Section 59A-21-17 – Payment to beneficiary; funeral expenses.
A group life insurance policy shall contain in substance a provision that any sum becoming due by reason of the death of the person insured shall be payable to the beneficiary designated by the person insured, except that where the policy contains conditions pertaining to family status the beneficiary may be the family member specified […]
Section 59A-21-18 – Certificate or statement of insurance protection.
A. A group life insurance policy shall contain in substance a provision that the insurer will issue to the policyholder for delivery to each person insured an individual certificate setting forth a statement as to the insurance protection to which he is entitled, to whom the insurance benefits are payable and the rights and conditions […]
Section 59A-21-19 – Conversion privilege; termination of membership in group or by death of employee.
A group life insurance policy shall contain in substance a provision that if the insurance, or any portion of it, on a person covered under the policy or on the dependent of such person ceases because of termination of employment or of membership in the class or classes eligible for coverage under the policy, such […]
Section 59A-21-20 – Conversion privilege; termination of group policy.
A group life insurance policy shall contain in substance a provision that if the group policy terminates or is amended so as to terminate the insurance of any class of insured persons, every person insured thereunder at the date of such termination whose insurance terminates, including the insured dependent of a covered person, and who […]
Section 59A-21-11 – Standard and required provisions.
A. No policy of group life insurance shall be delivered in this state unless it contains in substance the provisions as required by Sections 409 through 419 [59A-21-12 to 59A-21-22 NMSA 1978] of this article or provisions which, in the superintendent’s opinion, are more favorable to the persons insured, or at least as favorable to […]
Section 59A-21-12 – Grace period.
A group life insurance policy shall contain in substance a provision that the policyholder is entitled to a grace period of thirty-one (31) days for the payment of any premium due except the first, during which grace period the death benefit coverage shall continue in force, unless the policyholder shall have given the insurer written […]
Section 59A-21-13 – Noncontestability.
A group life insurance policy shall contain in substance a provision that the validity of the policy shall not be contested, except for nonpayment of premiums, after it has been in force for two (2) years from its date of issue; and that no statement made by any person insured under the policy relating to […]
Section 59A-21-14 – Statements by insured.
A group life insurance policy shall contain in substance a provision that a copy of the application, if any, of the policyholder shall be attached to the policy when issued, that all statements made by the policyholder or by the persons insured shall be deemed representations and not warranties and that no statement made by […]
Section 59A-21-1 – Short title; purpose.
A. This article [Chapter 59A, Article 21 NMSA 1978] may be cited as the “Group Life Insurance Law”. B. The purpose of this article is to define group life insurance and to prescribe standard provisions required in policies of group life insurance, in order to promote the peace, health and safety of the inhabitants of […]
Section 59A-21-2 – Group contracts must meet requirements.
A. No life insurance policy shall be delivered or issued for delivery in this state insuring the lives of more than one individual unless to a group defined in this article and otherwise in compliance with this article. B. Subsection A hereof does not apply to life insurance policies insuring only individuals: (1) related by […]