New Mexico Statutes 59A-20-3. Standard provisions required
A. No insurer shall deliver or issue for delivery in this state any life insurance policy unless the policy contains in substance all of the applicable standard provisions required by Sections 369 through 380 N.M. Stat. Ann. § 59A-20-4 to 59A-20-15 of this article, subject to Section 346 [59A-18-17 N.M. Stat. Ann.] of the Insurance Code as to waiver or use of substitute provisions with the superintendent’s approval.
Terms Used In New Mexico Statutes 59A-20-3
- 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.
B. This section does not apply as to group or pure endowment policies, annuity contracts or any provision of a life insurance policy or contract supplemental thereto relating to disability benefits or additional benefits in event of death by accident or accidental means.
C. Any of such provisions or portions thereof not applicable to single premium or nonparticipating or term policies, or insurance granted in exchange for lapsed or surrendered policies, shall to that extent not be incorporated therein.