rbc absolute assignment form

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Absolute Assignment (Transfer of Ownership) - RBC Insurance

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Absolute Assignment

(Transfer of Ownership)

• Please read carefully prior to completing the Absolute Assignment

GENERAL GUIDELINES

1. For all absolute assignments, except change of Trustee, complete Sections 1, 2 and 4

2. For change of Trustee, complete Sections 1 and 4

3. If changing the Beneficiary(s), complete Section 3

4. If changing the Payor, complete Section 5

5. Determine which supplementary documents are required based on the type of plan/policy

6. Review the Privacy Statement

Supplementary forms that may need to be completed within this absolute

assignment

International Tax (FATCA) Supplement — this form is required for all plan types listed below:

• Universal Life with value (list of plans below)

• Term Life with value

• Whole Life with value or participating (earns dividends)

Please be aware that each RBC business must undertake due diligence with its clients in respect of FATCA. As a

result, if you are a client of more than one RBC business, you may receive separate communications from these

businesses.

Confirmation of Identity Supplement (COIS) — this form is required for all Universal Life plans listed below:

• RBC Universal Life

• Destiny Universal Life

• Universal Life for Essential Needs

• Foundational Life

• Maxinvest

• Maxivu or Maxivu Zero Base

• Maxim or Mentor

• Flexible Whole Life

Select Choice 5 (SC5) or

Universal Life Select Choice 5 (SC5I)

00654 (05/2014)

ABSOLUTE ASSIGNMENT

(TRANSFER OF OWNERSHIP)

Policy Number Life Insured(s)/Annuitant(s)

Owner(s)

Section 1 – The undersigned hereby assigns and transfers any rights, interest and title in this policy to:

Name of New Owner

First or Business Name Initial Last Name

Relationship to Existing Owner

Relationship to Life Insured

Social Insurance or Business Identification Number of New Owner (If in Quebec, provide federal and provincial Business Numbers)

Policy Mailing Address – If mailing address is a P.O. Box, please ensure an actual residence address is also provided.

Street City Province Postal Code

Residence Address of New Owner (if different than above)

Name of New Joint Owner

Relationship to New Owner

Social Insurance or Business Identification Number of New Joint Owner (If in Quebec, provide federal and provincial Business Numbers)

Residence Address of New Joint Owner (if different than above)

If there are Joint Owners, ownership is to be with the right of survivorship unless Tenants in Common is indicated below.

Tenants in Common?

Name of Contingent Owner

RBC Life Insurance Company, P.O. Box 515, Station A, Mississauga, Ontario L5A 4M3

VPS 87157

00654 (05/2014)

Page 2 of 15

Section 2 – For income tax purposes, with the exception of change of Trustee, please complete the following:

1. a) Is the transfer an Arm’s Length transaction? (See below for further explanation) Yes No

b) If yes, what was the value of consideration paid? $

Note: All transfers will be treated as Non-Arm’s Length unless noted otherwise.

2. a) Is the new Owner the spouse, former spouse or child (as defined in the Income Tax Act) of the previous Owner? Yes No

b) Is the transfer a settlement of rights arising from a marriage, decree, order or judgement? Yes No

c) Is an election being made under 148(8.1) or 148(8.2) of the Income Tax Act? Yes No

Arm’s Length or Non-Arm’s Length?

The Income Tax Act contains definitions of Arm’s Length vs. Non-Arm’s Length which are too detailed to repeat here. In general, for a policy

owned by an individual, a transfer will be considered Non-Arm’s Length when the new Owner is an ascendant or descendant of the current

Owner (grandparent, parent, child, grandchild) or they are related by blood, marriage or adoption.

For a corporately owned policy, in general, a transfer will be deemed Non-Arm’s Length if the current Owner has a controlling interest in the

entity which is to be the new Owner’s, or vice versa.

