No life or health insurance contract upon an individual, except a contract of group life insurance or of group or blanket health insurance, shall be made or effectuated unless at the time of the making of the contract, such individual applies therefor or has consented thereto in writing, except in the following cases:
A. A spouse may effectuate such insurance upon the other spouse;
B. Any person having an insurable interest in the life of a minor, or any person upon whom a minor is dependent for support and maintenance, may effectuate insurance upon the life of or pertaining to such minor; and
C. Family policies may be issued insuring any two (2) or more members of a family on an application signed by either parent, a stepparent, a guardian, or by a husband or wife.
History: Laws 1984, ch. 127, § 338.
ANNOTATIONSWhere unsigned insurance policy enforceable. — Insurance policy was not void or otherwise unenforceable because the insured did not sign the application or consent to the policy in writing. Where the insured consents to, and even directs, procurement of an insurance policy on his life and believes that he is thereby insured, permitting the insurance company to avoid liability when the insured dies would not further the purpose of this section, which is to protect the insurer against speculation on his life and foul play. Jackson Nat'l Life Ins. Co. v. Receconi, 1992-NMSC-019, 113 N.M. 403, 827 P.2d 118.