S.D. Codified Laws § 58-33-117

Current through the 2024 Legislative Session

Section 58-33-117 - Definitions

Terms in this section and §§ 58-33-118 to 58-33-130, inclusive, mean:

(1) "Active duty," full-time duty in the active military service of the United States and includes members of the reserve component (National Guard and Reserve) while serving under published orders for active duty or full-time training. The term does not include members of the reserve component who are performing active duty or active duty for training under military calls or orders specifying periods of less than thirty-one calendar days;

(2) "Armed forces of the United States," all components of the Army, Navy, Air Force, Space Force, Marine Corps, and Coast Guard;

(3) "Department of Defense (DoD) personnel," all active duty service members and all civilian employees, including nonappropriated fund employees and special government employees, of the Department of Defense;

(4) "Door to door," a solicitation or sales method whereby an insurance producer proceeds randomly or selectively from household to household without prior specific appointment;

(5) "General advertisement," an advertisement having as its sole purpose the promotion of the reader's or viewer's interest in the concept of insurance, or the promotion of the insurer or the insurance producer;

(6) "Known" or "knowingly," the insurance producer or insurer had actual awareness, or in the exercise of ordinary care should have known, at the time of the act or practice complained of, that the person solicited:

(a) Is a service member; or

(b) Is a service member with a pay grade of E-4 or below;

(7) "Military installation," any federally owned, leased, or operated base, reservation, post, camp, building, or other facility to which service members are assigned for duty, including barracks, transient housing, and family quarters;

(8) "MyPay," a defense finance and accounting service internet-based system that enables service members to process certain discretionary pay transactions or provide updates to personal information data elements without using paper forms;

(9) "Service member," any active duty officer (commissioned and warrant) or enlisted member of the armed forces of the United States;

(10) "Side fund," a fund or reserve that is part of or otherwise attached to a life insurance policy (excluding individually issued annuities) by rider, endorsement or other mechanism which accumulates premium or deposits with interest or by other means. The term does not include:

(a) Accumulated value or cash value or secondary guarantees provided by a universal life policy;

(b) Cash values provided by a whole life policy which are subject to standard nonforfeiture law for life insurance; or

(c) A premium deposit fund which:

(i) Contains only premiums paid in advance which accumulate at interest;

(ii) Imposes no penalty for withdrawal;

(iii) Does not permit funding beyond future required premiums;

(iv) Is not marketed or intended as an investment; and

(v) Does not carry a commission, either paid or calculated;

(11) "Specific appointment," a prearranged appointment agreed upon by both parties and definite as to place and time.

SDCL 58-33-117

SL 2008, ch 272, §1; SL 2023, ch 109, §23.

Amended by S.L. 2023, ch. 109,s. 23, eff. 7/1/2023.