New Mexico Statutes 59A-20-20. Annuities, entire contract
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In an annuity or pure endowment contract, other than a reversionary, survivorship or group annuity, there shall be a provision that the contract shall constitute the entire contract between the parties or, if a copy of the application is endorsed upon or
Terms Used In New Mexico Statutes 59A-20-20
- 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.
attached to the contract when issued, a provision that the contract and the application therefor shall constitute the entire contract between the parties.