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Tyndall

  • 1617 Main St.
  • P.O. Box 276
  • Tyndall, SD 57066
  • (605) 589-3572

Tabor

  • 108 S. Lidice St.
  • P.O. Box 206
  • Tabor, SD 57063
  • (605) 463-2558

Springfield

  • 807 8th St.
  • P.O. Box 609
  • Springfield, SD 57062
  • (605) 369-5520

Yankton

  • 904 W. 23rd St.
  • Ste. 103
  • Yankton, SD 57078
  • (605) 665-3572

Tea

  • 910 N. Main Ave. Ste. 103
  • P.O. Box 397
  • Tea, SD 57064
  • (605) 213-3572

Types of Insurance

Life Insurance

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Auto Insurance:

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Instead of paying out of pocket for auto accidents, people pay annual premiums to an auto insurance company; the company then pays all or most of the costs associated with an auto accident or other vehicle damage.

Auto insurance protects you against financial loss if you have an accident. It is a contract between you and the insurance company. You agree to pay the premium and the insurance company agrees to pay your losses as defined in your policy. Auto insurance provides property, liability and medical coverage:


  • Property coverage pays for damage to or theft of your car.
  • Liability coverage pays for your legal responsibility to others for bodily injury or property damage.
  • Medical coverage pays for the cost of treating injuries, rehabilitation and sometimes lost wages and funeral expenses.

An auto insurance policy is comprised of six different kinds of coverage. Most states require you to buy some, but not all, of these coverages. If you're financing a car, your lender may also have requirements. Most auto policies are for six months to a year. Your insurance company should notify you by mail when it's time to renew the policy and to pay your premium.

Auto insurance premiums, or the amount policyholders pay to be insured, vary depending on: age, gender, years of driving experience, accident and moving violation history, and other factors. Most states mandate that all vehicle owners purchase a minimum amount of auto insurance, but many people purchase additional insurance to further protect themselves.

A poor driving record or the desire for more complete coverage will lead to higher premiums. However, you can reduce your premiums by agreeing to take on more risk, which means increasing your deductible.

Home Insurance:

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Homeowners insurance is a form of property insurance designed to protect an individual's home against damages to the house itself, or to possessions in the home. Homeowners insurance also provides liability coverage against accidents in the home or on the property.

Homeowners insurance provides financial protection against disasters. A standard policy insures the home itself and the things you keep in it.

Homeowners insurance is a package policy. This means that it covers both damage to your property and your liability or legal responsibility for any injuries and property damage you or members of your family cause to other people. This includes damage caused by household pets.

Generally, covered properties are divided into four separate categories. The definitions of the property, and the extent of coverage vary by state, company and product. The four separate categories for your home, as defined by insurance companies, are:

  1. Dwelling – The structure of the house is considered a covered property.
  2. Other Structures – These are structures that are separate from the house, or connected to the house by a fence, wire or other form of connection, but not otherwise attached to the dwelling, such as a tool shed or detached garage.
  3. Personal Property – The contents of your home are your personal property. This includes furniture, appliances and clothing. Not all personal property is covered. Items more appropriately covered under different forms of insurance may have limited or no coverage for loss. These items include, but are not limited to, money, jewelry and firearms.
  4. Loss of Use – When a loss occurs due to a covered peril and the dwelling becomes uninhabitable, the cost of additional living expenses is covered. Reimbursement of additional living expenses covers the cost to the insured for maintaining a normal standard of living.
Damage caused by most disasters is covered but there are exceptions. The most significant are damage caused by floods, earthquakes and poor maintenance. You must buy two separate policies for flood and earthquake coverage. Maintenance-related problems are the homeowners' responsibility.

Homeowner's policy is a multiple-line insurance policy, meaning that it includes both property insurance and liability coverage, with an indivisible premium, meaning that a single premium is paid for all risks. In the U.S. standard forms divide coverage into several categories, and the coverage provided is typically a percentage of Coverage A, which is coverage for the main dwelling.

