Current StatusView additional legislative information at the LPITS web site.Bill Number: 1155 Ratification Number: 481 Act Number 416 Introducing Body: Senate Subject: Definitions of life insurance revised
(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.