South Carolina General Assembly
108th Session, 1989-1990

Bill 1155

                    Current Status

Bill Number:               1155
Ratification Number:       481
Act Number                 416
Introducing Body:          Senate
Subject:                   Definitions of life insurance
                           revised
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(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

(A416, R481, S1155)

AN ACT TO AMEND SECTION 38-1-20, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE DEFINITIONS PERTAINING TO INSURANCE, SO AS TO REVISE THE DEFINITION OF LIFE INSURANCE.

Be it enacted by the General Assembly of the State of South Carolina:

Definitions of life insurance revised

SECTION 1. Section 38-1-20(27) of the 1976 Code is amended to read:

"(27) 'Life Insurance' means a contract of insurance upon the lives of human beings. The following contracts are deemed to be contracts of life insurance within the meaning of this definition:

(a) a contract providing acceleration of life benefits, beginning on the contract's original effective date, in advance of the time they otherwise would be payable for long-term care as defined in Section 38-72-40;

(b) a contract providing acceleration of life benefits, beginning on the contract's original effective date, in advance of the time they otherwise would be payable for a life-threatening illness or a terminal illness as specified in the contract."

Time effective

SECTION 2. This act takes effect upon approval by the Governor.

Approved the 24th day of April, 1990.