The cost of homeowner's insurance often depends on what it would cost to replace the house and which additional endorsements or riders are attached to the policy. The insurance policy is a legal contract between the insurance carrier (insurance company) and the named insured(s). It is a contract of indemnity and will put the insured back to the state he/she was in prior to the loss. Typically, claims due to floods or war (whose definition typically includes a nuclear explosion from any source) are excluded from coverage, amongst other standard exclusions (like termites). Special insurance can be purchased for these possibilities, including flood insurance. Insurance is adjusted to reflect the cost of replacement, usually upon application of an inflation factor or a cost index.

Major factors in price estimation include location, coverage, and the amount of insurance, which is based on the estimated cost to rebuild the home ("replacement cost").

Crop / Agricultural Insurance:

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Crop insurance is purchased by agricultural producers, including farmers, ranchers, and others to protect themselves against either the loss of their crops due to natural disasters, such as hail, drought, and floods, or the loss of revenue due to declines in the prices of agricultural commodities. The two general categories of crop insurance are called crop-yield insurance and crop-revenue insurance. Crop-yield insurance consists of two main classes:

  1. Crop-hail insurance is available from private insurers because hail is a narrow peril that occurs in a limited place and its accumulated losses tend not to overwhelm the capital reserves of private insurers.
  2. Multi-peril crop insurance covers the broad perils of drought, flood, insects, disease, etc., which may affect many insureds at the same time and present the insurer with excessive losses.

Crop-revenue insurance is a combination of crop-yield insurance and price insurance. Crop-revenue insurance covers the decline in price that occurs during the crop's growing season.

A farmer or grower may desire to grow a crop associated with a particular defined attribute that potentially qualifies for a premium over similar commodity crops, agricultural products, or derivatives thereof. The particular attribute may be associated with the genetic composition of the crop, certain management practices of the grower, or both. However, many standard crop insurance policies do not differentiate between commodity crops and crops associated with particular attributes. Accordingly, farmers have a need for crop insurance to cover the risk of growing crops associated with particular attributes.



Farm / Ranch Insurance:

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Insurance agents will want to determine whether the rural dwelling on the property is a home or a ranch. It's an important distinction, as there can be substantial differences in coverage. For example, a standard homeowners policy covers fencing, as well as the contents of ancillary buildings such as a tool shed. A ranch policy does not cover either unless they are specifically scheduled. A farm insurance policy combines the standard coverage offered by a personal homeowners policy with commercial property and liability coverage. The benefit of a farm policy is that it can be customized to the needs of the insured. It's important to determine whether or not your land qualifies as a farm. There are many hobby farms, smaller farm operations, and retirees. The insurance company will want to know what you produce, in what quantity, and for what profit.

The standard farm policy is a hybrid of homeowners coverage, commercial business insurance and specialty insurance. If the farm is a going commercial concern, the owner will want a basic farm policy providing the following basic coverages:
  • Property Coverage-This coverage protects your home, outbuildings, belongings and some equipment in the event of loss, such as a fire or tornado.
  • Liability Coverage-This coverage will cover a loss unintentionally caused by you or your employees to another's property or person.
  • Medical Payments-This coverage will provide payments for medical bills sustained by someone injured on your property.
  • Additional Living Expenses-If you must relocate from your home due to damage caused by a covered event, then this coverage provides for the costs of things like temporary housing or a hotel stay.
The basic coverage can be modified by endorsements. Some endorsements will add to the cost of the basic policy. You must speak with your insurance professional and have a solid understanding of what is covered by the basic policy and then consider endorsements that may be applicable to your situation. Some endorsements that are worth considering:
  • Replacement Cost Coverage will pay on a loss at the replacement cost instead of the actual cash value.
  • Exclusion Coverage will expand your basic policy to cover things that are specifically excluded from coverage. For example, certain buildings or animals may be excluded under the basic policy, but covered by the endorsement.
  • Appurtenances Coverage will expand the basic coverage to act more like a homeowners' policy to cover things that are typically covered under homeowners' coverage, but not under the farm policy - like, swimming pools, some fences, etcetera.
  • Operation of Building Laws coverage will cover the cost of bringing a house or outbuilding up to code after a loss. For example, if the barn is damaged, then typically the barn will need to come up to modern code during the repair. That extra cost is typically not covered but can be added by endorsement.
  • Boarded Animals Coverage can be added both as a property endorsement and liability endorsement. Under a standard policy neither liability or property damage is covered if the loss is caused by or to a boarded animal.
  • Water Damage/Sewer Damage Coverage can add protection for sewer or water backups to the home or outbuildings.
These are just a few of the more important endorsements.

