{"data":{"id":"us-ok/okla.-stat.-tit.-36-36-2719.1","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 36, § 36-2719.1","heading":"Benefit contract - Standard provision requirements","body":"A. Every society authorized to do business in this state shall\n\nissue to each owner of a benefit contract a certificate specifying\n\nthe amount of benefits provided thereby. The certificate, together\n\nwith any riders or endorsements attached thereto, the laws of the\n\nsociety, the application for membership, the application for\n\ninsurance and declaration of insurability, if any, signed by the\n\napplicant, and all amendments to each, shall constitute the benefit\n\ncontract, as of the date of issuance, between the society and the\n\nowner, and the certificate shall so state. A copy of the\n\napplication for insurance and declaration of insurability, if any,\n\nshall be endorsed upon or attached to the certificate. All\n\nstatements on the application shall be representations and not\n\nwarranties. Any waiver of this provision shall be void.\n\nB. Any changes, additions or amendments to the laws of the\n\nsociety duly made or enacted subsequent to the issuance of the\n\ncertificate shall bind the owner and the beneficiaries, and shall\n\ngovern and control the benefit contract in all respects the same as\n\nthough such changes, additions or amendments had been made prior to\n\nand were in force at the time of the application for insurance,\n\nexcept that no change, addition or amendment shall destroy or\n\ndiminish benefits which the society contracted to give the owner as\n\nof the date of issuance.\n\nC. Any person upon whose life a benefit contract is issued\n\nprior to attaining the age of majority shall be bound by the terms\n\nof the application and certificate and by all the laws and rules of\n\nthe society to the same extent as though the age of majority had\n\nbeen attained at the time of application.\n\nD. A society shall provide in its laws that if its reserves as\n\nto all or any class of certificates become impaired, its board of\n\ndirectors or corresponding body may require that there shall be paid\n\nby the owner of the certificate to the society the amount of the\n\nowner's equitable proportion of the deficiency as ascertained by its\n\nboard, and that if the payment is not made, either:\n\n1. It shall stand as an indebtedness against the certificate\n\nand draw interest not to exceed the rate specified for certificate\n\nloans under the certificates; or\n\n2. In lieu of or in combination with the provisions of\n\nparagraph 1 of this subsection, the owner may accept a proportionate\n\nreduction in benefits under the certificate.\n\nThe society may specify the manner of the election and which\n\nalternative is to be presumed if no election is made.\n\nE. Copies of any of the documents mentioned in this section,\n\ncertified by the secretary or corresponding officer of the society,\n\nshall be received as evidence of the terms and conditions thereof.\n\nF. No certificate shall be delivered or issued for delivery in\n\nthis state unless a copy of the form has been filed with and\n\napproved by the Insurance Commissioner in the manner provided for\n\nlike policies issued by life insurers in this state. Every life,\n\naccident, health, or disability insurance certificate and every\n\nannuity certificate issued on or after one (1) year from the\n\neffective date of this act shall meet the standard contract\n\nprovision requirements not inconsistent with this article for like\n\npolicies issued by life insurers in this state, except that a\n\nsociety may provide for a grace period for payment of premiums of\n\none (1) full month in its certificates. The certificate shall also\n\ncontain a provision stating the amount of premiums which are payable\n\nunder the certificate and a provision reciting or setting forth the\n\nsubstance of any sections of the society's laws or rules in force at\n\nthe time of issuance of the certificate which, if violated, will\n\nresult in the termination or reduction of benefits payable under the\n\ncertificate. If the laws of the society provide for expulsion or\nprovision stating the amount of premiums which are payable\n\nunder the certificate and a provision reciting or setting forth the\n\nsubstance of any sections of the society's laws or rules in force at\n\nthe time of issuance of the certificate which, if violated, will\n\nresult in the termination or reduction of benefits payable under the\n\ncertificate. If the laws of the society provide for expulsion or\n\nsuspension of a member, the certificate shall also contain a\n\nprovision that any member so expelled or suspended, except for\n\nnonpayment of a premium or within the contestable period for\n\nmaterial misrepresentation in the application for membership or\n\ninsurance, shall have the privilege of maintaining the certificate\n\nin force by continuing payment of the required premium.\n\nG. Benefit contracts issued on the lives of persons below the\n\nsociety's minimum age for adult membership may provide for transfer\n\nof control or ownership to the insured at an age specified in the\n\ncertificate. A society may require approval of an application for\n\nmembership in order to effect this transfer, and may provide in all\n\nother respects for the regulation, government and control of such\n\ncertificates and all rights, obligations and liabilities incident\n\nthereto and connected therewith. Ownership rights prior to such\n\ntransfer shall be specified in the certificate.\n\nH. A society may specify the terms and conditions on which\n\nbenefit contracts may be assigned.","path":["OK Code","Title 36"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os36.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"db1c35447984bdf8cce962e5f7c1c231668c7aabc992e88045d19d1f339de99e","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-36-36-2718.1","next":"us-ok/okla.-stat.-tit.-36-36-2720.1"},"notice":"GroundRules: Original legal text. Not legal advice."}