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Life Settlement Agreement

Life Settlement Agreement Template for Pakistan

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Key Requirements PROMPT example:

Life Settlement Agreement

"Need a Life Settlement Agreement under Pakistani law for transferring a single life insurance policy valued at PKR 10 million, with settlement closing date set for March 15, 2025, including provisions for quarterly medical updates."

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Document background
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.
Suggested Sections

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.

Optional Sections

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

Suggested Schedules

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

Authors

Alex Denne

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

alex.den.21@genieai.co
Relevant legal definitions








































Clauses









































Relevant Industries

Insurance

Financial Services

Legal Services

Healthcare

Investment Management

Islamic Finance

Wealth Management

Professional Services

Banking

Relevant Teams

Legal

Compliance

Insurance Operations

Risk Management

Financial Planning

Investment Management

Policy Administration

Claims Processing

Shariah Advisory

Due Diligence

Settlement Operations

Underwriting

Relevant Roles

Insurance Underwriter

Legal Counsel

Compliance Officer

Financial Advisor

Insurance Broker

Risk Manager

Policy Administrator

Settlement Specialist

Shariah Compliance Officer

Investment Manager

Actuarial Analyst

Claims Manager

Portfolio Manager

Insurance Operations Manager

Due Diligence Specialist

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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