Oklahoma § 84-305 - Life insurance policies - Trustee named by will as

§ 84-305. Life insurance policies - Trustee named by will as

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.

Added by Laws 1967, c. 79, § 1.