The difference in tax treatment between Arm’s Length and Non-Arm’s Length transfers is as follows:

• For a Non-Arm’s Length transfer, the policy’s Adjusted Cost Basis (ACB) is set as equal to the cash surrender value of the policy on

the date of transfer, regardless of what, if any, consideration was paid for the transfer.

• For an Arm’s Length transfer, the ACB of the policy is reset to the consideration paid, if any. If no consideration is paid for an Arm’s

Length transfer, then the ACB is reset to the cash surrender value (assumed to be the fair market value).

If you are in doubt about the correct designation of this transfer, as Arm’s Length or Non-Arm’s Length, you should refer the

question to your representative, as it may have significant tax implications.

Section 3 – Change of Beneficiary

This Absolute Assignment terminates all previous revocable Beneficiary designations and designates the new Owner as the revocable

Beneficiary.

The new Owner must complete this section if the new Owner wishes to designate a Beneficiary other than the new Owner.

The undersigned Owners of this Policy declare that when the proceeds of the life benefit of this Policy become payable, they be paid to:

Name of Beneficiary

% Share* Revocable Irrevocable

Page 3 of 15

Contingent Beneficiary

If the Beneficiary is a minor, state the Beneficiary’s date of birth and the full name and address of the appointed Trustee, if any.

(Please note that in Quebec, significant differences exist between the rights of a tutor and the rights of a Trustee. Consult your

representative.)

* If more than one Beneficiary is appointed, proceeds will be payable in equal shares unless stated otherwise. Shares must equal 100%.

If no Beneficiary is living when the proceeds become payable, the proceeds of this Policy will be paid to the Owner or the Owner’s estate.

This appointment of Beneficiary revokes any prior Beneficiary designation of this policy.

Section 4

Date signed

Day Month Year

Effective date

of assignment

Signature of Existing Owner

Signature of Existing Joint Owner (if any)

Signature of New Owner

Signature of New Joint Owner (if any)

Provide the title of the Officer with the authority to bind the

Company or the Corporate Seal.

Consent of Irrevocable Beneficiary (if any)

Consent of Collateral Assignee (if any)

RBC Life Insurance Company takes no responsibility for the validity of the Absolute Assignment. The assignment and Beneficiary change

(if applicable) become effective once they have been recorded by RBC Life Insurance Company.

Page 4 of 15

Section 5 – Pre-Authorized Debit (PAD) Agreement

The Payor(s) named below agrees that:

1. (a) RBC Life Insurance Company (RBC Life) is authorized to make scheduled monthly withdrawals to pay the premium in accordance

with the premium schedule set out in this policy/policies, including the initial premium against the account at the financial institution

below, or any other financial institution that the Payor(s) may later designate.

(b) RBC Life is not required to provide notification before the initial premium is debited, or if the amount of withdrawal should vary.

(c) Unless otherwise indicated in the Special Requests section below, such withdrawals shall be dated on the day of the month on

which the premium is due under the policy or, if more than one policy is included in this Agreement, the withdrawals shall be dated

to coincide with the existing policy/policies.

(d) The financial institution indicated below is authorized now or at any subsequent time to honour any requests made by RBC Life to

withdraw premium or fees from the account indicated below, which may include a redraw within 30 days should any withdrawal not

clear the account.

(e) Notification of any change to the account information provided below shall be given to RBC Life by the Payor(s) a minimum of 5

days prior to the next scheduled withdrawal. The Payor(s) agrees that from time to time they may authorize RBC Life to deduct

such payments from another account upon the Payor’s oral or written instructions.

(f)

This Agreement will terminate in respect of all policies included in it upon 10 days written notice by RBC Life or by the Payor(s).

The Payor(s) may obtain further information on their right to cancel a PAD Agreement by visiting the Canadian Payments

Association website at www.cdnpay.ca.

(g) In the event that a PAD is disputed, the Payor(s) agrees to contact RBC Life. For recourse purposes, this PAD is considered a

Personal PAD.

