58-15-15.4. Insurance policy loan--Definition of terms.For purposes of §§58-15-15.5 to 58-15-15.12, inclusive:(1)The rate of interest on policy loans permitted under §§58-15-15.5 to 58-15-15.12, inclusive, includes the interest rate charged on reinstatement of policy loans for the period during and after any lapse of a policy;(2)The term 'policy loan' includes any premium loan made under a policy to pay one or more premiums that were not paid to the life insurer as they fell due;(3)The term 'policyholder' includes the owner of the policy or the person designated to pay premiums as shown on the records of the life insurer; and(4)The term 'policy' includes certificates issued by a fraternal benefit society and annuity contracts which provide for policy loans. Source: SL 1982, ch 358, §1.
South Dakota Legal Code