Okla. Stat. tit. 36, § 36-4026: Policy settlements

Any life insurer shall have the power to hold under agreement

the proceeds of any policy issued by it, upon such terms and

restrictions as to revocation by the policyholder and control by

beneficiaries, and with such exemptions from the claims of creditors

of beneficiaries other than the policyholder as set forth in the

policy or as agreed to in writing by the insurer and the

policyholder. Upon maturity of a policy, in the event the

policyholder has made no such agreement, the insurer shall have the

power to hold the proceeds of the policy under an agreement with the

beneficiaries. The insurer shall not be required to segregate the

funds so held but may hold them as part of its general assets.