South Dakota Administrative Rules
Title 20 - PUBLIC SAFETY
Article 20:06 - INSURANCE
Chapter 20:06:10 - Advertisements and solicitations of health and life insurance
Section 20:06:10:26 - Life insurance policy summary

(1) A prominently placed title as follows: STATEMENT OF POLICY COST AND BENEFIT INFORMATION;

(2) The name and address of the insurance agent, or, if no agent is involved, a statement of the inquiry procedure to be followed;

(3) The full name and home office or administrative office address of the company which writes the life insurance policy;

(4) The generic name of the basic policy and each rider;

(5) A clear illustration of the premium and benefit patterns which contains the following applicable amounts in total, not on a per thousand or per unit basis, for the first five policy years and representative policy years thereafter including, but not limited to, the years for which life insurance cost indexes are displayed and at least one age from 60 through 65 or policy maturity whichever is earlier:

(6) The effective policy loan annual percentage interest rate, if the policy contains this provision, specifying whether this rate is applied in advance or in arrears. If the policy loan interest rate is variable, the policy summary must include the maximum annual percentage rate;

(7) Life insurance cost indexes for 10 and 20 years but in no case beyond the premium paying period. Separate indexes must be displayed for the basic policy and for each optional term life insurance rider. Such indexes need not be included for optional riders which are limited to benefits such as accidental death, disability waiver of premium, preliminary term life insurance coverage of less than 12 months, and guaranteed insurability benefits nor for the basic policies or optional riders covering more than one life;

(8) For participating policies and participating optional term life insurance riders, the equivalent level annual dividend, under the same circumstances and for the same durations as life insurance cost indexes;

(9) For policy summaries which include dividends, a statement that dividends are based on the company's current dividend scale and are not guaranteed. In addition, there must be a statement in close proximity to the equivalent level annual dividend which reads as follows: An explanation of the intended use of the equivalent level annual dividend is included in the life insurance buyer's guide;

(10) A statement in close proximity to the life insurance cost indexes as follows: An explanation of the intended use of these indexes is provided in the life insurance buyer's guide; and

(11) The date on which the life insurance policy summary is prepared.