Okla. Stat. tit. 36, § 36-4035
This is the official text of Okla. Stat. tit. 36, § 36-4035, 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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Notice to applicants regarding replacement of life
Official statutory text
insurance or annuity.
The notice referred to in the Life Insurance and Annuity
Policyholders Protection Act shall be delivered to the applicant for
a replacement life insurance policy or a replacement annuity policy.
The legal name and address of the replacing insurer may be printed
on the notice. Said notice shall be in substance as follows:
NOTICE TO APPLICANTS REGARDING REPLACEMENT OF LIFE INSURANCE OR
AN ANNUITY. THIS NOTICE IS FOR YOUR BENEFIT AND IS REQUIRED BY LAW.
1. If you are urged to purchase life insurance and to
surrender, lapse, or in any other way change the status of existing
life insurance, the agent is required to give you this notice.
2. It may not be advantageous to drop or change existing life
insurance in favor of new life insurance, whether issued by the same
or a different insurance company. Some of the disadvantages are:
a. The amount of the annual premium under an existing
policy may be lower than that under a new policy having the same or
similar benefits.
b. Generally, the initial costs of life insurance policies
are charged against the cash value increases in the earlier policy
years, the replacement of an old policy could result in the
policyholder sustaining the burden of these costs twice.
c. The incontestable and suicide clauses begin anew in a
new policy. This could result in a claim under a new policy being
denied by the company which would have been paid under the old
policy.
d. Existing policies may have more favorable provisions
than new policies in such areas as settlement options and disability
benefits.
e. An existing policy may have a reserve value in addition
to any cash value which may be of some benefit to the insured.
Oklahoma Statutes - Title 36. Insurance Page 861
f. The insurance company carrying your current insurance
policy can often make a desired change on terms which would be more
favorable than if existing insurance is replaced with new insurance.
3. It may not be advantageous to change an existing policy to
reduced paid-up or extended term insurance or to borrow against its
loan value beyond your expected ability or intention to repay in
order to obtain funds for premiums on a new policy.
4. There may be a situation in which a replacement policy is
advantageous. You may want to receive the comments of the present
insurance company before deciding this important financial matter.
I hereby acknowledge that I received the above "Notice to Applicants
Regarding Replacement of Life Insurance or an Annuity" before I
signed the application for the proposed new insurance.
_______________________ ________________________
Date Signature of Applicant
Subparagraph c of paragraph 2 of this section shall be in 12-point
type.
The notice referred to in the Life Insurance and Annuity
Policyholders Protection Act shall be delivered to the applicant for
a replacement life insurance policy or a replacement annuity policy.
The legal name and address of the replacing insurer may be printed
on the notice. Said notice shall be in substance as follows:
NOTICE TO APPLICANTS REGARDING REPLACEMENT OF LIFE INSURANCE OR
AN ANNUITY. THIS NOTICE IS FOR YOUR BENEFIT AND IS REQUIRED BY LAW.
1. If you are urged to purchase life insurance and to
surrender, lapse, or in any other way change the status of existing
life insurance, the agent is required to give you this notice.
2. It may not be advantageous to drop or change existing life
insurance in favor of new life insurance, whether issued by the same
or a different insurance company. Some of the disadvantages are:
a. The amount of the annual premium under an existing
policy may be lower than that under a new policy having the same or
similar benefits.
b. Generally, the initial costs of life insurance policies
are charged against the cash value increases in the earlier policy
years, the replacement of an old policy could result in the
policyholder sustaining the burden of these costs twice.
c. The incontestable and suicide clauses begin anew in a
new policy. This could result in a claim under a new policy being
denied by the company which would have been paid under the old
policy.
d. Existing policies may have more favorable provisions
than new policies in such areas as settlement options and disability
benefits.
e. An existing policy may have a reserve value in addition
to any cash value which may be of some benefit to the insured.
Oklahoma Statutes - Title 36. Insurance Page 861
f. The insurance company carrying your current insurance
policy can often make a desired change on terms which would be more
favorable than if existing insurance is replaced with new insurance.
3. It may not be advantageous to change an existing policy to
reduced paid-up or extended term insurance or to borrow against its
loan value beyond your expected ability or intention to repay in
order to obtain funds for premiums on a new policy.
4. There may be a situation in which a replacement policy is
advantageous. You may want to receive the comments of the present
insurance company before deciding this important financial matter.
I hereby acknowledge that I received the above "Notice to Applicants
Regarding Replacement of Life Insurance or an Annuity" before I
signed the application for the proposed new insurance.
_______________________ ________________________
Date Signature of Applicant
Subparagraph c of paragraph 2 of this section shall be in 12-point
type.
Status: in_force · Read it on the official government site
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