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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."
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
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
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
Insurance
Financial Services
Legal Services
Banking
Wealth Management
Estate Planning
Trust Services
Financial Advisory
Legal
Compliance
Insurance Administration
Policy Services
Risk Management
Wealth Management
Estate Planning
Trust Administration
Customer Service
Document Management
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
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