New Mexico Overview
Top 10 Largest Cities
Did You Know?New Mexico Facts
- Sante Fe is the capital of New Mexico.
- The official state flag of New Mexico was chosen from a flag competition in 1920 (the competition was held to replace an older New Mexico flag).
Life Insurance Policy Holders
Laurin A. Albuquerque, NM
April 11, 2011
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New Mexico is located in the southwestern region of the US and is a part of the Mountain states. It has a population density of 16 per square mile, which makes it the sixth-most sparsely inhabited among the 50 US states. With a life expectancy of 77.0 years, New Mexico ranks 27th among the 50 US states and the District of Columbia in terms of Life Expectancy.
If you are a resident of New Mexico and are considering obtaining a life insurance policy, following information will surely benefit you:
New Mexico Life Insurance Regulations:
The New Mexico life insurance industry is regulated as per the Chapters 59; 59A of the New Mexico Statutes. These legislative acts outline policy requirements and claims procedures for the protection and benefits of both consumers (policy-holders and insurers). By using this code, the state regulates the insurance claims and offers certain provisions to the life insurance policy holders in the state.
Processing Death Benefits:
The life insurance regulators in New Mexico understand the importance of swift and convenient resolution of death benefit claims to the families of the policyholders. The New Mexico life insurance law makes it mandatory for the insurance providers to process death claims at the earliest. Beneficiaries of the policy holders can expect full payment within 60 days, provided all the documents are in order.
The New Mexico life insurance law extends protection to the insurance providers too. For instance, insurance providers have the liberty to cancel the policy if they find out any form of misrepresentation on the applications or policies. The New Mexico life insurance law allows the insurance providers to challenge any information mentioned on the application for up to two years from the date of effect of the policy.
Your New Mexico life insurance policy will have the much-essential additional protection of the New Mexico Life Insurance Guaranty Association, provided it is underwritten by a recognized, licensed insurance company in New Mexico. Every year, licensed insurers in New Mexico pay a certain amount of fees to this association. With these funds, the association will cover your life insurance benefits, in case your insurance provider becomes insolvent. To qualify for the benefits offered by the New Mexico Life Insurance Guaranty Association, your policy premiums need to be current.
There are certain restrictions associated with these benefits. For instance, compensation for cash surrender cannot exceed $100,000 and for death benefit cannot exceed $300,000 per insured person.