Oklahoma § 36-3606 - Capacity to contract for insurance; Minors

§ 36-3606. Capacity to contract for insurance; Minors

A. Any person of competent legal capacity may contract for

insurance.

B. A minor not less than sixteen (16) years of age as at

nearest birthday may, notwithstanding such minority and with signed

parental or guardian consent, contract for life or accident and

health insurance on his or her own life or body or the life or body

of any person in whom he or she has an insurable interest, for his

or her own benefit or for the benefit of his or her father or

mother, spouse, child, brother, sister or grandparents. Such a

minor shall, notwithstanding such minority, be deemed competent to

exercise all rights and powers with respect to or under any contract

of life or accident and health insurance on his or her own life or

body or with respect to or under any contract such minor effected on

the life or body of any person in whom he or she has an insurable

interest, as though of full legal age, and may surrender his or her

interest therein and give a valid discharge for any benefit accruing

or money payable thereunder. The minor shall not, by reason of his

or her minority, be entitled to rescind, avoid or repudiate the

contract, nor to rescind, avoid or repudiate any exercise of a right

or privilege thereunder, except that such minor, not otherwise

emancipated, shall not be bound by any unperformed agreement to pay,

by promissory note or otherwise, any premium on any such insurance

contract.

C. A minor not less than sixteen (16) years of age may,

notwithstanding such minority and with signed parental or guardian

consent, contract for insurance on other subjects of insurance in

which he or she has an insurable interest. A minor shall be bound

by any settlement made in connection with any insurance contract so

issued. The minor shall not, by reason of his or her minority, be

entitled to rescind, avoid or repudiate the contract, nor to

rescind, avoid or repudiate any exercise of a right or privilege

thereunder, except that such minor, not otherwise emancipated, shall

not be bound by any unperformed agreement to pay, by promissory note

or otherwise, any premium on any such insurance contract.

D. Liability for failure to obtain signed parental or guardian

consent under subsections B and C of this section shall not rest

upon the insurance agent from whom the insurance policy was

purchased.

Added by Laws 1957, p. 364, § 3606. Amended by Laws 2025, c. 220, §

1, eff. Nov. 1, 2025.