New Mexico Statutes 59A-20-2. “Annuity”, “industrial life insurance” defined
For the purposes of the Insurance Code:
Terms Used In New Mexico Statutes 59A-20-2
- 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.
- Continuance: Putting off of a hearing ot trial until a later time.
- Contract: A legal written agreement that becomes binding when signed.
- Dependent: A person dependent for support upon another.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
A. an “annuity” is a contract under which obligation is assumed by the issuer to make periodic payments for a specific term or terms where the making or continuance of all or some such payments or the amount of any such payment is dependent upon continuance of human life, except payments made pursuant to optional modes of settlement under authority of Section 108 [59A-7-2 N.M. Stat. Ann.] (“life” insurance defined) of the Insurance Code. Such a contract which includes extra benefits of the kinds set forth in Section 108 (“life” insurance defined) or Section 109 [59A-7-3 N.M. Stat. Ann.] (“health” insurance defined) of the Insurance Code shall nevertheless be deemed to be an annuity if such extra benefits constitute a subsidiary or incidental part of the entire contract; and
B. “industrial life insurance” is that form of life insurance written under policies in face amount of two thousand five hundred dollars ($2,500) or less, and bearing the words “industrial policy” or “weekly premium policy” or words of similar import imprinted on the face thereof as part of descriptive matter, and under which premiums are payable monthly or more often.