58-15-66. Reinstatement provision required in reversionary annuity contract.
122 words·~1 min read·
/sd/title-58/chapter-58-15/58-15-66·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Except as stated in § 58-15-67 , no contract for a reversionary annuity shall be delivered or issued for delivery in this state unless it contains in substance a provision that the contract may be reinstated at any time within three years from the date of default in making stipulated payments to the insurer, upon production of evidence of insurability satisfactory to the insurer, and upon condition that all overdue payments and any indebtedness to the insurer on account of the contract be paid, or, within the limits permitted by the then cash values of the contract, reinstated, with interest as to both payments and indebtedness at a rate to be specified in the contract but not exceeding six percent per annum.