{"data":{"id":"us-ok/okla.-stat.-tit.-15-15-1012","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 15, § 15-1012","heading":"Construction of power relating to insurance transactions","body":"CONSTRUCTION OF POWER RELATING TO INSURANCE TRANSACTIONS\n\nIn a statutory power of attorney, the language granting power\n\nwith respect to insurance and annuity transactions empowers the\n\nagent to:\n\n1. Continue, pay the premium or assessment on, modify, rescind,\n\nrelease, or terminate a contract procured by or on behalf of the\n\nprincipal which insures or provides an annuity to either the\n\nprincipal or another person, whether or not the principal is a\n\nbeneficiary under the contract;\n\n2. Procure new, different, and additional contracts of\n\ninsurance and annuities for the principal and the principal's\n\nspouse, children, and other dependents and select the amount, type\n\nof insurance or annuity, and mode of payment;\n\n3. Pay the premium or assessment on, modify, rescind, release,\n\nor terminate a contract of insurance or annuity procured by the\n\nagent;\n\n4. Designate the beneficiary of the contract, but an agent may\n\nbe named a beneficiary of the contract, or an extension, renewal, or\n\nsubstitute for it, only to the extent the agent was named as a\n\nbeneficiary under a contract procured by the principal before\n\nexecuting the power of attorney;\n\n5. Apply for and receive a loan on the security of the contract\n\nof insurance or annuity;\n\n6. Surrender and receive the cash surrender value;\n\n7. Exercise an election;\n\n8. Change the manner of paying premiums;\n\n9. Change or convert the type of insurance contract or annuity,\n\nwith respect to which the principal has or claims to have a power\n\ndescribed in this section;\n\n10. Change the beneficiary of a contract of insurance or\n\nannuity, but the agent may not be designated a beneficiary except to\n\nthe extent permitted by paragraph 4 of this section;\n\n11. Apply for and procure government aid to guarantee or pay\n\npremiums of a contract of insurance on the life of the principal;\n\n12. Collect, sell, assign, hypothecate, borrow upon, or pledge\n\nthe interest of the principal in a contract of insurance or annuity;\n\nand\n\n13. Pay from proceeds or otherwise, compromise or contest, and\n\napply for refunds in connection with, a tax or assessment levied by\n\na taxing authority with respect to a contract of insurance or\n\nannuity or its proceeds or liability accruing by reason of the tax\n\nor assessment.","path":["OK Code","Title 15"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os15.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"5d9e997290267f7969aebbb8f74b93cd02293bf91455e048e6a0766a18cd54ee","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-15-15-1011","next":"us-ok/okla.-stat.-tit.-15-15-1013"},"notice":"GroundRules: Original legal text. Not legal advice."}