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Viatical Settlement Agreement

Viatical Settlement Agreement Template for Nigeria

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Key Requirements PROMPT example:

Viatical Settlement Agreement

"I need a Viatical Settlement Agreement for a ₦50 million life insurance policy sale where the policyholder has a terminal illness, with payment to be made in three installments through an escrow agent and including a licensed settlement broker."

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Document background
A Viatical Settlement Agreement is a specialized financial instrument used when a life insurance policyholder wishes to sell their policy to a third party for immediate cash value, rather than maintaining it for the eventual death benefit. In the Nigerian context, these agreements must comply with the Insurance Act of 2003, NAICOM regulations, and relevant financial services laws. The document is typically used when policyholders need immediate access to funds, often due to medical or financial circumstances. It contains detailed provisions for policy transfer, payment terms, medical information sharing, and regulatory compliance. The agreement must address specific Nigerian regulatory requirements while protecting the interests of all parties involved in the transaction. This type of agreement requires careful consideration of insurance regulations, contract law, and financial services requirements under Nigerian jurisdiction.
Suggested Sections

1. Parties: Identification of the Viator (policy owner) and the Purchaser (settlement provider)

2. Background: Context of the agreement, including reference to the life insurance policy and desire to settle

3. Definitions: Key terms used throughout the agreement including 'Policy', 'Settlement Amount', 'Insurance Company', etc.

4. Purchase and Sale: Core transaction terms including settlement amount and transfer of rights

5. Payment Terms: Details of how and when the settlement amount will be paid

6. Medical Information and Privacy: Provisions regarding access to medical records and confidentiality obligations

7. Representations and Warranties: Statements of fact by both parties regarding the policy, ownership, and capacity

8. Policy Transfer Process: Steps for transferring policy ownership and beneficiary designation

9. Conditions Precedent: Requirements that must be met before the agreement becomes effective

10. Regulatory Compliance: Acknowledgment and compliance with applicable laws and regulations

11. Death Benefit Collection: Process for collecting and distributing death benefits when due

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

13. General Provisions: Standard clauses including notices, amendments, governing law, etc.

Optional Sections

1. Broker Provisions: Required when a licensed settlement broker is involved in the transaction

2. Multiple Beneficiaries: Required when there are existing beneficiaries whose rights need to be addressed

3. Escrow Arrangements: Used when payment is handled through an escrow agent

4. Premium Payment Provisions: Required when there are special arrangements for ongoing premium payments

5. Contestability Period: Required for policies still within their contestability period

6. Third-Party Consents: Required when additional parties must approve the transaction

7. Special Payment Terms: Used for installment payments or other non-standard payment arrangements

Suggested Schedules

1. Schedule A - Insurance Policy Details: Complete details of the life insurance policy being transferred

2. Schedule B - Medical Information Release: Authorization for release of medical information

3. Schedule C - Payment Schedule: Detailed breakdown of payment terms and timing

4. Schedule D - Required Documents: List of all documents required for policy transfer

5. Appendix 1 - Disclosure Statement: Required regulatory disclosures and warnings

6. Appendix 2 - Broker Certification: Broker's licenses and certifications (if applicable)

7. Appendix 3 - Medical Assessment: Current medical evaluation and life expectancy calculation

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
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Relevant Industries

Insurance

Financial Services

Healthcare

Legal Services

Investment Management

Estate Planning

Financial Technology

Risk Management

Relevant Teams

Legal

Compliance

Risk Management

Insurance Operations

Financial Analysis

Investment Operations

Policy Administration

Due Diligence

Medical Underwriting

Client Services

Relevant Roles

Insurance Underwriter

Legal Counsel

Compliance Officer

Financial Advisor

Settlement Broker

Risk Manager

Insurance Claims Manager

Investment Analyst

Policy Administrator

Medical Underwriter

Estate Planning Attorney

Financial Controller

Operations Manager

Due Diligence Officer

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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