Accelerated benefits payable under a life insurance contract:

1. (1) To a policyowner or certificateholder, during the lifetime of the insured, in anticipation of death or upon the occurrence of specified life-threatening or catastrophic conditions as defined by the policy or rider; and
2. (2) That reduce the death benefit otherwise payable under the life insurance contract; and

3. (3) That are payable upon the occurrence of a single qualifying event that results in the payment of a benefit amount determined at the time of acceleration

   are not considered to be charging a separate premium pursuant to § 20:06:21:01.03.

Source: 32 SDR 203, effective June 5, 2006.

General Authority: SDCL 58-17B-4 .

Law Implemented: SDCL 58-17B-2 .