{"data":{"id":"us-ok/okla.-stat.-tit.-36-36-4035","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 36, § 36-4035","heading":"Notice to applicants regarding replacement of life","body":"insurance or annuity.\n\nThe notice referred to in the Life Insurance and Annuity\n\nPolicyholders Protection Act shall be delivered to the applicant for\n\na replacement life insurance policy or a replacement annuity policy.\n\nThe legal name and address of the replacing insurer may be printed\n\non the notice. Said notice shall be in substance as follows:\n\nNOTICE TO APPLICANTS REGARDING REPLACEMENT OF LIFE INSURANCE OR\n\nAN ANNUITY. THIS NOTICE IS FOR YOUR BENEFIT AND IS REQUIRED BY LAW.\n\n1. If you are urged to purchase life insurance and to\n\nsurrender, lapse, or in any other way change the status of existing\n\nlife insurance, the agent is required to give you this notice.\n\n2. It may not be advantageous to drop or change existing life\n\ninsurance in favor of new life insurance, whether issued by the same\n\nor a different insurance company. Some of the disadvantages are:\n\na. The amount of the annual premium under an existing\n\npolicy may be lower than that under a new policy having the same or\n\nsimilar benefits.\n\nb. Generally, the initial costs of life insurance policies\n\nare charged against the cash value increases in the earlier policy\n\nyears, the replacement of an old policy could result in the\n\npolicyholder sustaining the burden of these costs twice.\n\nc. The incontestable and suicide clauses begin anew in a\n\nnew policy. This could result in a claim under a new policy being\n\ndenied by the company which would have been paid under the old\n\npolicy.\n\nd. Existing policies may have more favorable provisions\n\nthan new policies in such areas as settlement options and disability\n\nbenefits.\n\ne. An existing policy may have a reserve value in addition\n\nto any cash value which may be of some benefit to the insured.\n\nf. The insurance company carrying your current insurance\n\npolicy can often make a desired change on terms which would be more\n\nfavorable than if existing insurance is replaced with new insurance.\n\n3. It may not be advantageous to change an existing policy to\n\nreduced paid-up or extended term insurance or to borrow against its\n\nloan value beyond your expected ability or intention to repay in\n\norder to obtain funds for premiums on a new policy.\n\n4. There may be a situation in which a replacement policy is\n\nadvantageous. You may want to receive the comments of the present\n\ninsurance company before deciding this important financial matter.\n\nI hereby acknowledge that I received the above \"Notice to Applicants\n\nRegarding Replacement of Life Insurance or an Annuity\" before I\n\nsigned the application for the proposed new insurance.\n\n_______________________ ________________________\n\nDate Signature of Applicant\n\nSubparagraph c of paragraph 2 of this section shall be in 12-point\n\ntype.","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":"3700eab7b5e57de76f2d3415eef53506d0c62ac5d112d6ede54a987e1bb71c28","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-36-36-4034","next":"us-ok/okla.-stat.-tit.-36-36-4036"},"notice":"GroundRules: Original legal text. Not legal advice."}