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The 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 consideration. This document is particularly relevant in the Philippine context where it must comply with the Insurance Code of the Philippines (Republic Act No. 10607) and related regulations. It's typically used when policyholders need immediate access to funds, often due to medical expenses or financial hardship. The agreement covers crucial elements including policy valuation, transfer procedures, rights and obligations of all parties, medical information access, and ongoing compliance requirements. It requires careful consideration of Philippine insurance laws, securities regulations, and consumer protection provisions to ensure the transaction is legally sound and fair to all parties involved.

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

2. Background: Context of the agreement, including reference to the existing life insurance policy and the viator's desire to sell their rights

3. Definitions: Definitions of key terms used throughout the agreement, including 'Policy', 'Settlement Amount', 'Beneficiary', etc.

4. Sale and Purchase: Core transaction terms, including the policy rights being sold and purchase price

5. Purchase Price and Payment Terms: Detailed breakdown of the settlement amount and payment mechanism

6. Representations and Warranties: Statements of fact by both parties, including viator's ownership rights and purchaser's financial capacity

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

8. Change of Ownership and Beneficiary: Process and requirements for transferring policy ownership and beneficiary rights

9. Medical Information and Authorization: Provisions regarding access to medical records and ongoing medical updates

10. Confidentiality: Obligations regarding confidential information protection

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

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