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Deed Of Assignment Life Policy Template for New Zealand

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Key Requirements PROMPT example:

Deed Of Assignment Life Policy

"I need a Deed of Assignment Life Policy to transfer my AMP whole life insurance policy to my daughter as part of estate planning, with the assignment to take effect from March 1, 2025, and including provisions for continued premium payments."

Document background
A Deed of Assignment Life Policy is essential when transferring ownership rights of a life insurance policy in New Zealand. This document is commonly used in various scenarios including estate planning, business succession, family arrangements, or security for loans. The deed must comply with New Zealand's legal framework, particularly the Insurance (Prudential Supervision) Act 2010 and Property Law Act 2007. It includes crucial details such as policy specifications, parties' information, assignment terms, and any conditions or restrictions. The document requires proper execution as a deed, notification to the insurance company, and may need registration of the assignment. It's particularly important to ensure all regulatory requirements are met and that the assignment is properly documented to prevent future disputes or complications.
Suggested Sections

1. Parties: Identifies the Assignor (current policy owner) and Assignee (new policy owner), including full legal names and addresses

2. Background: Sets out the context of the assignment, including details of the existing life policy and the intention to assign

3. Definitions: Defines key terms used in the deed, including 'Policy', 'Assignment Date', 'Insurance Company', etc.

4. Assignment: The operative clause that legally transfers the policy from Assignor to Assignee

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

6. Assignor's Warranties: Warranties from the Assignor regarding ownership, right to assign, and status of the policy

7. Notice and Registration: Requirements for notifying the insurance company and registering the assignment

8. Costs: Specifies who bears the costs of the assignment

9. Execution: Formal execution block meeting deed requirements under NZ law

Optional Sections

1. Conditions Precedent: Used when the assignment is subject to specific conditions being met before becoming effective

2. Retention of Rights: Used when the Assignor wishes to retain certain rights under the policy

3. Reversionary Interest: Used when there are provisions for the policy to revert to the Assignor in certain circumstances

4. Third Party Consent: Required when third party approval (e.g., from a bank holding security) is needed

5. Life Assured Acknowledgment: Used when the life assured is different from the policy owner and needs to acknowledge the assignment

6. Trust Provisions: Required when the assignment is to trustees or involves trust arrangements

Suggested Schedules

1. Schedule 1 - Policy Details: Detailed description of the life policy being assigned including policy number, sum assured, and premium details

2. Schedule 2 - Existing Assignments or Encumbrances: List of any existing assignments, charges or encumbrances affecting the policy

3. Appendix A - Copy of Policy Document: Copy of the original policy document to be attached

4. Appendix B - Insurance Company Assignment Form: Any specific assignment forms required by the insurance company

5. Appendix C - Consent Documents: Any required third-party consent documents or regulatory approvals

Authors

Alex Denne

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

Relevant legal definitions






























Clauses

























Relevant Industries

Insurance

Financial Services

Legal Services

Banking

Wealth Management

Estate Planning

Trust Services

Financial Advisory

Relevant Teams

Legal

Compliance

Insurance Administration

Policy Services

Risk Management

Wealth Management

Estate Planning

Trust Administration

Customer Service

Document Management

Relevant Roles

Insurance Underwriter

Legal Counsel

Financial Advisor

Estate Planning Attorney

Trust Manager

Insurance Policy Administrator

Compliance Officer

Risk Manager

Wealth Management Advisor

Insurance Broker

Claims Manager

Policy Services Manager

Industries







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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