Oklahoma § 58-3033 - Insurance and annuities

§ 58-3033. Insurance and annuities

Unless the power of attorney otherwise provides, language in a

power of attorney granting general authority with respect to

insurance and annuities authorizes the agent to:

1. Continue, pay the premium or make a contribution on, modify,

exchange, rescind, release or terminate a contract procured by or on

behalf of the principal which insures or provides an annuity to

Oklahoma Statutes - Title 58. Probate Procedure

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 make a contribution on, modify, exchange,

rescind, release or terminate a contract of insurance or annuity

procured by the agent;

4. Apply for and receive a loan secured by a contract of

insurance or annuity;

5. Surrender and receive the cash surrender value on a contract

of insurance or annuity;

6. Exercise an election;

7. Exercise investment powers available under a contract of

insurance or annuity;

8. Change the manner of paying premiums on a contract of

insurance or annuity;

9. Change or convert the type of insurance or annuity with

respect to which the principal has or claims to have authority

described in this section;

10. Apply for and procure a benefit or assistance under a

statute or regulation to guarantee or pay premiums of a contract of

insurance on the life of the principal;

11. Collect, sell, assign, hypothecate, borrow against or

pledge the interest of the principal in a contract of insurance or

annuity;

12. Select the form and timing of the payment of proceeds from

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 2021, c. 332, § 33, eff. Nov. 1, 2021.