Insurance Release Form

Insurance Release Form Template for Singapore

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Key Requirements PROMPT example:

"Need an Insurance Release Form for a motor vehicle accident claim settlement of $50,000, to be executed by March 2025, with specific provisions for potential future medical complications and a strict confidentiality clause."

Document background

The Insurance Release Form is a critical document in Singapore's insurance landscape, used when settling insurance claims of any nature. It represents the final step in the claims process, where the insured party acknowledges receipt of the settlement amount and releases the insurer from any further liability related to the claim. The document must comply with Singapore's Insurance Act, Contract Law, and Personal Data Protection Act, among other regulations. This form is particularly important as it provides legal certainty to both parties and helps prevent future disputes over the same claim.

Suggested Sections

1. Parties: Identification of the insurer and insured party, including full legal names and registration details

2. Background: Context of the insurance claim, circumstances leading to the release, and reference to original policy

3. Definitions: Key terms used in the release form including 'Release', 'Claim', 'Settlement Amount', and other relevant terms

4. Release Statement: Clear and unambiguous statement of release of all claims and liabilities related to the insurance claim

5. Consideration: Details of the settlement amount or other consideration being provided in exchange for the release

6. Execution: Signature blocks, witness requirements, and date of execution in compliance with Singapore law

Optional Sections

1. Confidentiality: Terms regarding the confidentiality of settlement terms and related information

2. Non-admission of Liability: Statement clarifying that the settlement payment does not constitute admission of liability

3. Future Claims: Provisions regarding the handling of potential future claims or ongoing health issues

4. Governing Law and Jurisdiction: Explicit statement of Singapore law as governing law and jurisdiction for dispute resolution

Suggested Schedules

1. Schedule A - Schedule of Damages: Itemized list of damages being settled, including amounts and descriptions

2. Schedule B - Medical Reports: Copies of relevant medical documentation supporting the claim

3. Schedule C - Original Policy Details: Details of the original insurance policy including policy number, coverage, and relevant terms

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok��˰� | 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
Healthcare
Property
Automotive

Relevant Teams

Claims
Legal
Risk Management
Compliance
Customer Service

Relevant Roles

Claims Manager
Insurance Underwriter
Legal Counsel
Risk Manager
Claims Adjuster
Compliance Officer

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Authors

Alex Denne

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