State statute · Oklahoma

Life Insurance and Annuity Contracts

Oklahoma Statutes Title 36 Article 40, Secs. 36-4001 through 36-4096

Publisher: Oklahoma State Senate
Edition: Oklahoma Statutes Title 36 - Insurance, official compiled PDF
Last checked: 2026-08-31
Status: US state statute

Edition and licensing notes

Publisher. Oklahoma State Senate (oksenate.gov), Oklahoma Statutes Title 36

Status. US state statute; public domain.

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What this document is

Oklahoma Statutes Title 36 Article 40 - Life Insurance and Annuity Contracts (Secs. 36-4001 through 36-4096) is a state statute published by Oklahoma State Senate (oksenate.gov), Oklahoma Statutes Title 36. It is one of the Oklahoma documents that insurance license exam questions are written from, including oklahoma life & health practice questions. This page summarizes it and points to the official version, which is the text to rely on.

Sections cited in practice questions

Each practice answer shows the exact passage it comes from. These are sections of this document that questions cite, with a short excerpt from the source text.

36 O.S. § 4055.8 (Disclosures to Viator - Loss of Conversion Rights)
“Entering into a viatical settlement contract may cause other rights or benefits, including conversion rights and waiver of premium benefits that may exist under the policy or certificate, to be forfeited by the viator. Assistance should be sought from a financial adviser;”
36 O.S. § 4007 (Dividends)
“Except as hereinafter provided, any dividend so apportioned shall at the option of the party entitled to elect such option be either (a) payable in cash or (b) applied to any one of such other dividend options as may be provided by the policy.”
36 O.S. § 4028 (Dual or Multiple Pay Policies Prohibited)
“No life insurance policy shall be issued or delivered in this state if it provides that, on the death of anyone not specifically named therein, other than a beneficiary, the owner or beneficiary of the policy shall receive the payment or granting of anything of value.”
36 O.S. § 4003.1 (Cancellation of policy - Time period)
“during a period of ten (10) days from the date the policy or annuity is delivered to the insured, it may be surrendered to the insurer together with a written request for cancellation of the policy or annuity and, in such event, the policy or annuity shall be void from the beginning and the insurer...”
36 O.S. § 4055.10 (Viatical Settlement Contracts Within Two Years of Issuance - Group Conversion Exception)
“The policy was issued upon the viator’s exercise of conversion rights arising out of a group or individual policy, provided the total of the time covered under the conversion policy plus the time covered under the prior policy is at least twenty-four (24) months. The time covered under a group...”
36 O.S. § 4002 (Standard Provisions Required in Life Insurance Policies)
“No policy of life insurance other than industrial, group, and pure endowments with or without return of premiums or of premiums and interest, shall be delivered or issued for delivery in Oklahoma unless it contains in substance all of the provisions required by Sections 4003 to 4014, inclusive, of this article.”
36 O.S. § 4024(C) (Lawful Travel Destinations)
“C. A life insurance company doing business within this state shall not deny or refuse to accept an application for life insurance or refuse to renew, cancel, restrict, or otherwise terminate a policy of life insurance, or charge a different rate for the same life insurance coverage, based upon the...”
36 O.S. § 4009 (Nonforfeiture benefits)
“There shall be provisions for nonforfeiture benefits and cash surrender values as required by Section 4029 of this article.”
36 O.S. § 4013 (Payment of Claims)
“There shall be a provision that when a policy shall become a claim by the death of the insured settlement shall be made upon receipt of due proof of death and, at the insurer's option, surrender of the policy and/or proof of the interest of the claimant.”
36 O.S. § 4012 (Payment of Premiums)
“There shall be a provision that all premiums after the first shall be payable in advance, either at the home office of the company or to an agent of the company, upon the delivery of a receipt signed by one or more of the officers who shall be designated in the policy.”
36 O.S. § 4008 (Policy loan)
“There shall be a provision that after three (3) full years' premiums have been paid, the insurer, at any time while the policy is in force, will loan on the execution of a proper note or loan agreement by the owner of the policy, and on proper assignment of the policy and on the sole security...”
36 O.S. § 4014 (Policy Title)
“There shall be a title on the face and on the back of the policy, briefly describing the same.”

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