Okla. Stat. tit. 36, § 36-4017
This is the official text of Okla. Stat. tit. 36, § 36-4017, part of Oklahoma’s Stat. tit. 36, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 36,." Browse the sections below, each linked to its official government source.
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Grace period; annuities
Official statutory text
In an annuity or pure endowment contract, other than a
reversionary, survivorship or group annuity, there shall be a
provision that there shall be a period of grace of one (1) month,
but not less than thirty (30) days, within which any stipulated
payment to the insurer falling due after the first may be made,
subject at the option of the insurer to an interest charge thereon
at a rate to be specified in the contract but not exceeding six
percent (6%) per annum for the number of days of grace elapsing
before such payment, during which period of grace the contract shall
continue in full force; but in case a claim arises under the
contract on account of death prior to expiration of the period of
grace before the overdue payment to the insurer or the deferred
payments of the current contract year, if any, are made, the amount
of such payments, with interest on any overdue payments, may be
deducted from any amount payable under the contract in settlement.
reversionary, survivorship or group annuity, there shall be a
provision that there shall be a period of grace of one (1) month,
but not less than thirty (30) days, within which any stipulated
payment to the insurer falling due after the first may be made,
subject at the option of the insurer to an interest charge thereon
at a rate to be specified in the contract but not exceeding six
percent (6%) per annum for the number of days of grace elapsing
before such payment, during which period of grace the contract shall
continue in full force; but in case a claim arises under the
contract on account of death prior to expiration of the period of
grace before the overdue payment to the insurer or the deferred
payments of the current contract year, if any, are made, the amount
of such payments, with interest on any overdue payments, may be
deducted from any amount payable under the contract in settlement.
Status: in_force · Read it on the official government site
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