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Deed Of Assignment Life (Insurance)
"I need a Deed of Assignment Life (Insurance) to transfer my life insurance policy to my daughter as a gift, with the assignment to take effect from March 1, 2025; the policy is with AIA Hong Kong with a sum assured of HKD 2 million."
1. Parties: Identifies the Assignor (current policy owner) and Assignee (new policy owner), including their full names, addresses, and identification details
2. Background: Sets out the context of the assignment, including reference to the existing life insurance policy and the intention to assign
3. Definitions: Defines key terms used throughout the deed, including 'Policy', 'Insurance Company', 'Assignment Date', and other relevant terms
4. Details of Policy: Specifies the life insurance policy details including policy number, date of issue, sum assured, and insurance company
5. Assignment: The operative part that legally transfers all rights, title, and interest in the policy from assignor to assignee
6. Assignor's Warranties: Warranties from the assignor regarding ownership, right to assign, and absence of encumbrances on the policy
7. Assignor's Covenants: Promises by the assignor to do all necessary acts to perfect the assignment and not to revoke or alter the policy
8. Notice Requirements: Requirements for giving notice of the assignment to the insurance company
9. Execution: Formal execution block including signature spaces, witness details, and execution date
1. Consideration: Required when the assignment is for value rather than a gift, stating the amount paid for the assignment
2. Consent of Life Insured: Required when the life insured is different from the assignor and their consent is needed
3. Spousal Consent: Required when the policy is considered matrimonial property or when required by the insurance company
4. Power of Attorney: Optional clause granting the assignee power to deal with the policy directly
5. Governing Law and Jurisdiction: While Hong Kong law is assumed, this section may be included for clarity, especially if parties are from different jurisdictions
6. Tax Declarations: Optional section addressing tax implications of the assignment when relevant
1. Schedule 1 - Policy Details: Detailed schedule of the insurance policy including all relevant policy information, terms, and conditions
2. Schedule 2 - Form of Notice: Template notice to be sent to the insurance company informing them of the assignment
3. Schedule 3 - Supporting Documents: List of required supporting documents such as ID proofs, relationship proof, etc.
4. Appendix A - Consent Forms: Standard forms for various consents required (if applicable)
5. Appendix B - Insurance Company Requirements: Specific requirements or forms required by the particular insurance company for policy assignment
Authors
Insurance
Financial Services
Legal Services
Wealth Management
Estate Planning
Banking
Professional Services
Legal
Compliance
Risk Management
Insurance Operations
Wealth Management
Estate Planning
Policy Administration
Document Management
Client Services
Financial Advisory
Insurance Agent
Financial Advisor
Legal Counsel
Wealth Manager
Estate Planner
Insurance Underwriter
Compliance Officer
Risk Manager
Policy Administrator
Trust Officer
Banking Relationship Manager
Insurance Operations Manager
Legal Secretary
Notary Public
Financial Services Consultant
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