The Payor(s) has certain recourse rights if any debits do not comply with this Agreement. For example, the Payor(s) has the right to

receive reimbursement for any PAD that is not authorized or is not consistent with this PAD Agreement. To obtain more information

on recourse rights, the Payor(s) may contact their financial institution or visit www.cdnpay.ca.

(h) The names and signatures of all persons required to authorize withdrawals from the account indicated are included below.

2. Add to existing PAD with this/these policy number(s)

3. Special Requests (withdrawals are limited between the 1 st – 28 th of the month)

Bank Information:

Please attach a sample cheque marked void (a line of credit account cannot be used).

Name of Bank or Financial Institution Transit Number Bank Number Account Number

Address

City Province Postal Code

Dated at this day of

(City/Province)

(Month/Year)

Print Name of Payor (Account Holder)

Print Name of Second Payor (Account Holder) (if any)

Signature of Payor

Signature of Second Payor (if any)

Page 5 of 15

INTERNATIONAL TAX (FATCA)

SUPPLEMENT

• FATCA means the United States of America (U.S.) Foreign Account Tax Compliance Act. Canada has entered into an Enhanced

Financial Account Information Exchange Agreement with the U.S., and Canadian financial institutions (including insurance companies)

must identify and report information about certain types of accounts held directly or indirectly by a U.S. person. This enhanced reporting

is required under the Income Tax Act (Canada). For further information about this, visit www.fin.gc.ca/afc/faq/fatca-eng.asp

• “Entity” means a corporation, trust, partnership, association or other organization.

• We will use the information provided in this form to determine our tax reporting requirements to the Canada Revenue Agency (CRA).

Policy Number (if available):

Full legal name of the person or entity that is the proposed policy owner or policy owner:

Full legal name of the person or entity that is the joint proposed policy owner or joint policy owner (if applicable):

SECTION 1 – INDIVIDUAL OR TRUSTEE (NATURAL PERSON) – Proposed Owner or Owner

1. Are you a citizen of the U.S. or are you a resident of the U.S. for tax purposes? Yes No

If yes, please provide your U.S. Taxpayer Identification Number (TIN):

Go to Section 4.

SECTION 1 – INDIVIDUAL OR TRUSTEE (NATURAL PERSON) – Joint Proposed Owner or Joint Owner (if applicable)

SECTION 2 – CORPORATE, TRUSTEE OR OTHER NON-PERSON ENTITY (NON-INDIVIDUAL)

The terms used in this section are defined by the Canada-United States Enhanced Tax Information Exchange Agreement Implementation

Act. For more information visit www.cra.ca and search “enhanced financial account information reporting” and view their topic on entities.

For tax reporting purposes, please provide the FATCA classification for the entity:

U.S. Person:

FF

Specified U.S. Person. Please provide the employer identification number (EIN):

Not a Specified U.S. Person. Provide the reason this entity is Not a Specified U.S. Person below (refer to instructions on page 4).

Non-Financial Foreign (non-U.S.) Entity (NFFE)

Active NFFE – Go to Section 4.

Passive NFFE – Complete Section 3 on the next page.

Page 6 of 15

SECTION 2 – CORPORATE, TRUSTEE OR OTHER NON-PERSON ENTITY (NON-INDIVIDUAL) continued

Foreign (non-U.S.) Financial Institution (FFI)

Select the type of FFI below and provide the global intermediary identification number (GIIN) if required

F F Exempt beneficial owner

F F Deemed compliant FFI. If registered, provide the GIIN # below.

F F Reporting Canadian financial institution. Provide the GIIN # below.

F F Reporting non-Canadian partner jurisdiction financial institution. Provide the GIIN # below.

F F Participating FFI. Provide the GIIN # below.

F F Non-participating financial institution

Global intermediary identification number (GIIN):

SECTION 3 – INFORMATION ABOUT OWNERS AND OTHER INDIVIDUALS WHO HAVE CONTROL OVER A PASSIVE NFFE

This section must be completed for passive NFFEs. Other types of entities do not need to complete this section.

