New Mexico Statutes 59A-45-2. Definitions
As used in this article:
Terms Used In New Mexico Statutes 59A-45-2
- 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.
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- insurance contract: means any contract of insurance, indemnity, medical or hospital services, suretyship or annuity issued, proposed for issuance or intended for issuance by any person. See New Mexico Statutes 59A-45-2
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- person: means any individual, corporation, association, partnership or any other legal entity. See New Mexico Statutes 59A-45-2
A. “person” means any individual, corporation, association, partnership or any other legal entity;
B. “insurance policy” or “insurance contract” means any contract of insurance, indemnity, medical or hospital services, suretyship or annuity issued, proposed for issuance or intended for issuance by any person;
C. “insurance premium finance agreement” means an agreement by which an insured or a prospective insured promises to pay to any person engaged in the business of premium financing, the amount advanced or to be advanced under the agreement to an insurer or to an insurance agent or broker in payment of premiums on an insurance contract; and
D. “insurance premium finance company” means a person engaged in the business of entering into insurance premium finance agreements.