ARSD 20:06:06:03. Credit life insurance -- Acceptable rates

The acceptable rates for credit life insurance are as follows: (1) For decreasing term credit life insurance, a single premium of $.56 a year for each $100 of initial insured indebtedness. A premium payable monthly at the rate of $.88 for each $1,000 of outstanding unpaid insured indebtedness will be considered the actuarial equivalent of the foregoing rate; and (2) For level term credit life insurance, a single premium of $1.02 a year for each $100 of initial indebtedness.