For trusts: Please provide information for every individual who is a trustee, beneficiary or settlor of the trust or who otherwise

controls the trust.

For all other types of passive NFFE, does any individual directly or indirectly own or control 25% or more of the entity that will own

the policy?

No – Go to Section 4.

Yes – Please provide information about each of the individuals below.

If you require more space, complete another form.

Individual – Identify your role within the entity: Owner or Controlling person Trustee Trust beneficiary Trust settlor

First name Middle initial Last name

City Province Country Postal Code

Is the individual a U.S. citizen or a U.S. resident for U.S. tax purposes? No

Yes If yes, please provide the Social Security

Number (SSN) or Individual Taxpayer Identification Number (TIN):

Page 7 of 15

SECTION 4 – PROPOSED POLICY OWNER OR POLICY OWNER DECLARATION AND SIGNATURES

This section must be completed by all proposed policy owners or policy owners (natural persons and entities).

In this section, “You” and “Your” mean the proposed policy owner or policy owner. In the event that the proposed policy owner or the

policy owner is an entity, “You” and “Your” mean the signing officers or trustees of the entity.

You agree to immediately notify RBC Life Insurance Company of any errors, omissions or changes in the information provided in this

form, including any change in the U.S. residency or citizenship status of a controlling person, owner and individuals involved in a trust, or

any change in the entity’s FATCA classification.

By signing below, You confirm that:

(a)

(b)

You are the proposed policy owner or the policy owner, joint proposed policy owner or joint policy owner (if applicable), and in the

case of an entity, You are authorized to sign on behalf of the proposed policy owner or policy owner;

The information provided in this form is complete, current and accurate to the best of Your knowledge.

Proposed Policy or Policy Owner (Natural Person):

Joint Proposed Policy Owner or Joint Policy Owner

(Natural Person):

Signature

Date (dd/mm/yyyy)

Proposed Policy or Policy Owner (Entity):

Signature of signing officer or trustee

®/

Trademark(s) of Royal Bank of Canada. Used under licence.

Page 8 of 15

Instruction page on how to determine an entity’s classification under FATCA.

This form is for use by “entities” (such as corporations, partnerships and trusts) to determine their U.S. tax status.

Proposed policy owners or policy owners who are individuals (natural persons) should not use this section.

There are 3 possible entity statuses:

Note: For the purpose of determining an entity’s classification, “foreign” means foreign to the U.S.

1. a U.S. Person

2. a Non Financial Foreign (non-U.S.) Entity (NFFE)

3. a Foreign (non-U.S.) Financial Institution (FFI)

Follow these steps which will help to determine the classification:

1. Is the entity a) a partnership or corporation organized in the U.S.?

b) a trust that is subject to a U.S. law (including a trust where a majority of the trustees are U.S. citizens or

U.S. residents)?

Yes No If no go to # “3”. If yes, the entity may be classed as a U.S. Person. Proceed to # 2.

2. A U.S. person may be considered a “Specified U.S. Person” or “Not a Specified U.S. Person.”

In order to determine which one the entity is, review the options below and check off any of the applicable boxes.

A corporation, or an affiliate of a corporation, the stock of which is regularly traded on one or more established securities

markets

The United States or any wholly owned agency or instrumentality thereof

Any State of the U.S., any U.S. Territory, any political subdivision of any of the foregoing, or any wholly owned agency or

instrumentality of any one or more of the foregoing

Any organization exempt from taxation under section 501(a) of the U.S. Internal Revenue Code, or an individual retirement

plan as defined in section 7701(a)(37) of the U.S. Internal Revenue Code

Any bank as defined in section 581 of the U.S. Internal Revenue Code

Any real estate investment trust as defined in section 856 of the U.S. Internal Revenue Code

