A Viatical Settlement Agreement is utilized when a policyholder, typically with a terminal illness or advanced age, wishes to monetize their life insurance policy during their lifetime. This legal instrument, regulated by both federal and state laws in the United States, facilitates the transfer of policy ownership in exchange for a immediate payment. The agreement must comply with the NAIC Viatical Settlements Model Act and state-specific regulations, including mandatory disclosures, cooling-off periods, and specific provisions protecting the viator's interests. It includes comprehensive details about the policy transfer, payment terms, representations and warranties, and ongoing obligations of all parties involved.
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1. Parties: Identification of the viator (policy owner) and the viatical settlement provider
2. Background/Recitals: Context of the agreement, including details of the life insurance policy being sold
3. Definitions: Key terms used in the agreement including 'Policy', 'Purchase Price', 'Insured', 'Beneficiary'
4. Purchase and Sale: Core transaction terms including purchase price and transfer of rights
5. Representations and Warranties: Statements of fact by both parties regarding their capacity, authority, and policy status
6. Payment Terms: Details of how and when the purchase price will be paid
7. Change of Ownership: Process for transferring policy ownership and beneficiary designation
8. Confidentiality: Privacy provisions regarding medical and personal information
1. Escrow Arrangements: Terms for handling funds through escrow when using third-party escrow services
2. Broker Provisions: Terms relating to broker involvement and compensation when a broker is involved in the transaction
3. Medical Authorization: Authorization to access medical records when ongoing medical information access is required
1. Schedule A - Policy Details: Detailed information about the life insurance policy being sold
2. Schedule B - Purchase Price Calculation: Breakdown of the purchase price and any adjustments
3. Appendix 1 - Required State Disclosures: State-mandated disclosures and notices
4. Appendix 2 - Medical Release Forms: HIPAA and other medical information release authorizations
5. Appendix 3 - Broker Disclosure Form: Required broker disclosures and compensation details
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