premiums for any such policy shall be such uniform percentage of the respective future premiums specified in the policy for each policy year, excluding amounts payable as extra premiums to cover impairments and special hazards, and also excluding any uniform annual contract charge or policy fee specified in the policy in a statement of the method to be used in calculating the cash surrender values and paid-up nonforfeiture benefits, that the present value, at the time of change to the newly defined benefits or premiums, of all the future adjusted premiums is equal to the excess of (A) the sum of the then present value of the then future guaranteed benefits provided for by the policy and the additional expense allowance, if any, over (B) the then cash surrender value, if any, or present value of any paid-up nonforfeiture benefit under the policy. Source: SL 1982, ch 357, §8.
SD Codified L § 58-15-43.5 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 15 - Life Insurance And Annuities|Section 58-15-43.5 - Additional expense allowance.

58-15-43.5. Additional expense allowance.The additional expense allowance, at the time of the change to the newly defined benefits or premiums, is the sum of one percent of the excess, if positive, of the average amount of insurance at the beginning of each of the first ten policy years subsequent to the change, over the average amount of insurance prior to the change at the beginning of each of the first ten policy years subsequent to the time of the most recent previous change, or, if there has been no previous change, the date of issue of the policy; and one hundred twenty-five percent of the increase, if positive, in the nonforfeiture net level premium. Source: SL 1982, ch 357, §9.
SD Codified L § 58-15-43.6 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 15 - Life Insurance And Annuities|Section 58-15-43.6 - Recalculated nonforfeiture net level premium.

58-15-43.6. Recalculated nonforfeiture net level premium.The recalculated nonforfeiture net level premium is equal to the result obtained by dividing (A) by (B) if (A) equals the sum of the nonforfeiture net level premium applicable prior to the change times the present value of an annuity of one per annum payable on each anniversary of the policy on or subsequent to the date of the change on which a premium would have fallen due had the change not occurred, and the present value of the increase in future guaranteed benefits provided for by the policy, and (B) equals the present value of an annuity of one per annum payable on each anniversary of the policy on or subsequent to the date of change on which a premium falls due. Source: SL 1982, ch 357, §10.
SD Codified L § 58-15-43.7 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 15 - Life Insurance And Annuities|Section 58-15-43.7 - Substandard policy--Calculation of adjusted premiums and present value.

58-15-43.7. Substandard policy--Calculation of adjusted premiums and present value.Notwithstanding any other provisions of §§58-15-43.1 to 58-15-43.11, inclusive, to the contrary, in the case of a policy issued on a substandard basis which provides reduced graded amounts of insurance so that, in each policy year, the policy has the same tabular mortality cost as an otherwise similar policy issued on the standard basis which provides higher uniform amounts of insurance, adjusted premiums, and present values for such substandard policy may be calculated as if it were issued to provide the higher uniform amounts of insurance on the standard basis. Source: SL 1982, ch 357, §11.