If any individual insured under a group life insurance policy hereafter delivered in this state becomes entitled under the terms of such policy to have an individual policy of life insurance issued to him without evidence of insurability, subject to making of application and payment of the first premium within the period specified in such policy, and if such individual is not given notice of the existence of such right at least fifteen (15) days prior to the expiration date of such period, then in such event the individual shall have an additional period within which to exercise such right, but nothing herein contained shall be construed to continue any insurance beyond the period provided in such policy. This additional period shall expire fifteen (15) days next after the individual is given such notice but in no event shall such additional period extend beyond sixty (60) days next after the expiration date of the period provided in such policy. Written notice presented to the individual or mailed by the policyholder to the last known address of the individual or mailed by the insurer to the last known address of the individual as furnished by the policyholder shall constitute notice for the purpose of this section.
History: Laws 1984, ch. 127, § 419.
ANNOTATIONSTime limit for premium notice. — Where plaintiffs' decedent was hospitalized and died well within the time during which the policy provisions could be construed to say that he would be billed for the premium, the trial court could not grant summary judgment by concluding that the insurer did not have to provide decedent with a premium notice. Estate of Griego v. Reliance Standard Life Ins. Co., 2000-NMCA-022, 128 N.M. 676, 997 P.2d 150.