S.D. Admin. R. 20:06:10:01

Current through Register Vol. 50, page 159, June 17, 2024

Section 20:06:10:01 - Definitions

Terms used in this chapter are defined as follows:

(1) "Advertisement," as defined in SDCL 58-33A-3;

(2) "Buyer's guide," an explanation which accompanies a policy;

(3) "Cash dividend," the current illustrated dividend which can be applied toward payment of the gross premium;

(4) "Exception," a provision in a policy that eliminates or does not assume coverage for a specified hazard or risk;

(5) "Generic name," a short title which is descriptive of the premium and benefit patterns of a policy or a rider;

(6) "Limitation," a provision which restricts coverage under the policy other than an exception or reduction;

(7) "Policy," a plan, certificate, contract, agreement, statement of coverage, rider, or endorsement which provides benefits or payments on an indemnity, reimbursement, service, or prepaid basis;

(8) "Reduction," a provision which reduces the amount of the benefit or payment or the period covered.

S.D. Admin. R. 20:06:10:01

4 SDR 6, effective 8/9/1977; 12 SDR 151, 12 SDR 155, effective 7/1/1986; 15 SDR 143, effective 3/29/1989; 27 SDR 54, effective 12/4/2000; 38 SDR 116, effective 1/10/2012.

General Authority: SDCL 58-33A-7.

Law Implemented: SDCL 58-33-5, 58-33-6, 58-33-7, 58-33-8, 58-33A-3.