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Code · South Dakota · Title 58 · Chapter 58-15

58-15-15.4. Insurance policy loan--Definition of terms.

124 words·~1 min read·/sd/title-58/chapter-58-15/58-15-15-4·

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

For purposes of §§ 58-15-15.5 to 58-15-15.12 , inclusive:
(1)The rate of interest on policy loans permitted under §§ 58-15-15.5 to 58-15-15.12 , inclusive, includes the interest rate charged on reinstatement of policy loans for the period during and after any lapse of a policy;
(2)The term "policy loan" includes any premium loan made under a policy to pay one or more premiums that were not paid to the life insurer as they fell due;
(3)The term "policyholder" includes the owner of the policy or the person designated to pay premiums as shown on the records of the life insurer; and
(4)The term "policy" includes certificates issued by a fraternal benefit society and annuity contracts which provide for policy loans.
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