The Life Settlement Agreement is utilized when a policy owner wishes to sell their life insurance policy to a third party for more than its cash surrender value but less than its death benefit. This document, structured under Singapore law, outlines the complete transaction process, including purchase price, payment terms, policy assignment procedures, and regulatory compliance requirements. It incorporates necessary provisions to comply with Singapore's Insurance Act, MAS guidelines, and data protection regulations. The agreement is particularly relevant in situations where policy owners seek immediate liquidity or no longer require the insurance coverage, while investors see an opportunity for returns.
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Key Requirements PROMPT example:
Life Settlement Agreement
"I need a Life Settlement Agreement under Singapore law for the sale of a $2.5M life insurance policy, where the policy owner is a high-net-worth individual selling to an institutional investor, with completion scheduled for March 2025."
1. Parties: Identification of policy owner, purchaser, and any intermediaries
2. Background: Context of the life settlement transaction and existing policy details
3. Definitions: Key terms used throughout the agreement including insurance-specific terminology
4. Purchase Price and Payment Terms: Settlement amount, payment structure, and timing of payments
5. Assignment and Transfer: Terms and conditions of policy transfer, including compliance with Insurance Act requirements
6. Representations and Warranties: Statements of fact by both parties regarding policy status, ownership, and compliance
7. Conditions Precedent: Requirements before completion including regulatory approvals and documentation
8. Completion: Process and requirements for closing the transaction
9. Confidentiality: Privacy and data protection obligations under PDPA
1. Broker Provisions: Terms relating to intermediaries, including licensing requirements under Financial Advisers Act
2. Medical Release Authorization: Authorization for access to medical records and ongoing health information
3. Tax Provisions: Specific tax treatment and obligations under Singapore tax laws
4. Third Party Rights: Rights of beneficiaries or other stakeholders in the policy
1. Schedule 1 - Policy Details: Complete details of the life insurance policy including policy number, insurer, and terms
2. Schedule 2 - Payment Schedule: Detailed payment terms, dates, and method of payment
3. Schedule 3 - Required Documents: List of documents required for completion including regulatory filings
4. Appendix A - Medical Reports: Relevant medical information and assessments
5. Appendix B - Disclosure Forms: Required regulatory disclosures under MAS guidelines
6. Appendix C - Consent Forms: Required authorizations and consents under Singapore law
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