Terms used in this chapter are defined as follows:

1. (1) "Advertisement," as defined in SDCL 58-33A-3;
2. (2) "Buyer's guide," an explanation which accompanies a policy;
3. (3) "Cash dividend," the current illustrated dividend which can be applied toward payment of the gross premium;
4. (4) "Exception," a provision in a policy that eliminates or does not assume coverage for a specified hazard or risk;
5. (5) "Generic name," a short title which is descriptive of the premium and benefit patterns of a policy or a rider;
6. (6) "Limitation," a provision which restricts coverage under the policy other than an exception or reduction;
7. (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. (8) "Reduction," a provision which reduces the amount of the benefit or payment or the period covered.

Source: 4 SDR 6, effective August 9, 1977; 12 SDR 151, 12 SDR 155, effective July 1, 1986; 15 SDR 143, effective March 29, 1989; 27 SDR 54, effective December 4, 2000; 38 SDR 116, effective January 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.