Oklahoma § 15-1012 - Construction of power relating to insurance transactions

§ 15-1012. Construction of power relating to insurance transactions

CONSTRUCTION OF POWER RELATING TO INSURANCE TRANSACTIONS

In a statutory power of attorney, the language granting power

with respect to insurance and annuity transactions empowers the

agent to:

1. Continue, pay the premium or assessment on, modify, rescind,

release, or terminate a contract procured by or on behalf of the

principal which insures or provides an annuity to either the

principal or another person, whether or not the principal is a

beneficiary under the contract;

2. Procure new, different, and additional contracts of

insurance and annuities for the principal and the principal's

spouse, children, and other dependents and select the amount, type

of insurance or annuity, and mode of payment;

3. Pay the premium or assessment on, modify, rescind, release,

or terminate a contract of insurance or annuity procured by the

agent;

4. Designate the beneficiary of the contract, but an agent may

be named a beneficiary of the contract, or an extension, renewal, or

substitute for it, only to the extent the agent was named as a

beneficiary under a contract procured by the principal before

executing the power of attorney;

5. Apply for and receive a loan on the security of the contract

of insurance or annuity;

6. Surrender and receive the cash surrender value;

7. Exercise an election;

8. Change the manner of paying premiums;

9. Change or convert the type of insurance contract or annuity,

with respect to which the principal has or claims to have a power

described in this section;

10. Change the beneficiary of a contract of insurance or

annuity, but the agent may not be designated a beneficiary except to

the extent permitted by paragraph 4 of this section;

11. Apply for and procure government aid to guarantee or pay

premiums of a contract of insurance on the life of the principal;

12. Collect, sell, assign, hypothecate, borrow upon, or pledge

the interest of the principal in a contract of insurance or annuity;

and

13. Pay from proceeds or otherwise, compromise or contest, and

apply for refunds in connection with, a tax or assessment levied by

a taxing authority with respect to a contract of insurance or

annuity or its proceeds or liability accruing by reason of the tax

or assessment.

Added by Laws 1998, c. 420, § 12, eff. Nov. 1, 1998.

Oklahoma Statutes - Title 15. Contracts