Health Insurance:

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Health insurance is a type of insurance coverage that pays for medical and surgical expenses incurred by the insured. Health insurance can reimburse the insured for expenses incurred from illness or injury, or pay the care provider directly.

Health insurance provides coverage for medicine, visits to the doctor or emergency room, hospital stays and other medical expenses. Policies differ in what they cover, the size of the deductible and/or co-payment, limits of coverage and the options for treatment available to the policyholder. Health insurance can be directly purchased by an individual, or it may be provided through an employer. Medicare and Medicaid are programs which provide health insurance to elderly, disabled, or un-insured individuals.

A health insurance policy is:

  1. A contract between an insurance provider (e.g. an insurance company or a government) and an individual or his/her sponsor (e.g. an employer or a community organization). The contract can be renewable (e.g. annually, monthly)or lifelong in the case of private insurance, or be mandatory for all citizens in the case of national plans. The type and amount of health care costs that will be covered by the health insurance provider are specified in writing, in a member contract or "Evidence of Coverage" booklet for private insurance, or in a national health policy for public insurance.
  2. Provided by an employer-sponsored self-funded ERISA plan. The company generally advertises that they have one of the big insurance companies. However, in an ERISA case, that insurance company "doesn't engage in the act of insurance", they just administer it. Therefore, ERISA plans are not subject to state laws. ERISA plans are governed by federal law under the jurisdiction of the US Department of Labor (USDOL). The specific benefits or coverage details are found in the Summary Plan Description (SPD). An appeal must go through the insurance company, then to the Employer's Plan Fiduciary. If still required, the Fiduciary's decision can be brought to the USDOL to review for ERISA compliance, and then file a lawsuit in federal court.

The individual insured person's obligations may take several forms.



Prescription drug plans are a form of insurance offered through some health insurance plans. In the U.S., the patient usually pays a copayment and the prescription drug insurance part or all of the balance for drugs covered in the formulary of the plan. Such plans are routinely part of national health insurance programs. For example, in the province of Quebec, Canada, prescription drug insurance is universally required as part of the public health insurance plan, but may be purchased and administered either through private or group plans, or through the public plan.

Some, if not most, health care providers in the United States will agree to bill the insurance company if patients are willing to sign an agreement that they will be responsible for the amount that the insurance company doesn't pay. The insurance company pays out of network providers according to "reasonable and customary" charges, which may be less than the provider's usual fee. The provider may also have a separate contract with the insurer to accept what amounts to a discounted rate or capitation to the provider's standard charges. It generally costs the patient less to use an in-network provider.

Life Insurance / Annuities:

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Insurance that pays out a sum of money either on the death of the insured person or after a set period. Life insurance (or life assurance, especially in the Commonwealth), is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money (the benefit) in exchange for a premium, upon the death of an insured person (often the policy holder). Depending on the contract, other events such as terminal illness or critical illness can also trigger payment. The policy holder typically pays a premium, either regularly or as one lump sum. Other expenses (such as funeral expenses) can also be included in the benefits.

Life policies are legal contracts and the terms of the contract describe the limitations of the insured events. Specific exclusions are often written into the contract to limit the liability of the insurer; common examples are claims relating to suicide, fraud, war, riot, and civil commotion.

Life-based contracts tend to fall into two major categories:

  • Protection policies – designed to provide a benefit, typically a lump sum payment, in the event of specified event. A common form of a protection policy design is term insurance.
  • Investment policies – where the main objective is to facilitate the growth of capital by regular or single premiums. Common forms (in the U.S.) are whole life, universal life, and variable life policies.

The goal of life insurance is to provide a measure of financial security for your family after you die. So, before purchasing a life insurance policy, you should consider your financial situation and the standard of living you want to maintain for your dependents or survivors.

Annuities

An annuity is a contractual financial product sold by financial institutions that is designed to accept and grow funds from an individual and then, upon annuitization, pay out a stream of payments to the individual at a later point in time. The period of time when an annuity is being funded and before payouts begin is referred to as the accumulation phase. Once payments commence, the contract is in the annuitization phase.

