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The Life Settlement Agreement is a sophisticated financial transaction document used 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 agreement, structured under Philippine law and regulatory framework, is particularly relevant when policy owners need immediate liquidity or can no longer maintain premium payments. The document comprehensively addresses all aspects of the transaction, including policy valuation, transfer mechanics, regulatory compliance, and ongoing obligations of all parties. It must comply with the Insurance Code of the Philippines, relevant Insurance Commission circulars, and other applicable financial regulations. The agreement includes crucial protections for all parties, detailed disclosures as required by Philippine law, and specific provisions for policy maintenance and beneficiary rights.

1. Parties: Identification of the Policy Owner (seller), Life Settlement Provider (purchaser), and any other relevant parties

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. Purchase and Sale: Core terms of the life settlement transaction, including purchase price and payment terms

5. Conditions Precedent: Conditions that must be satisfied before the settlement becomes effective

6. Representations and Warranties: Statements of fact and assurances from both parties regarding their capacity, authority, and the policy

7. Closing Process: Detailed procedure for executing the settlement, including documentation requirements

8. Post-Settlement Obligations: Ongoing obligations of parties after settlement, including policy maintenance requirements

9. Confidentiality: Provisions regarding the confidentiality of transaction details and party information

10. Regulatory Compliance: Compliance with Philippine insurance laws and regulations

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

12. Governing Law and Jurisdiction: Specification of Philippine law as governing law and jurisdiction for disputes

13. General Provisions: Standard boilerplate clauses including notices, amendments, and severability