Any regulated investment company as defined in section 851 of the U.S. Internal Revenue Code or any entity registered with

the Securities Exchange Commission under the Investment Company Act of 1940

Any common trust fund as defined in section 584(a) of the U.S. Internal Revenue Code

Any trust that is exempt from tax under a plan that is described in section 403(b) or section 457(b) of the U.S. Internal

Revenue Code

Any trust that is exempt from tax under section 664(c) of the U.S. Internal Revenue Code or that is described in section

4947(a)(1) of the U.S. Internal Revenue Code

A dealer in securities, commodities or derivative financial instruments (including notional principal contracts, futures, forwards

and options) that is registered as such under the laws of the United States or any State

A broker as defined in section 6045(c) of the U.S. Internal Revenue Code

If none of the options above apply, the entity may be classed as a U.S. Person – Specified U.S. Person.

If one or more options above apply, the entity may be classed as a U.S. Person – Not a Specified U.S. Person.

Page 9 of 15

3. Is the entity (organization) a financial institution? Yes No

If “yes” the entity may be classed as a Foreign (non-U.S.) Financial Institution (FFI)

If no, in the last fiscal year, did the entity earn more than 50% of its gross income from investment income (for example:

interest, dividends, royalties, etc), and/or in the last fiscal year did the entity hold more than 50% of its assets for the

purpose of producing investment income? Yes No

If no, the entity may be classed as an Active Non-Financial Foreign Entity (Active NFFE)

If yes, do any of the following categories apply (check any applicable boxes):

The stock of the entity is regularly traded on an established securities market or it is a related entity of another entity whose

stock is regularly traded on an established securities market.

The entity is organized in a U.S. Territory and all the owners are bona fide residents of that U.S. Territory.

The entity is a government (other than the U.S. government), a subdivision of such government (province or municipality),

or a public body performing a function of such government or a subdivision thereof, or a government of a U.S. Territory, or

an international organization, or a non-U.S. central bank of issue, or an entity wholly owned by one or more of the bodies

mentioned previously.

The activities of the entity consist of holding the outstanding stock of, or providing financing and services to, one or more

subsidiaries that engage in trades or business other than the business of a financial institution, and provided the entity

does not function as an investment fund such as a private equity fund, venture capital fund, leveraged buyout fund, or any

investment vehicle whose purpose is to acquire or fund companies and then hold interests in those companies as capital

assets for investment purposes.

The entity is not yet operating a business and has no prior operating history, but is investing capital in assets with the intent to

operate a business other than a financial institution, within the next 24 months of the date the entity officially was organized.

The entity was not a financial institution in the past 5 years and is in the process of liquidating assets or reorganizing with

the intent to operate as a business other than as a financial institution.

The entity primarily engages in financing and hedging transactions with related entities that are not financial institutions and

does not provide financing or hedging services to any other entity that is not a related entity, provided that the group of any

related entities is primarily engaged in a business other than a financial institution.

The entity meets all of the following criteria:

(c)

(d)

is a religious, charitable, scientific, artistic, cultural or educational organization;

is income tax exempt in the country of residence;

has no shareholders or members who have a proprietary or beneficial interest in its income or assets; and

no income or assets of the entity are distributed to a private person or a non-charitable entity (other than payments

for services or purchases).

If one or more options above apply, the entity may be classed as an Active Non-Financial Foreign Entity (NFFE)

If none of the options above apply, the entity may be classed as a Passive Non-Financial Foreign Entity (NFFE)

Page 10 of 15

CONFIRMATION OF IDENTITY SUPPLEMENT

Pursuant to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and Regulations, this supplement must be

completed and submitted with any application for Universal Life insurance (either a new policy or a conversion to a Universal Life

contract) or any application for an Ownership Change on a Universal Life policy.