Annuities were designed to be a reliable means of securing a steady cash flow for an individual during their retirement years and to alleviate fears of longevity risk, or outliving one's assets.

Annuities can also be created to turn a substantial lump sum into a steady cash flow, such as for winners of large cash settlements from a lawsuit or from winning the lottery. Defined benefit pensions and Social Security are two examples of lifetime guaranteed annuities that pay retirees a steady cash flow until they pass. Annuities can be structured according to a wide array of details and factors, such as the duration of time that payments from the annuity can be guaranteed to continue. Annuities can be created so that, upon annuitization, payments will continue so long as either the annuitant or their spouse (if survivorship benefit is elected) is alive. Alternatively, annuities can be structured to pay out funds for a fixed amount of time, such as 20 years, regardless of how long the annuitant lives. Furthermore, annuities can begin immediately upon deposit of a lump sum, or they can be structured as deferred benefits.

Annuities can be structured generally as either fixed or variable. Fixed annuities provide regular periodic payments to the annuitant. Variable annuities allow the owner to receive greater future cash flows if investments of the annuity fund do well and smaller payments if its investments do poorly. This provides for a less stable cash flow than a fixed annuity, but allows the annuitant to reap the benefits of strong returns from their fund's investments.

Commercial Lines Insurance:

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Commercial Lines Insurance help keep the economy running smoothly by protecting businesses from potential losses they couldn't afford to cover on their own, which allows businesses to operate when it might otherwise be too risky to do so. Insurance that protects businesses against losses as a result of such things as damage to property and injuries to employees.

Commercial Lines Insurance include products such as commercial auto insurance, workers compensation insurance, federal flood insurance, aircraft insurance, ocean marine insurance and medical malpractice insurance. Commercial lines protect businesses against potentially devastating financial losses caused by accidents, lawsuits, natural disasters and other adverse events. Coverage available and premium costs vary by business type, size, and location.

While all commercial lines share some similarities, each policy will be tailored for the type of business being covered and the client's unique needs. Suppose a structural engineering firm needs professional liability insurance. An insurance policy could protect the company against claims of negligence in creating a building's plans, performing inspections, and supervising construction, as well as against claims of failure to render professional services. The firm could purchase general coverage as well as specific, additional coverage for each project, plus coverage for punitive damages.

Commercial lines aren't just for large corporations. Even a small, home-based business might need one or more commercial lines because homeowners insurance provides limited or no insurance for business activities. For example, a home business might need commercial auto insurance for a company-owned delivery vehicle, workers compensation insurance for the employee who drives the vehicle, property insurance to cover business goods stolen from the home or vehicle, and liability insurance to protect against claims by any client who claims they were harmed by the business's product.

Commercial General Liability Insurance Protects Your Business From Common Liabilities.

Your business faces liabilities every day. The only way to protect your assets is to carry adequate business liability insurance. A Commercial General Liability (CGL) insurance policy is the first line of defense against many common claims.

General Liability insurance covers claims of bodily injury or other physical injury or property damage. It is frequently offered in a package with Property insurance to protect your business against incidents that may occur on your premises or at other covered locations where you normally conduct business. Commercial General Liability enables your business to continue operations while it faces real or fraudulent claims of certain types of negligence or wrongdoing.

Commercial General Liability - The Most Basic Form of Business Insurance If you have only one form of business insurance, it is most likely Commercial General Liability. CGL policies cover claims in four basic categories of business liability:
  • Bodily Injury
  • Property Damage
  • Personal Injury (including slander or libel)
  • Advertising Injury
In addition to covering the claims listed above, Commercial General Liability policies also cover the cost to defend or settle claims - even if the claims are fraudulent.

Business Liability insurance protects your business against financial loss resulting from claims of injury or damage caused to others by you or your employees. (Some coverage may not be available on all policies or in all states.)
  • Automatic Additional Insured. Coverage is automatically provided when required in a written contract, agreement or permit.
  • Personal and Advertising Injury. Covers you for certain offenses you or your employees commit in the course of your business, such as libel, slander, disparagement, or copyright infringement in your advertisements.
  • Employment Practices Liability. Covers claims, including legal defense costs, for certain employment-related lawsuits brought against you by your employees or job applicants ($5,000 limit where available).
  • Defense Costs. Pays legal expenses for certain liability claims brought against your business regardless of who's at fault.
  • Medical Expenses. Pays the applicable medical costs if someone is injured and needs medical treatment due to an accident on your premises.
  • Premises and Operations Liability. Provides coverage for bodily injury and property damage sustained by others at your premises or as a result of your business' operations.
  • Tenant's Liability. Protects your business against claims of damage due to fire or other covered losses caused by you to premises that you rent.

