Oklahoma § 36-4213 - Beneficiary; change of beneficiary; payment of proceeds

§ 36-4213. Beneficiary; change of beneficiary; payment of proceeds

A. Each such policy shall have a space on the front or back

page of the policy for the name of the beneficiary designated; and

shall contain a reservation of the right to designate or change the

beneficiary after the issuance of the policy.

B. The policy may also provide that no designation or change of

beneficiary shall be binding on the insurer unless endorsed on the

policy by the insurer, and that the insurer may refuse to endorse

the name of any proposed beneficiary who does not appear to the

insurer to have an insurable interest in the life of the insured.

Such a policy may also provide that if the beneficiary designated in

the policy does not surrender the policy with due proof of death

within the period stated in the policy, which shall be not less than

Oklahoma Statutes - Title 36. Insurance

thirty (30) days after the death of the insured, or if the

beneficiary is the estate of the insured or is a minor, or dies

before the insured, or is not legally competent to give a valid

release, then the insurer may make payment thereunder to the

executor or administrator of the insured, or to any of the insured's

relatives by blood or legal adoption or connection by marriage, or

to any person appearing to the insurer to be equitably entitled

thereto by reason of having been named beneficiary, or by reason of

having incurred expense for the maintenance, medical attention or

burial of the insured. Such policy may also include a similar

provision applicable to any other payment due under the policy.

Laws 1957, p. 387, § 4213.