Section 1 – Third Party Information (Complete in all cases)

Is this application being made on behalf of an individual or entity other than the Proposed Insured and/or the Proposed Owner(s)? Yes No

If “yes,” please provide the following third party details:

Legal Name

If the third party is an individual, please provide the date of birth (dd/mm/yyyy)

If the third party is a Corporate entity, please provide the Incorporation Number and place of issue

Occupation and Nature of Business

Relationship to Proposed Owner(s)

If there is more than one third party entity, please attach a separate sheet with the information requested above for each entity.

Section 2.1 – Confirmation of Proposed Owner Identity – Individual or Trustee (natural person)

Please verify the identity of the Proposed Owner by recording the following details. Only original, non-expired documents are acceptable.

Date of Birth (dd/mm/yyyy)

Social Insurance Number

Driver’s Licence Canadian Citizenship Card Permanent Resident Card Passport

Document #

Place of Issue

Expiry Date (dd/mm/yyyy) (if applicable)

Section 2.2 – Confirmation of Proposed Joint Owner Identity – Individual or Trustee (natural person)

Page 11 of 15

Section 2.3

Business Number

Confirmation of Proposed Owner Identity – Corporate, Trustee or Other Non-Corporate

Entity (non-individual)

Please verify the existence of the entity with one of the documents listed below.

A photocopy of the document(s) used to verify existence must be submitted with the application.

(Articles of Association may only be used if the entity has been in existence for less than 12 months; otherwise a Certificate of Corporate

Status must be used.)

Articles of Association Certificate of Corporate Status Partnership Agreement (as applicable) Trust Document (as applicable)

Other (specify)

For all Proposed Owners in Section 2.3, the following tables must also be completed.

(Some exemptions may apply. For more information visit the Financial Transaction and Report Analysis Centre of Canada (FINTRAC) website

at www.fintrac.gc.ca (see Guideline 6A, Record Keeping and Client Identification for Life Insurance Companies, Brokers and Agents). If an

exemption is applicable, please contact us directly for information concerning the documentation required in order to receive an exemption.)

Please provide the following information for those who directly or indirectly own or control:

a) 25% or more of the non-corporate entity, or

b) 25% or more shares of the corporation.

In the case of a trust, information is required for ALL trustees, known beneficiaries and settlors.

If a non-individual entity is listed below, please attach a separate sheet providing the information below for those who directly own

or control 25% or more of that entity.

Name

% Ownership

or Control

Occupation

(if a natural person)

Nature of Business

For Corporations, please provide the following information in respect of all Directors of the Corporation:

Page 12 of 15

Is the Proposed Owner or Proposed Joint Owner a not-for-profit organization? Yes No

If “yes,” please complete the following:

Is the not-for-profit organization a defined registered charity with the Canada Revenue Agency under the Income Tax Act? Yes No

If “yes,” please provide the Registration Number.

If “no,” is it an organization that solicits charitable donations from the public? Yes No

Proposed Owner’s Declaration

I/we confirm that all information provided to establish the entity’s ownership, control and structure is complete and accurate.

Date

(dd/mm/yyyy)

Signature of Proposed Owner

Signature of Joint Proposed

Owner (if applicable)

Advisor’s Declaration

I, the advisor, confirm that the Proposed Owner and Proposed Joint Owner (if applicable) has (have) presented original documents to confirm

their identity.

Signature of Advisor

If any of the information provided on this form changes in the future, please contact us immediately so that we may update our records.

This form must be completed and submitted with any Universal Life application or any application to change the ownership on a

Universal Life policy. Universal Life applications or ownership change requests on a Universal life policy cannot proceed without

this form.

RBC Life Insurance Company

PO Box 515, Station A

Mississauga ON L5A 4M3

® / Trademark(s) of Royal Bank of Canada. Used under licence.

Page 13 of 15

COLLECTION AND USE OF PERSONAL INFORMATION

Collecting your personal information

We (RBC Life Insurance Company) may from time to time collect information about you such as:

• information establishing your identity (for example, name, address, phone number, date of birth, etc.) and your personal background;

• information related to or arising from your relationship with and through us;

• information you provide through the application and claim process for any of our insurance products and services; and

• information for the provision of products and services.

