"Rejected business" defined
Applied in 1 court decision — leading case Kent v. Lyon (1996)
Most recently applied in Kent v. Lyon (November 1996)
Source: SL 1982, ch 365, § 7; SL 2001, ch 286, § 155.
Rejected business defined.
Rejected business is a risk that an insurer then represented by the insurance producer has rejected for underwriting reasons, or is willing to accept only on a substandard basis; but which business will be accepted and issued by another authorized insurer at a lower rate.
Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.