S.D. Admin. R. 20:06:38:11

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

Section 20:06:38:11 - Standards for basic illustrations - Tabular detail

(1) The premium outlay and mode the applicant plans to pay and the contract premium, as applicable;

(2) The corresponding guaranteed death benefit, as provided in the policy; and

(3) The corresponding guaranteed value available upon surrender, as provided in the policy.

For a policy that provides for a contract premium, the guaranteed death benefit and value available upon surrender must correspond to the contract premium. Nonguaranteed elements may be shown if described in the contract. In the case of an illustration for a policy on which the insurer intends to credit terminal dividends, they may be shown if the insurers current practice is to pay terminal dividends. If any nonguaranteed elements are shown, they must be shown at the same durations as the corresponding guaranteed elements, if any. If no guaranteed benefit or value is available at any duration for which a nonguaranteed benefit or value is shown, a zero must be displayed in the guaranteed column.

S.D. Admin. R. 20:06:38:11

23 SDR 228, effective 7/1/1997.

General Authority: SDCL 58-33-5.1.

Law Implemented: SDCL 58-33-5.1.