We may collect information from you, either directly or through representatives. We may collect and confirm this information during the

course of our relationship. We may also obtain this information from a variety of sources including hospitals, doctors and other health

care providers, the MIB, Inc., the government (including government health insurance plans) and other governmental agencies, other

insurance companies, financial institutions, motor vehicle reports, and your employer.

Using your personal information

This information may be used from time to time for the following purposes:

• to verify your identity and investigate your personal background;

• to issue and maintain insurance products and services you may request;

• to evaluate insurance risk and manage claims;

• to better understand your insurance situation;

• to determine your eligibility for insurance products and services we offer;

• to help us better understand the current and future needs of our clients;

• to communicate to you any benefit, feature and other information about products and services you have with us;

• to help us better manage our business and your relationship with us; and

• as required or permitted by law.

For these purposes, we may make this information available to our employees, our agents and service providers, and third parties, who

are required to maintain the confidentiality of this information.

In the event our service provider is located outside of Canada, the service provider is bound by, and the information may be disclosed

in accordance with, the laws of the jurisdiction in which the service provider is located. Third parties may include other insurance

companies, the MIB, Inc. and financial institutions.

We may also use this information and share it with RBC ® companies (i) to manage our risks and operations and those of RBC

companies, (ii) to comply with valid requests for information about you from regulators, government agencies, public bodies or other

entities who have a right to issue such requests, and (iii) to let RBC companies know your choices under “Other uses of your personal

information” for the sole purpose of honouring your choices.

If we have your social insurance number, we may use it for tax related purposes and share it with the appropriate government

agencies.

Page 14 of 15

Please note that this paragraph is not applicable if this form is submitted by an independent representative or a representative that is

attached to a firm other than RBC Insurance ® .

Other uses of your personal information

• We may use this information to promote our products and services, and promote products and services of third parties we select,

which may be of interest to you. We may communicate with you through various channels, including telephone, computer or mail,

using the contact information you have provided.

• We may also, where not prohibited by law, share this information with RBC companies for the purpose of referring you to them

or promoting to you products and services which may be of interest to you. We and RBC companies may communicate with

you through various channels, including telephone, computer or mail, using the contact information you have provided. You

acknowledge that as a result of such sharing they may advise us of those products or services provided.

• If you also deal with RBC companies, we may, where not prohibited by law, consolidate this information with information they have

about you to allow us and any of them to manage your relationship with RBC companies and our business.

You understand that we and RBC companies are separate, affiliated corporations. RBC companies include our affiliates which are

engaged in the business of providing any one or more of the following services to the public: deposits, loans and other personal

financial services; credit, charge and payment card services; trust and custodial services; securities and brokerage services; and

insurance services.

You may choose not to have this information shared or used for any of these “Other uses” by contacting us as set out below,

and in this event, you will not be refused insurance products or services just for that reason. We will never use or share your

health information for these purposes. We will respect your choices and, as mentioned above, we may share your choices

with RBC companies for the sole purpose of honouring your choices regarding “Other uses of your personal information.”

Your right to access your personal information

You may obtain access to the information we hold about you at any time and review its content and accuracy, and have it amended

as appropriate; however, access may be restricted as permitted or required by law. To request access to such information, to ask

questions about our privacy policies or to request that the information not be used for any or all of the purposes outlined in “Other uses

of your personal information” you may do so now or at any time in the future by contacting us at:

P.O. Box 515, Station A,

Mississauga, Ontario

L5A 4M3

Telephone: 1-800-663-0417

Facsimile: 905-813-4816

Our privacy policies

You may obtain more information about our privacy policies by asking for a copy of our “Financial fraud prevention and privacy

protection” brochure, by calling us at the toll free number shown above or by visiting our website at www.rbc.com/privacysecurity.

