New Mexico Statutes 59A-1-5. “Insurance”
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“Insurance” is a contract whereby one undertakes to pay or indemnify another as to loss from certain specified contingencies or perils, or to pay or grant a specified amount or determinable benefit in connection with ascertainable risk contingencies, or to act as surety.
Terms Used In New Mexico Statutes 59A-1-5
- Contract: A legal written agreement that becomes binding when signed.