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The Life Settlement Agreement is utilized when a life insurance policy owner wishes to sell their policy to a third party for a value greater than the surrender value but less than the death benefit. This document, essential in the Malaysian insurance and financial services sector, comprehensively addresses all aspects of the policy transfer, including purchase terms, representations about the policy's status, and compliance with Malaysian regulatory requirements. It typically includes detailed schedules covering policy information, pricing calculations, and required transfer documentation. The agreement must comply with Malaysian legislation, particularly the Financial Services Act 2013 and relevant insurance regulations, while also addressing practical aspects such as premium payments, beneficiary changes, and ongoing obligations of all parties. This document is particularly relevant in cases where policy owners seek to monetize their insurance assets during their lifetime, requiring careful consideration of both financial and legal implications under Malaysian law.

1. Parties: Identifies and defines the key parties: Policy Owner (Seller), Purchaser, and any relevant Insurance Company details

2. Background: Contextual information about the life insurance policy being sold and the purpose of the agreement

3. Definitions: Defines key terms used throughout the agreement, including Policy, Purchase Price, Closing Date, etc.

4. Sale and Purchase: Core terms of the transaction, including what is being sold and the basic purchase agreement

5. Purchase Price and Payment Terms: Details of the purchase price, payment method, and timing of payments

6. Closing Process and Conditions: Steps required to complete the transaction and conditions that must be met before closing

7. Representations and Warranties: Statements of fact by both parties about the policy, their authority to enter the agreement, and other key assertions

8. Seller's Covenants: Ongoing obligations of the seller, including cooperation with transfer process and maintaining policy validity

9. Purchaser's Covenants: Ongoing obligations of the purchaser, including maintaining confidentiality and making required payments

10. Policy Transfer Process: Detailed procedure for transferring the policy ownership and beneficiary rights

11. Confidentiality: Provisions regarding the confidential handling of personal and transaction information

12. Termination: Circumstances under which the agreement can be terminated and the consequences

13. Governing Law and Jurisdiction: Specifies Malaysian law as governing law and jurisdiction for disputes

14. General Provisions: Standard boilerplate clauses including notices, amendments, entire agreement, etc.