South Dakota § 58-15-35 - Adjustment of premiums under nonforfeiture provisions.
Full text of South Dakota South Dakota Codified Laws § 58-15-35 — Adjustment of premiums under nonforfeiture provisions., with citation guidance and answers to common questions.
§ 58-15-35. Adjustment of premiums under nonforfeiture provisions.
Except as provided in § 58-15-37, the adjusted premiums for any policy shall be calculated on an annual basis and shall be such uniform percentage of the respective premiums specified in the policy for each policy year, excluding any extra premiums charged because of impairments or special hazards, that the present value, at the date of issue of the policy, of all such adjusted premiums shall be equal to the sum of:
(1) The then present value of the future guaranteed benefits provided for by the policy;
(2) Two percent of the amount of the insurance, if the insurance be uniform in amount, or of the equivalent uniform amount, as defined in § 58-15-36, if the amount of insurance varies with duration of the policy;
(3) Forty percent of the adjusted premium for the first policy year;
(4) Twenty-five percent of either the adjusted premium for the first policy year or the adjusted premium for a whole life policy of the same uniform or equivalent uniform amount with uniform premiums for the whole of life issued at the same age for the same amount of insurance, whichever is less.
However, in applying the percentages specified in subdivisions (3) and (4) above, no adjusted premium shall be deemed to exceed four percent of the amount of insurance or uniform amount equivalent thereto. The date of issue of a policy for the purpose of §§ 58-15-35 to 58-15-38, inclusive, shall be the date as of which the rated age of the insured is determined. This section and §§ 58-15-36 to 58-15-38, inclusive, may not apply to policies issued on or after the operative date of §§ 58-15-43.1 to 58-15-43.11, inclusive.
Source: SL 1966, ch 111, ch 23, § 28 (5); SL 1982, ch 357, § 3.
Source: official South Dakota text · Last verified 2026-08-27
Frequently Asked Questions About South Dakota § 58-15-35
What does South Dakota Codified Laws § 58-15-35 cover?
Section 58-15-35 ("Adjustment of premiums under nonforfeiture provisions.") is part of the South Dakota Codified Laws, the codified statutory law of South Dakota. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite South Dakota § 58-15-35?
A common citation format is "South Dakota Codified Laws § 58-15-35" (South Dakota). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of South Dakota law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the South Dakota official source linked on this page or consult a licensed South Dakota attorney.
How does South Dakota § 58-15-35 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in South Dakota can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in South Dakota.