Life Settlement Agreements are utilized when a life insurance policy owner wishes to sell their policy for more than its cash surrender value but less than its death benefit. These agreements, regulated by both federal and state laws in the United States, require careful structuring to ensure compliance with various regulatory requirements. A Life Settlement Agreement includes essential provisions regarding policy transfer, purchase price, medical information access, and ongoing premium payment obligations. It's particularly important in situations where policy owners seek to monetize their insurance asset during their lifetime.
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1. Parties: Identification of seller, purchaser, and any intermediaries involved in the life settlement transaction
2. Background: Context of the transaction and existing life insurance policy details including policy history
3. Definitions: Key terms used throughout the agreement including technical and legal terminology specific to life settlements
4. Purchase Price and Payment Terms: Settlement amount, payment structure, and timing of payments
5. Transfer of Rights: Terms and process of policy ownership transfer from seller to purchaser
6. Representations and Warranties: Statements of fact by both parties regarding their capacity, authority, and policy status
7. Confidentiality: Privacy and information protection provisions including HIPAA compliance requirements
1. Escrow Arrangements: Terms for handling funds through escrow and third-party escrow services
2. Broker Provisions: Terms relating to broker involvement, responsibilities, and compliance requirements
3. Medical Authorization: Authorization terms for ongoing access to medical records and health information
1. Policy Details Schedule: Comprehensive information about the life insurance policy including policy number, issuer, and terms
2. Disclosure Statement: Required state-specific disclosures and regulatory compliance information
3. Medical Records Release: HIPAA-compliant authorization forms for access to medical information
4. Broker Compensation Schedule: Detailed breakdown of broker fees, compensation, and payment terms
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