{"data":{"id":"us-ok/okla.-stat.-tit.-36-36-4103","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 36, § 36-4103","heading":"Schedule of premium rates - Required provisions","body":"A. No policy of group life insurance shall be delivered in this\n\nstate unless it contains in substance the following provisions, or\n\nprovisions which are more favorable to the persons insured, or at\n\nleast as favorable to the persons insured and more favorable to the\n\npolicyholder; provided, however, that:\n\n1. Paragraphs 6 through 10 of this section shall not apply to\n\npolicies issued to a creditor to insure debtors of such creditor;\n\n2. That the standard provisions required for individual life\n\ninsurance policies shall not apply to group life insurance policies;\n\nand\n\n3. That if the group life insurance policy is on a plan of\n\ninsurance other than the term plan, it shall contain a nonforfeiture\n\nprovision or provisions which is or are equitable to the insured\n\npersons and to the policyholder, but nothing herein shall be\n\nconstrued to require that group life insurance policies contain the\n\nsame nonforfeiture provisions as are required for individual life\n\ninsurance policies:\n\nB. A provision that the policyholder is entitled to a grace\n\nperiod of thirty-one (31) days for the payment of any premium due\n\nexcept the first, during which grace period the death benefit\n\ncoverage shall continue in force, unless the policyholder shall have\n\ngiven the insurer written notice of discontinuance in advance of the\n\ndate of discontinuance and in accordance with the terms of the\n\npolicy. The policy may provide that the policyholder shall be\n\nliable to the insurer for the payment of a pro rata premium for the\n\ntime the policy was in force during such grace period.\n\nC. A provision that the validity of the policy shall not be\n\ncontested, except for nonpayment of premiums, after it has been in\n\nforce for two (2) years from its date of issue, and that no\n\nstatement made by any person insured under the policy relating to\n\nhis or her insurability shall be used in contesting the validity of\n\nthe insurance with respect to which such statement was made after\n\nsuch insurance has been in force prior to the contest for a period\n\nof two (2) years during such person's lifetime nor unless it is\n\ncontained in a written instrument signed by him or her.\n\nD. A provision that a copy of the application, if any, of the\n\npolicyholder shall be attached to the policy when issued, that all\n\nstatements made by the policyholder or by the persons insured shall\n\nbe deemed representations and not warranties, and that no statement\n\nmade by any person insured shall be used in any contest unless a\n\ncopy of the instrument containing the statement is or has been\n\nfurnished to such person or to his or her beneficiary.\n\nE. A provision setting forth the conditions, if any, under\n\nwhich the insurer reserves the right to require a person eligible\n\nfor insurance to furnish evidence of individual insurability\n\nsatisfactory to the insurer as a condition to part or all of his or\n\nher coverage.\n\nF. A provision specifying an equitable adjustment of premiums\n\nor of benefits or of both to be made in the event the age of a\n\nperson insured has been misstated, such provision to contain a clear\n\nstatement of the method of adjustment to be used.\n\nG. A provision that any sum becoming due by reason of the death\n\nof the person insured shall be payable to the beneficiary designated\n\nby the person insured, subject to the provisions of the policy in\n\nthe event there is no designated beneficiary as to all or any part\n\nof such sum, living at the death of the person insured, and subject\n\nto any right reserved by the insurer in the policy and set forth in\n\nthe certificate to pay at its option a part of such sum not\n\nexceeding Five Hundred Dollars ($500.00) to any person appearing to\n\nthe insurer to be equitably entitled thereto by reason of having\n\nincurred funeral or other expenses incident to the last illness or\n\ndeath of the person insured.\n\nH. A provision that the insurer will issue to the policyholder\nthe insurer in the policy and set forth in\n\nthe certificate to pay at its option a part of such sum not\n\nexceeding Five Hundred Dollars ($500.00) to any person appearing to\n\nthe insurer to be equitably entitled thereto by reason of having\n\nincurred funeral or other expenses incident to the last illness or\n\ndeath of the person insured.\n\nH. A provision that the insurer will issue to the policyholder\n\nfor delivery to each person insured an individual certificate\n\nsetting forth a statement as to the insurance protection to which he\n\nis entitled, to whom the insurance benefits are payable, and the\n\nrights and conditions set forth in paragraphs 8, 9 and 10 of this\n\nsection.