§36-3606. Capacity to contract for insurance; Minors.
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/ok/title-36-insurance/36-3606·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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.