Okla. Stat. tit. 84, § 84-305
This is the official text of Okla. Stat. tit. 84, § 84-305, part of Oklahoma’s Stat. tit. 84, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 84,." Browse the sections below, each linked to its official government source.
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Life insurance policies - Trustee named by will as
Official statutory text
beneficiary.
A policy of life insurance may designate as beneficiary a
trustee or trustees named by will, if the designation is made in
accordance with the provisions of the policy and the requirements of
the insurance company. The trustee or trustees may be appointed
immediately after the proving of the will, and, upon appointment and
qualification, proceeds of such insurance shall be paid to the
trustee or trustees to be held and disposed of under the terms of
the will as they exist as of the date of the death of the testator
and in the same manner as other testamentary trusts are
administered; but if no qualified trustee makes claim to the
proceeds from the insurance company within twelve (12) months after
the death of the insured, or if satisfactory evidence is furnished
to the insurance company within such twelve-month period showing
that there is or will be no trustee to receive the proceeds, payment
shall be made by the insurance company to the executors,
administrators or assigns of the insured, unless otherwise provided
by agreement with the insurance company during the lifetime of the
insured.
A policy of life insurance may designate as beneficiary a
trustee or trustees named by will, if the designation is made in
accordance with the provisions of the policy and the requirements of
the insurance company. The trustee or trustees may be appointed
immediately after the proving of the will, and, upon appointment and
qualification, proceeds of such insurance shall be paid to the
trustee or trustees to be held and disposed of under the terms of
the will as they exist as of the date of the death of the testator
and in the same manner as other testamentary trusts are
administered; but if no qualified trustee makes claim to the
proceeds from the insurance company within twelve (12) months after
the death of the insured, or if satisfactory evidence is furnished
to the insurance company within such twelve-month period showing
that there is or will be no trustee to receive the proceeds, payment
shall be made by the insurance company to the executors,
administrators or assigns of the insured, unless otherwise provided
by agreement with the insurance company during the lifetime of the
insured.
Status: in_force · Read it on the official government site
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