{"data":{"id":"us-ok/okla.-stat.-tit.-36-36-6125.2","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 36, § 36-6125.2","heading":"Funding of contract by assignment of life insurance or","body":"fixed annuity proceeds.\n\nA. Contracts for prepaid funeral benefits provided for pursuant\n\nto Section 6125 of this title may be funded by assignments of\n\nproceeds from either a standard life or accident insurance policy or\n\nan individual or group fixed annuity to the contracting\n\norganization.\n\nB. A guaranteed contract for prepaid funeral benefits provided\n\nfor pursuant to paragraph 1 of subsection B of Section 6125 of this\n\ntitle which is to be funded by assignment of proceeds from either a\n\nstandard life or accident insurance policy or an individual or group\n\nfixed annuity shall provide that:\n\n1. The contract be funded by an insurance policy or annuity\n\nissued in the face amount of the current purchase price of the\n\ncontract for prepaid funeral benefits;\n\n2. All accrued benefits under the insurance policy or annuity\n\nshall become available for disbursement to the organization upon the\n\ndeath of the purchaser or designated beneficiary of the prepaid\n\nfuneral contract;\n\n3. The purchaser or designated beneficiary shall be the same\n\nindividual named as the insured or designated beneficiary under the\n\ninsurance policy or annuity; and\n\n4. The disbursement of insurance or annuity proceeds to the\n\norganization shall constitute payment in full to the organization\n\nfor the prepaid funeral benefits.\n\nC. A nonspecified contract for prepaid funeral benefits\n\nprovided for pursuant to paragraph 2 of subsection B of Section 6125\n\nof this title which is to be funded by assignment of proceeds from\n\neither a standard life or accident insurance policy or an individual\n\nor group fixed annuity shall provide that:\n\n1. The total proceeds paid to the organization under the\n\ninsurance policy or annuity shall not exceed the actual retail cost\n\nof the funeral services and merchandise at the time of delivery;\n\n2. Any funds remaining unused shall be refunded to the\n\npurchaser, the personal representative of the purchaser or the\n\ndesignated beneficiary; and\n\n3. After November 1, 2009, all price lists reflecting the\n\nactual retail cost of funeral services and merchandise used at the\n\ntime of the delivery of services shall be retained for a period of\n\nat least six (6) years.\n\nD. A violation of this section shall constitute a misdemeanor\n\nand shall be punished by a fine of not less than One Hundred Dollars\n\n($100.00) nor more than Five Hundred Dollars ($500.00) or by\n\nimprisonment in the county jail for not less than one (1) month nor\n\nmore than six (6) months, or by both such fine and imprisonment.","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":"c937beeb78f8d00216594d026d877311b160f1972c65dea621545297be64f2a4","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-36-36-6125.1","next":"us-ok/okla.-stat.-tit.-36-36-6126"},"notice":"GroundRules: Original legal text. Not legal advice."}