Okla. Stat. tit. 36, § 36-4033: Definitions

As used in the Life Insurance and Annuity Policyholders

Protection Act:

1. "Replacement" means any transaction in which a new life

insurance policy or a new annuity policy is to be purchased, and it

is known or should be known by the proposing agent, or by the

proposing insurer if there is no agent, that an existing individual

life insurance policy or an annuity policy has been, or is to be

lapsed, surrendered, converted, become extended insurance, or that

the cash loan value, or any portion thereof, is used or contemplated

for use in the future with the purchase of a new insurance policy or

annuity policy.

2. "Notice" means a document completed by the applicant and the

agent or insurer prior to completing a new application for a life

insurance policy or annuity policy when an agent is involved or

delivered with the policy when no agent is involved, which provides

information regarding replacement transactions. The document shall

be in substantially the same format for all insurers.

3. "Statement" means a document to be signed by the agent or

the applicant or both the agent and the applicant, which notifies

the replaced insurer of the replacement.