20:06:10:01Definitions.

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