N.M. Code R. § 13.18.2.10
Current through Register Vol. 35, No. 11, June 11, 2024
Section 13.18.2.10 - REFUND OF PREMIUMSA. Upon the termination of such continuing claim within the original scheduled term of insurance a refund shall be made of any then unearned premium. If, however, during the pendency of an accident and health insurance claim the insurer elects to prepay and discharge the full remaining balance thereon immediately in one payment, the accident and health premium paid or then due and payable to the insurer is earned and no refund is required.B. In the case of termination of credit life insurance in which death benefits are not payable due to the exclusions in the policy, the insurer will refund the unearned premium in accordance with 13.18.2.35 NMAC. In the case of termination of credit life insurance by payment of death benefits, the life insurance premiums paid or then due and payable to the insurer are deemed earned and no refund thereof is required; however, in such instances the accident and health premium is not deemed earned and shall be refunded to the second beneficiary in accordance with 13.18.2.35 NMAC.N.M. Code R. § 13.18.2.10
7/1/97; 13.18.2.10 NMAC - Rn, 13 NMAC 18.2.10, 12/31/07