Okla. Stat. tit. 36, § 36-4020
This is the official text of Okla. Stat. tit. 36, § 36-4020, 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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Misstatement of age; 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 if the age of the person or persons upon whose life
or lives the contract is made, or any of them, has been misstated,
the amount payable or benefits accruing under the contract shall be
such as the stipulated payment or payments to the insurer would have
purchased according to the correct age; and that if the insurer
shall make or has made any overpayment or overpayments on account of
any such misstatement, the amount thereof, with interest at the rate
to be specified in the contract but not exceeding six percent (6%)
per annum, may be charged against the current or next succeeding
payment or payments to be made by the insurer under the contract.
reversionary, survivorship, or group annuity, there shall be a
provision that if the age of the person or persons upon whose life
or lives the contract is made, or any of them, has been misstated,
the amount payable or benefits accruing under the contract shall be
such as the stipulated payment or payments to the insurer would have
purchased according to the correct age; and that if the insurer
shall make or has made any overpayment or overpayments on account of
any such misstatement, the amount thereof, with interest at the rate
to be specified in the contract but not exceeding six percent (6%)
per annum, may be charged against the current or next succeeding
payment or payments to be made by the insurer under the contract.
Status: in_force · Read it on the official government site
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