Oklahoma § 36-1215

§ 36-1215.

Definitions.

Oklahoma Statutes - Title 36. Insurance

As used in this act, the following words, terms and phrases

shall have the respective meanings hereinafter set forth, unless the

context shall otherwise require:

1. A "coupon policy" is any policy or contract of life

insurance, other than annuity, which contains, in addition to basic

life insurance benefits, annual endowment benefits evidenced in the

policy contract by coupons which mature as annual endowment

benefits. For the purposes of this act, policies containing annual

endowment benefits evidenced by coupons, passbooks or other devices

generally identified with savings, banking or investment

institutions shall be considered to be coupon policies;

2. A "profit-sharing policy" is that form of life insurance

policy or annuity contract which contains provisions representing or

tending to create the understanding that the policyholder will be

eligible to participate in any future distribution of general

corporate profits, with special advantage not available to persons

holding other types of policies issued by the insurer to individuals

of the same class and equal expectation of life; and

3. A "charter policy" or "founders policy" is that form of life

insurance policy or annuity contract, usually issued by a newlyorganized insurer, which is sold on the basis that its availability

will be limited to a specific predetermined number of units of a

fixed dollar amount and which generally provides that the

policyholder shall participate in the earnings resulting from either

the participating policies or the nonparticipating policies sold by

the insurer, or both.

Laws 1972, c. 223, § 2, operative Jan. 15, 1974.