<html> <head> <title>Rule 20:06:06:03.02 Return of premium to debtor over eligibility age.</title> <META NAME="Keywords" Content="Administrative Rules 20:06:06:03.02"> <META NAME="Description" Content="Administrative Rules 20:06:06:03.02 Return of premium to debtor over eligibility age."> <meta name=Generator content="Microsoft Office HTML Filter 2.0"> <meta http-equiv=Content-Type content="text/html; charset=windows-1252"> <meta name=Originator content="Microsoft Word 10"> <style> <!-- --> </style> </head> <body lang=EN-US> <div> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>20:06:06:03.02.&nbsp;&nbsp;Return of premium to debtor over eligibility age.</b> If a debtor exceeds the eligibility age but stated the age correctly in writing or otherwise and a certificate or policy is issued in error, the insurer has a period within 60 days from the effective date of insurance to terminate coverage and refund any premiums paid. Failure on the part of the insurer to return the premium within 60 days subjects it to the full risk. If the debtor dies within the 60-day period before the insurer terminates coverage, the insurer is liable for the amount of the debtor's insurance at death.</p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>Source:</b> 5 SDR 91, effective April 25, 1979; 12 SDR 151, 12 SDR 155, effective July 1, 1986.</p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>General Authority:</b> SDCL <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=58-19-34">58-19-34.</A></p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>Law Implemented:</b> SDCL <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=58-19-26">58-19-26.</A></p> </div> </body> </html>