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Deed Of Assignment Life (Insurance)

Deed Of Assignment Life (Insurance) Template for Philippines

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Key Requirements PROMPT example:

Deed Of Assignment Life (Insurance)

"I need a Deed of Assignment Life (Insurance) to assign my PHP 5,000,000 life insurance policy to ABC Bank as security for a business loan, with the assignment to take effect from March 1, 2025, and the bank requiring standard warranties about the policy's good standing."

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Document background
The Deed of Assignment Life (Insurance) is a crucial document used in the Philippines when transferring rights and interests in life insurance policies. It is commonly required in various scenarios, such as using life insurance policies as collateral for loans, estate planning, or business arrangements. The document must comply with the Insurance Code of the Philippines, Insurance Commission regulations, and other relevant laws. It typically includes comprehensive details about the insurance policy, parties involved, scope of rights being transferred, and any conditions attached to the assignment. This deed serves as official evidence of the transfer and must be properly executed and registered with the insurance company and, where required, with the Insurance Commission. The document's format and content are specifically designed to meet Philippine legal requirements and protect the interests of all parties involved in the assignment transaction.
Suggested Sections

1. Parties: Identifies the Assignor (current policy owner), Assignee (recipient of the policy rights), and the Insurance Company

2. Background: States the existence of the life insurance policy, its basic details, and the intent to assign

3. Definitions: Defines key terms used throughout the deed including 'Policy', 'Assignment Date', 'Rights and Benefits'

4. Assignment: Core clause that legally transfers the policy rights from Assignor to Assignee

5. Consideration: States the consideration (if any) for the assignment

6. Assignor's Warranties: Warranties regarding policy ownership, right to assign, and absence of encumbrances

7. Insurance Company Acknowledgment: Space for the insurance company to acknowledge and record the assignment

8. Notices: Specifies how and where notices between parties should be sent

9. Governing Law: Confirms Philippine law governs the deed

10. Execution: Signature blocks for all parties including witnesses

Optional Sections

1. Conditions Precedent: Used when the assignment is subject to certain conditions being met first

2. Revocation Rights: Include when the assignor retains right to revoke the assignment under specific circumstances

3. Beneficiary Provisions: Required when existing beneficiary designations need to be addressed

4. Tax Declarations: Include when assignment has specific tax implications that need to be acknowledged

5. Power of Attorney: Add when assignee is granted power to deal with the policy on assignor's behalf

6. Electronic Execution: Include when deed will be executed electronically under E-Commerce Act

Suggested Schedules

1. Schedule 1 - Policy Details: Detailed information about the life insurance policy including policy number, sum assured, premium details

2. Schedule 2 - Rights Assigned: Comprehensive list of all rights and benefits being transferred to the assignee

3. Schedule 3 - Existing Beneficiaries: List of current policy beneficiaries and their respective shares

4. Appendix A - Required Notices: Forms and notices required by the Insurance Commission for policy assignment

5. Appendix B - Consent Forms: Required consent forms from relevant parties (e.g., beneficiaries, spouse)

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant Industries

Insurance

Financial Services

Banking

Legal Services

Estate Planning

Wealth Management

Corporate Finance

Personal Finance

Financial Planning

Relevant Teams

Legal

Compliance

Insurance Operations

Policy Administration

Claims Processing

Risk Management

Customer Service

Document Management

Wealth Management

Corporate Services

Relevant Roles

Insurance Agent

Financial Advisor

Legal Counsel

Compliance Officer

Estate Planning Attorney

Insurance Underwriter

Policy Administration Manager

Claims Manager

Risk Manager

Wealth Management Advisor

Corporate Lawyer

Banking Officer

Insurance Operations Manager

Customer Service Representative

Document Control Specialist

Industries
Insurance Code of the Philippines (Republic Act No. 10607): The primary legislation governing insurance contracts in the Philippines, including provisions on assignment of life insurance policies and the rights and obligations of parties involved in insurance contracts
Civil Code of the Philippines (Republic Act No. 386): Contains general provisions on contracts, obligations, and formalities required for valid contracts and assignments, particularly Articles 1306-1412 on Contracts in General
Insurance Commission Circular Letter No. 2014-15: Provides guidelines on insurance policy assignments and the requirements for valid assignment of insurance policies in the Philippines
National Internal Revenue Code (Republic Act No. 8424): Contains provisions on documentary stamp tax and other tax implications related to the assignment of insurance policies
E-Commerce Act of 2000 (Republic Act No. 8792): Relevant for electronic documentation and signatures if the deed of assignment will be executed electronically
Anti-Money Laundering Act (Republic Act No. 9160): Necessary to consider for compliance requirements in high-value insurance policy assignments
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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