\n\nI. A provision that if the insurance, or any portion of it, on\n\na person covered under the policy ceases because of termination of\n\nemployment or of membership in the class or classes eligible for\n\ncoverage under the policy, such person shall be entitled to have\n\nissued to him or her by the insurer, without evidence of\n\ninsurability, an individual policy of life insurance without\n\ndisability or other supplementary benefits, provided an application\n\nfor the individual policy shall be made, and the first premium paid\n\nto the insurer, within thirty-one (31) days after such termination,\n\nand provided further that:\n\na. the individual policy shall, at the option of such\n\nperson, be on any one of the forms, except term\n\ninsurance, then customarily issued by the insurer at\n\nthe age and for the amount applied for,\n\nb. the individual policy shall be in an amount not in\n\nexcess of the amount of life insurance which ceases\n\nbecause of such termination, less, in the case of a\n\nperson whose membership in the class or classes\n\neligible for coverage terminates but who continues in\n\nemployment in another class, the amount of any life\n\ninsurance for which such person is or becomes eligible\n\nwithin thirty-one (31) days after such termination\n\nunder any other group policy; provided that any amount\n\nof insurance which shall have matured on or before the\n\ndate of such termination as an endowment payable to\n\nthe person insured, whether in one sum or in\n\ninstallments or in the form of an annuity, shall not,\n\nfor the purposes of this subparagraph, be included in\n\nthe amount which is considered to cease because of\n\nsuch termination, and\n\nc. the premium on the individual policy shall be at the\n\ninsurer's then customary rate applicable to the form\n\nand amount of the individual policy, to the class of\n\nrisk to which such person then belongs, and to his or\n\nher age attained on the effective date of the\n\nindividual policy.\n\nJ. A provision that if the group policy terminates or is\n\namended so as to terminate the insurance of any class of insured\n\npersons, every person insured thereunder at the date of such\n\ntermination whose insurance terminates and who has been so insured\n\nfor at least five (5) years prior to such termination date shall be\n\nentitled to have issued to him or her by the insurer an individual\n\npolicy of life insurance, subject to the same conditions and\n\nlimitations as are provided by paragraph 8 of this section, except\n\nthat the group policy may provide that the amount of such individual\n\npolicy shall not exceed the smaller of:\n\na. the amount of the person's life insurance protection\n\nceasing because of the termination or amendment of the\n\ngroup policy, less the amount of any life insurance\n\nfor which he or she is or becomes eligible under any\n\ngroup policy issued or reinstated by the same or\n\nanother insurer within thirty-one (31) days after such\n\ntermination, and\n\nb. Ten Thousand Dollars ($10,000.00).\n\nK. A provision that if a person insured under the group policy\n\ndies during the period within which he or she would have been\n\nentitled to have an individual policy issued to him or her in\n\naccordance with paragraph I or J of this section and before such an\n\nindividual policy shall have become effective, the amount of life\n) days after such\n\ntermination, and\n\nb. Ten Thousand Dollars ($10,000.00).\n\nK. A provision that if a person insured under the group policy\n\ndies during the period within which he or she would have been\n\nentitled to have an individual policy issued to him or her in\n\naccordance with paragraph I or J of this section and before such an\n\nindividual policy shall have become effective, the amount of life\n\ninsurance which he or she would have been entitled to have issued to\n\nhim or her under such individual policy shall be payable as a claim\n\nunder the group policy, whether or not application for the\n\nindividual policy or the payment of the first premium therefor has\n\nbeen made.\n\nL. In the case of a policy issued to a creditor to insure\n\ndebtors of such creditor, a provision that the insurer will furnish\n\nto the policyholder for delivery to each debtor insured under the\n\npolicy a form which shall contain a statement that the life of the\n\ndebtor is insured under the policy and that any death benefit paid\n\nthereunder by reason of his or her death shall be applied to reduce\n\nor extinguish the indebtedness.","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":"569610bdc61a63a28d6d2fc71fa79ff32d040f9331cfcc137d55e38d6d807d8e","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-36-36-4101.1","next":"us-ok/okla.-stat.-tit.-36-36-4104"},"notice":"GroundRules: Original legal text. Not legal advice."}