Title 58, INSURANCE

For purposes of subdivision 58-10-4(6), the term, trust, includes any trust, including a business trust, and the term, beneficiary, includes the interest of any beneficiary in a trust, including a beneficial owner of a business trust. Source: SL 2006, ch 251 , § 2.

For purposes of subdivision 58-10-4(6), the term, business trust, means a business trust subject to chapter 47-14A or chapter 47-14B . Source: SL 2006, ch 251 , § 3.

An insurance contract for which an insurable interest exists under subdivision 58-10-4(6), is a life insurance policy issued for delivery to a trust governed by South Dakota law. Source: SL 2006, ch 251 , § 4.

The provisions of subdivision 58-10-4(6) and §§ 58-10-13 to 58-10-15 , inclusive, are effective retroactively to November 2, 1889. Source: SL 2006, ch 251 , § 5.

A person who has an insurable interest in the life of an individual settlor pursuant to subdivisions 58-10-4(1) to (6), may create an entity solely for the purpose of purchasing, holding, or administering an insurance contract on the life of the individual settlor. Neither an ins…

"Policy" means the written contract of or written agreement for or effecting insurance, by whatever name called, and includes all clauses, riders, endorsements, and papers which are a part thereof. Source: SL 1966, ch 111 , ch 22, § 2.

Any individual of competent legal capacity may procure or effect an insurance contract upon his own life or body for the benefit of any person. But no person shall procure or cause to be procured any insurance contract upon the life or body of another individual unless the benefi…

Insurable interest with reference to personal insurance includes only interests as follows: (1) Interests in individuals related closely by blood, marriage, or by law, a substantial interest engendered by love and affection; (2) For other persons, a lawful and substantial economi…

If the beneficiary, assignee, or other payee under any contract made in violation of § 58-10-3 receives from the insurer any benefits thereunder accruing upon the death, disablement, or injury of the individual insured, the individual insured or his personal representative, as th…

No life or health insurance contract upon an individual, except a contract of group life insurance or of group or blanket health insurance, shall be made or become effective unless at the time of the making of the contract such individual applies therefor or has consented thereto…

Subject to the policy terms on assignment, a person whose life is insured under a policy of life insurance may assign with his spouse's written consent any or all incidents of ownership granted him under the policy, including but not limited to any right to designate a beneficiar…

No contract of insurance of property or of any interest in property or arising from property shall be enforceable as to the insurance except for the benefit of persons having an insurable interest in the things insured as at the time of the loss. Source: SL 1966, ch 111 , ch 22, …

"Insurable interest" as used in §§ 58-10-7 and 58-10-9 means any actual, lawful, and substantial economic interest in the safety or preservation of the subject of the insurance free from loss, destruction, or pecuniary damage or impairment. Source: SL 1966, ch 111 , ch 22, § 6 (2…

The measure of an insurable interest in property is the extent to which the insured might be directly damnified by loss, injury, or impairment thereof. Source: SL 1966, ch 111 , ch 22, § 6 (3).