Note: This summary outlines in general terms the coverages afforded under some policies. Examine the policy carefully for any exclusions, limitations, or any other terms or conditions that may specifically affect coverage. The terms and conditions of the policy prevail.



Business Liability Insurance Keeps You In Business.

Commercial General Liability Only Protects Against Some Business Liabilities.

Umbrella Insurance:

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Umbrella insurance is extra liability insurance. It is designed to help protect you from major claims and lawsuits and as a result it helps protect your assets and your future. It does this in two ways: Provides additional liability coverage above the limits of your homeowners, auto, and boat insurance policies.

An umbrella insurance policy provides an additional layer of security to those who are at risk for being sued for damages to other people's property or injuries caused to others in an accident. It also protects against libel, vandalism, slander and invasion of privacy. An umbrella insurance policy is very helpful when the insurance owner is sued and the dollar limit of the original policy has been exhausted. The added coverage provided by liability insurance is most useful to individuals who own a lot of assets or very expensive assets and are at significant risk for being sued. The premium for an umbrella insurance policy may be less expensive if the policy is purchased from the same insurer that provided the original auto, home or watercraft insurance. Depending on the provider, the policyholder who wants to add umbrella insurance policy is required to have a base insurance coverage of $150,000 to $250,000 for auto insurance and $250,000 to $300,000 for homeowners insurance.

Excess insurance is similar in that it pays after an underlying primary policy is exhausted, but the critical difference is that excess policies are normally "follow form" policies that conform exactly to the coverage of the underlying policy, except that they add on their own excess limit which is then stacked on top of the primary policy's limit. Umbrella policies tend to provide broader coverage over one or more primary policies, in that they usually lack "follow form" clauses, their definitions of what is covered may be broader than the definitions in the primary policies, and they sometimes lack exclusions used in underlying primary policies. Thus, an umbrella policy may cover certain risks from the first dollar of loss or liability incurred, which were never covered under the primary policies. For those risks that are left uncovered by primary policies but are covered under the umbrella policy, the latter is said to "drop down" to cover them as primary insurance and fill in the gaps in the underlying policies. Hence, the "umbrella" nomenclature is a reference to the broader coverage of the policy.

A commercial umbrella policy may be based on a commercial general liability (CGL) primary policy.

Personal umbrella policies are typically made excess of a person's homeowner's and automobile insurance. Coverage varies by the company, and detailed comparisons can be constructed showing the differences.

Recreational Vehicle / Watercraft Insurance:

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Most insurance companies define Recreational Vehicles as the following: All terrain vehicles, dune buggies, golf carts, mini-bikes, motor homes, motorcycles, recreational vehicle trailers, snowmobiles, trail-bikes, off-road vehicles, antique and classic autos, and various watercraft including jet skis. It protects against the same financial consequences as those covered in auto insurance policies: damage to vehicle or property, theft, vandalism, injury to the insured or other people, personal liability, and/or accidents with uninsured or underinsured drivers. Recreational vehicle policies cover more than what car insurance covers, primarily because owners keep more personal items, such as outdoor equipment, in large recreational vehicles. Insureds have wide latitude in how much and what kind of coverage to buy. Old vehicles may not warrant collision or comprehensive coverage. Affluent drivers may want to maximize liability coverage. Lenders may require collision and comprehensive insurance.

Watercraft insurance, also known as boat and personal watercraft insurance, often include towing and wreckage removal, as well as fuel spill indemnification. This type of insurance may be purchased for sailboats, house boats, and pontoon boats, as well as other watercraft up to a certain size and value.

The coverage provided by watercraft insurance varies according to the type of watercraft being insured. This is because different types of watercrafts carry different risks. The amount of damage to a watercraft that is covered under the policy is also dependent on how the policy treats depreciation.
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