New Mexico Statutes 59A-16-15. Discrimination; rebates and certain inducements prohibited; life, health and annuity contracts
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Except as otherwise expressly provided by law, no person shall directly or indirectly, as an inducement to any contract of life, annuity or health insurance:
Terms Used In New Mexico Statutes 59A-16-15
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Contract: A legal written agreement that becomes binding when signed.
A. offer, pay or accept any special favor or advantage, any rebate of premiums or any valuable consideration or promise whatsoever; or
B. promise any returns or profits, interest or dividends not specified in the contract.