Okla. Stat. tit. 36, § 36-2719.1

A. Every society authorized to do business in this state shall

issue to each owner of a benefit contract a certificate specifying

the amount of benefits provided thereby. The certificate, together

with any riders or endorsements attached thereto, the laws of the

Oklahoma Statutes - Title 36. Insurance Page 724

society, the application for membership, the application for

insurance and declaration of insurability, if any, signed by the

applicant, and all amendments to each, shall constitute the benefit

contract, as of the date of issuance, between the society and the

owner, and the certificate shall so state. A copy of the

application for insurance and declaration of insurability, if any,

shall be endorsed upon or attached to the certificate. All

statements on the application shall be representations and not

warranties. Any waiver of this provision shall be void.

B. Any changes, additions or amendments to the laws of the

society duly made or enacted subsequent to the issuance of the

certificate shall bind the owner and the beneficiaries, and shall

govern and control the benefit contract in all respects the same as

though such changes, additions or amendments had been made prior to

and were in force at the time of the application for insurance,

except that no change, addition or amendment shall destroy or

diminish benefits which the society contracted to give the owner as

of the date of issuance.

C. Any person upon whose life a benefit contract is issued

prior to attaining the age of majority shall be bound by the terms

of the application and certificate and by all the laws and rules of

the society to the same extent as though the age of majority had

been attained at the time of application.

D. A society shall provide in its laws that if its reserves as

to all or any class of certificates become impaired, its board of

directors or corresponding body may require that there shall be paid

by the owner of the certificate to the society the amount of the

owner's equitable proportion of the deficiency as ascertained by its

board, and that if the payment is not made, either:

1. It shall stand as an indebtedness against the certificate

and draw interest not to exceed the rate specified for certificate

loans under the certificates; or

2. In lieu of or in combination with the provisions of

paragraph 1 of this subsection, the owner may accept a proportionate

reduction in benefits under the certificate.

The society may specify the manner of the election and which

alternative is to be presumed if no election is made.

E. Copies of any of the documents mentioned in this section,

certified by the secretary or corresponding officer of the society,

shall be received as evidence of the terms and conditions thereof.

F. No certificate shall be delivered or issued for delivery in

this state unless a copy of the form has been filed with and

approved by the Insurance Commissioner in the manner provided for

like policies issued by life insurers in this state. Every life,

accident, health, or disability insurance certificate and every

annuity certificate issued on or after one (1) year from the

effective date of this act shall meet the standard contract

Oklahoma Statutes - Title 36. Insurance Page 725

provision requirements not inconsistent with this article for like

policies issued by life insurers in this state, except that a

society may provide for a grace period for payment of premiums of

one (1) full month in its certificates. The certificate shall also

contain a provision stating the amount of premiums which are payable

under the certificate and a provision reciting or setting forth the

substance of any sections of the society's laws or rules in force at

the time of issuance of the certificate which, if violated, will

result in the termination or reduction of benefits payable under the

certificate. If the laws of the society provide for expulsion or
provision stating the amount of premiums which are payable

under the certificate and a provision reciting or setting forth the

substance of any sections of the society's laws or rules in force at

the time of issuance of the certificate which, if violated, will

result in the termination or reduction of benefits payable under the

certificate. If the laws of the society provide for expulsion or

suspension of a member, the certificate shall also contain a

provision that any member so expelled or suspended, except for

nonpayment of a premium or within the contestable period for

material misrepresentation in the application for membership or

insurance, shall have the privilege of maintaining the certificate

in force by continuing payment of the required premium.

G. Benefit contracts issued on the lives of persons below the

society's minimum age for adult membership may provide for transfer

of control or ownership to the insured at an age specified in the

certificate. A society may require approval of an application for

membership in order to effect this transfer, and may provide in all

other respects for the regulation, government and control of such

certificates and all rights, obligations and liabilities incident

thereto and connected therewith. Ownership rights prior to such

transfer shall be specified in the certificate.

H. A society may specify the terms and conditions on which

benefit contracts may be assigned.