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LIFE INSURANCE TRUST AGREEMENT
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| THIS
AGREEMENT, made on this ______th day of _______________, 19 ___
between __________________________ of ________________________
hereinafter called the INSURED, and ____________________________
hereinafter called the TRUSTEE. |
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WITNESSETH |
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| That the
INSURED has designated the TRUSTEE as such under the terms of this
Agreement for the beneficiaries in the following Life Insurance
Policy. |
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| The Insular Life Assurance Company, Ltd, Policy No.
__________, P _______________(Face Value)
______________ (Plan) issued as of ___________________
in favor of __________
________________________________________________
____________________ (Beneficiaries). |
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| The duty and
responsibility concerning the payment of premiums and other charges
of the said policy shall rest solely upon the Insured. |
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| This Agreement
shall be operative only with respect to the net proceeds of such
policy as may be due and payable upon the death of the INSURED
during the minority of the beneficiaries, and during his lifetime,
all rights of every nature accruing solely to the Insured are hereby
reserved by him and may be exercised by him without the knowledge or
consent of the TRUSTEE or the beneficiaries under this
Agreement. |
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| The INSURED also
reserved the right to modify, amend, add to, or revoke this
Agreement. |
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| As soon as
practicable after the death of the INSURED, the TRUSTEE shall make
proper proof of death and shall collect all money due under the said
policy and give the insurer receipt and acquittances
thereof. |
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| The TRUSTEE shall
immediately notify the beneficiaries of the death of the INSURED and
the amount the TRUSTEE has received as proceeds of the said policy.
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| The TRUSTEE shall
receive, hold, manage, invest, reinvest and otherwise deal with the
moneys realized from such policy as he shall deem to be for the best
interest of the beneficiaries during their minority to the same
extent that the INSURED, if living, might do. the TRUSTEE shall
deliver the trust estate, together with any and all earnings to the
beneficiaries, upon reaching the age of majority or upon demand of a
duly appointed Judicial Guardian of the Property of said
beneficiaries. |
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| The TRUSTEE
reserved the right to resign this trusteeship during the INSURED'S
lifetime by giving him thirty days notice in writing; but after the
death of the INSURED only for the cause satisfactory to the heirs of
the INSURED, especially the INSURED'S beneficiaries. |
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| The TRUSTEE has
received from the INSURED the sum of One Peso (P1.00) and other
valuable considerations as compensation for the services he might be
called upon to discharge in connection with this charge.
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| IN WITNESS WHEREOF,
the INSURED and the TRUSTEE have signed this Agreement in the City
of __________________, on the date first hereinabove mentioned.
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___________________
INSURED |
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| CONFORME: |
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___________________
TRUSTEE |
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SIGNED IN THE PRESENCE OF: |
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__________________________ |
__________________________ |
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ACKNOWLEDGEMENT |
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| REPUBLIC OF
THE PHILIPPINES) |
| __________________________) : S.S |
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| On
this _____ day of ________________________ 19 _____ before me, the
undersigned notary public personally came
____________________________ with Residence Certificate No.
_____________ issued on _________________________ at
______________________, to me personally know and known by me to be
the same person/s described in and who executed the foregoing
instrument, and who made oath and acknowledge to me that he/she/they
executed the same voluntarily and for the purpose set
forth. |
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WITNESS my hand and official seal this ______ day of
___________ 19 ______. |
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| Doc. No
_________ |
| Book No.
_________ |
| Page
No. _________ |
| Series of _________. |
NOTARY PUBLIC |
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(Print Form)