S.D. Admin. R. 20:06:06:03.02
Current through Register Vol. 51, page 67, December 16, 2024
If a debtor exceeds the eligibility age but stated the age correctly in writing or otherwise and a certificate or policy is issued in error, the insurer has a period within 60 days from the effective date of insurance to terminate coverage and refund any premiums paid. Failure on the part of the insurer to return the premium within 60 days subjects it to the full risk. If the debtor dies within the 60-day period before the insurer terminates coverage, the insurer is liable for the amount of the debtor's insurance at death.
S.D. Admin. R. 20:06:06:03.02
General Authority: SDCL 58-19-34.
Law Implemented: SDCL 58-19-26.