Okla. Stat. tit. 12A, § 12A-2A-218: Insurance and proceeds

INSURANCE AND PROCEEDS

(1) A lessee obtains an insurable interest when existing goods

are identified to the lease contract even though the goods

identified are nonconforming and the lessee has an option to reject

them.

(2) If a lessee has an insurable interest only by reason of the

lessor's identification of the goods, the lessor, until default or

insolvency or notification to the lessee that identification is

final, may substitute other goods for those identified.

(3) Notwithstanding a lessee's insurable interest under

subsections (1) and (2) of this section, the lessor retains an

insurable interest until an option to buy has been exercised by the

lessee and risk of loss has passed to the lessee.

(4) Nothing in this section impairs any insurable interest

recognized under any other statute or rule of law.

(5) The parties by agreement may determine that one or more

parties have an obligation to obtain and pay for insurance covering

the goods and by agreement may determine the beneficiary of the

proceeds of the insurance.