New Mexico Insurance Forms - Business Insurance

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Insurance Forms FAQ Small Business Insurance

What is insurance?

Insurance is a contract, called an insurance policy, in which the insurer, agrees to pay the insured party all or a portion of any loss suffered by accident or death for a fee called an insurance premium. The losses covered by the policy may include property damage or loss from accident, fire, theft or intentional harm; medical costs and/or lost earnings due to physical injury; long-term or permanent loss of physical capacity; claims by others due to the insured's alleged negligence, or the loss of someone's life.

What laws govern insurers?

In 1944, Congress enacted the McCarran-Ferguson Act, which provided that the laws of the several states should control the insurance business, but that the Sherman Act, the Clayton Act, and the Federal Trade Commission Act were applicable to the insurance business to the extent that it was unregulated by state law.

The McCarran-Ferguson Act, broadly speaking, gives states the power to regulate the insurance industry. While state insurance statutes override most federal laws, some portions of federal law (like federal tax laws) are always controlling. To determine whether a particular law governs, the determining factor is whether the issue is related to the "business of insurance", where state law governs, or whether it is related to peripherals of the industry, such as labor, tax, and securities, where federal law governs.

What can be done is an insurer wrongfully denies a claim?

Insurers may be guilty of bad faith for failing to promptly and thoroughly investigate a claim, unreasonably delaying payment, unreasonably denying benefits to a claim, using unreasonable interpretations in translating policy language, or refusing to settle the case or reimburse you for the entirety of your loss, etc. Unless a time period for settling a claim is defined in the policy, a "reasonable time" generally applies, which is a subjective term, depending on the facts and circumstances in each case.


Bill of Sale – By Type (5)

A bill of sale is a legal document that indicates the transfer of ownership of an item from one party to another. In New Mexico, there are five different types of bill of sale documents that can be used to protect both the buyer and seller in various transactions. These include a general bill of sale, for the sale of any item not covered by other specific bills of sale; a motor vehicle bill of sale, for the transfer of ownership of a car, truck, motorcycle, or other vehicle; a boat bill of sale, for the sale of a watercraft; a firearm bill of sale, for the transfer of a gun; and a horse bill of sale, for the sale or purchase of a horse. These different types of bill of sale documents are important in ensuring a clear and legally binding transfer of ownership in different transactions.


Vehicle Registration Forms

Vehicle Registration Forms in New Mexico are important documents that serve as proof of ownership and legal authorization to drive a vehicle within the state. They are simple forms that require basic information such as the vehicle's make, model, and identification numbers. Additionally, the forms may include registration fees and insurance details. It is essential to fill out these forms correctly and submit them to the appropriate authorities in order to obtain valid vehicle registration in New Mexico.


Boat Registration Forms

Boat Registration Forms in New Mexico are essential documents for all boat owners in the state. These forms serve as a means to register and obtain legal documentation for boats being operated on New Mexico's waters. To ensure compliance with New Mexico boating laws and regulations, it is necessary to fill out these forms accurately and submit them to the appropriate state agency. These forms require basic information about the boat, such as its make, model, year, and hull identification number. Additionally, boat owners need to provide their contact details and make payment for registration fees. Once the boat registration forms are processed and approved, boat owners will receive their official boat registration, allowing them to enjoy their watercraft while abiding by the rules and regulations of the state.