§36-1214. Fair disclosure - Protection against misleading sales
188 words·~1 min read·
/ok/title-36-insurance/36-1214·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
methods.
The purpose of this act is to assure fair disclosure of relevant facts in the sale of life insurance and annuity contracts. This act is also designed to protect citizens of the State of Oklahoma as purchasers and prospective purchasers of life insurance policies or annuity contracts against the use of sales methods which are misleading because of:
1. The omission of facts fairly describing the subject matter as a life insurance policy or annuity contract and the benefits obtainable thereunder;
2. An undue emphasis upon facts which, even though correct, are not relevant to the sale of life insurance or annuities; or
3. An undue emphasis upon features which are of incidental or secondary importance to the life insurance aspects of a policy.
This act is deemed necessary for the effectuation of Section 1201 et seq., Title 36, Oklahoma Statutes, known as the Unfair Practices and Frauds Act; Section 1401 et seq., Title 36, Oklahoma Statutes; and Sections 2741 and 2742, Title 36, Oklahoma Statutes; and shall be construed as supplemental and cumulative to existing laws. Laws 1972, c. 223, § 1, operative Jan. 15, 1974.