Okla. Stat. tit. 36, § 36-4033
This is the official text of Okla. Stat. tit. 36, § 36-4033, 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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Definitions
Official statutory text
As used in the Life Insurance and Annuity Policyholders
Protection Act:
1. "Replacement" means any transaction in which a new life
insurance policy or a new annuity policy is to be purchased, and it
is known or should be known by the proposing agent, or by the
proposing insurer if there is no agent, that an existing individual
life insurance policy or an annuity policy has been, or is to be
lapsed, surrendered, converted, become extended insurance, or that
the cash loan value, or any portion thereof, is used or contemplated
for use in the future with the purchase of a new insurance policy or
annuity policy.
2. "Notice" means a document completed by the applicant and the
agent or insurer prior to completing a new application for a life
insurance policy or annuity policy when an agent is involved or
delivered with the policy when no agent is involved, which provides
information regarding replacement transactions. The document shall
be in substantially the same format for all insurers.
3. "Statement" means a document to be signed by the agent or
the applicant or both the agent and the applicant, which notifies
the replaced insurer of the replacement.
Protection Act:
1. "Replacement" means any transaction in which a new life
insurance policy or a new annuity policy is to be purchased, and it
is known or should be known by the proposing agent, or by the
proposing insurer if there is no agent, that an existing individual
life insurance policy or an annuity policy has been, or is to be
lapsed, surrendered, converted, become extended insurance, or that
the cash loan value, or any portion thereof, is used or contemplated
for use in the future with the purchase of a new insurance policy or
annuity policy.
2. "Notice" means a document completed by the applicant and the
agent or insurer prior to completing a new application for a life
insurance policy or annuity policy when an agent is involved or
delivered with the policy when no agent is involved, which provides
information regarding replacement transactions. The document shall
be in substantially the same format for all insurers.
3. "Statement" means a document to be signed by the agent or
the applicant or both the agent and the applicant, which notifies
the replaced insurer of the replacement.
Status: in_force · Read it on the official government site
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