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.
Life Settlement Agreement for Singapore
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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."
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OR
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
Authors
Relevant legal definitions
Agreement
Applicable Law
Assignment Date
Beneficiary
Broker
Business Day
Completion
Completion Date
Confidential Information
Death Benefit
Encumbrance
Insured
Insurance Company
Insurance Policy
Life Settlement
MAS
Material Adverse Change
Medical Information
Medical Release Authorization
Net Death Benefit
Policy Documents
Policy Owner
Premium
Purchase Price
Purchaser
Regulatory Requirements
Representatives
Seller
Settlement Provider
Singapore Dollars
Transaction Documents
Transfer Documents
Warranties
Applicable Law
Assignment Date
Beneficiary
Broker
Business Day
Completion
Completion Date
Confidential Information
Death Benefit
Encumbrance
Insured
Insurance Company
Insurance Policy
Life Settlement
MAS
Material Adverse Change
Medical Information
Medical Release Authorization
Net Death Benefit
Policy Documents
Policy Owner
Premium
Purchase Price
Purchaser
Regulatory Requirements
Representatives
Seller
Settlement Provider
Singapore Dollars
Transaction Documents
Transfer Documents
Warranties
Clauses
Assignment and Transfer
Beneficiary Designation
Broker Compensation
Completion
Conditions Precedent
Confidentiality
Consideration
Data Protection
Death Benefit Payment
Dispute Resolution
Due Diligence
Force Majeure
Further Assurance
Governing Law
Indemnification
Insurance Premium Payments
Medical Authorization
Notices
Payment Terms
Policy Maintenance
Privacy and Medical Records
Regulatory Compliance
Representations and Warranties
Rights and Obligations
Risk of Loss
Severability
Survival of Obligations
Tax Matters
Termination
Third Party Rights
Transfer of Ownership
Variation
Waiver
Beneficiary Designation
Broker Compensation
Completion
Conditions Precedent
Confidentiality
Consideration
Data Protection
Death Benefit Payment
Dispute Resolution
Due Diligence
Force Majeure
Further Assurance
Governing Law
Indemnification
Insurance Premium Payments
Medical Authorization
Notices
Payment Terms
Policy Maintenance
Privacy and Medical Records
Regulatory Compliance
Representations and Warranties
Rights and Obligations
Risk of Loss
Severability
Survival of Obligations
Tax Matters
Termination
Third Party Rights
Transfer of Ownership
Variation
Waiver
Relevant Industries
Relevant Teams
Relevant Roles
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