Life Settlement Agreements are utilized when a life insurance policy owner wishes to sell their policy to a third party for immediate liquidity. This document, structured under Pakistani law and regulations, facilitates the transfer of life insurance policies in the secondary market. The Life Settlement Agreement comprehensively addresses the rights and obligations of all parties, including the policy owner, settlement provider, and insurer, while ensuring compliance with Pakistan's Insurance Ordinance 2000, SECP regulations, and where applicable, Islamic financial principles. It includes essential provisions for policy transfer, payment terms, ongoing premium obligations, and regulatory requirements, making it a crucial document for insurance policy monetization in Pakistan's financial market. The agreement becomes particularly relevant when policy owners seek alternatives to surrendering their policies or continuing premium payments, offering them a higher value than the policy's cash surrender value.
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1. Parties: Identification of the Policy Owner (seller), Settlement Provider (buyer), and Insurance Company
2. Background: Context of the agreement, including details of the existing life insurance policy and reason for settlement
3. Definitions: Definitions of key terms used throughout the agreement
4. Sale and Purchase: Core transaction terms, including the policy being sold and purchase price
5. Purchase Price and Payment: Details of the settlement amount and payment terms
6. Conditions Precedent: Conditions that must be met before the settlement becomes effective
7. Representations and Warranties: Statements of fact and guarantees by both parties
8. Policy Owner's Obligations: Ongoing obligations of the policy owner during and after the settlement
9. Buyer's Obligations: Responsibilities and commitments of the settlement provider
10. Confidentiality: Provisions regarding confidential information and its protection
11. Regulatory Compliance: Compliance with Pakistani insurance laws and regulations
12. Term and Termination: Duration of the agreement and circumstances for termination
13. Governing Law and Jurisdiction: Specification of Pakistani law as governing law and jurisdiction
14. Notices: Process for giving formal notices under the agreement
15. General Provisions: Standard boilerplate clauses including severability, entire agreement, etc.
1. Shariah Compliance: Required if the settlement needs to conform to Islamic financial principles
2. Broker Provisions: Include when a licensed broker is involved in the transaction
3. Medical Information Release: Required if ongoing medical information access is needed
4. Third-Party Consents: Include when other parties' consents are required for the transfer
5. Insurance Premium Escrow: Include when premium payments are managed through an escrow arrangement
6. Policy Beneficiary Changes: Required when existing beneficiaries need to be changed as part of the settlement
7. Foreign Transaction Provisions: Include when either party is based outside Pakistan
1. Schedule A - Policy Details: Detailed information about the life insurance policy being settled
2. Schedule B - Purchase Price Calculation: Breakdown of the settlement amount calculation
3. Schedule C - Required Disclosures: Mandatory disclosures under Pakistani insurance regulations
4. Schedule D - Due Diligence Documents: List of documents provided for verification and due diligence
5. Schedule E - Payment Schedule: If payment is in installments, detailed payment timeline
6. Appendix 1 - Medical Assessment: Current medical evaluation and life expectancy calculation
7. Appendix 2 - Regulatory Approvals: Copies of required regulatory approvals and licenses
8. Appendix 3 - Power of Attorney: If applicable, power of attorney documentation
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