® / Trademark(s) of Royal Bank of Canada. Used under licence

Page 15 of 15

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Absolute Assignment (Transfer of Ownership) • Please read carefully prior to completing the Absolute Assignment GENERAL GUIDELINES 1. For all absolute assignments, except change of Trustee, complete Sections 1, 2 and 4 2. For change of Trustee, complete Sections 1 and 4 3. If changing the Beneficiary(s), complete Section 3 4. If changing the Payor, complete Section 5 5. Determine which supplementary documents are required based on the type of plan/policy 6. Review the Privacy Statement Supplementary forms that may need to be completed within this absolute assignment International Tax (FATCA) Supplement — this form is required for all plan types listed below: • Universal Life with value (list of plans below) • Term Life with value • Whole Life with value or participating (earns dividends) Please be aware that each RBC business must undertake due diligence with its clients in respect of FATCA. As a result, if you are a client of more than one RBC business, you may receive separate communications from these businesses. Confirmation of Identity Supplement (COIS) — this form is required for all Universal Life plans listed below: • RBC Universal Life • Destiny Universal Life • Universal Life for Essential Needs • Foundational Life • Maxinvest • Maxivu or Maxivu Zero Base • Maxim or Mentor • Flexible Whole Life Select Choice 5 (SC5) or Universal Life Select Choice 5 (SC5I) 00654 (05/2014)

Page 2 and 3: ABSOLUTE ASSIGNMENT (TRANSFER OF OW
Page 4 and 5: Contingent Beneficiary Name of Bene
Page 6 and 7: INTERNATIONAL TAX (FATCA) SUPPLEMEN
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Page 10 and 11: 3. Is the entity (organization) a f
Page 12 and 13: Section 2.3 Business Number Confirm
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Master Client Agreement for Business Clients

The Master Client Agreement for Business Clients governs the provision of Royal Bank of Canada’s services to business clients. It is comprised of many parts, including the terms and conditions available here. Each part is deemed incorporated in the Agreement, and each other part of the Agreement.

Legal Terms and Conditions

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What's New?

October 31, 2023.

RBC’s Master Client Agreement for Business Clients (MCA) – Legal Terms and Conditions has been updated and the changes will come into effect December 1, 2023. The changes are applicable to existing business Customers and any new clients who become RBC business Customers on or after the effective date of December 1, 2023. The updates include changes to meet regulatory requirements, particularly in the General Services, Joint Banking, Language and Pre-Authorized Debits sections/clauses. Customers are encouraged to review the updated document in its entirety.

Master Client Agreement for Business Clients – NEW (effective December 1, 2023)

August 21, 2023

The Canadian Deposit Insurance Corporation (CDIC) eligibility information has been updated in the following service materials to clarify that funds held in such accounts are eligible for deposit insurance coverage under the Canada Deposit Insurance Corporation Act

May 29, 2023

The following service materials and user agreement for RBC Edge Business Banking have been updated to include new terms under the "Language" section, as applicable. These updates reflect the recent modifications made to the Quebec Charter of the French Language.

May 3, 2022

The following service materials and user agreement for RBC Edge Business Banking have been updated to clarify that account restrictions imposed on authorized signatories in RBC Edge are not enforced outside of the platform.

March 1, 2022

The following service materials have been updated. The RBC Business Banking service has been renamed RBC Edge.

November 1, 2021

The service materials for the Interac e-Transfer Bulk service have been updated to include the new features offered as part of the Interac e-Transfer service like account number routing, remittance data and the INTERAC e-Transfer Bulk Request Money Service.

June 1 2021

The following new service materials have been added:

RBC Business Banking Service Materials
RBC Business Banking User Agreement

April 9, 2021

December 17, 2020.

Royal Bank is updating the service model for Cheque-Pro. As part of the new service offering clients who qualify are provided with cheque scanners (Image Capture Equipment) for use with the Cheque-Proservice. If the service is terminated clients are required to return the cheque scanners to Royal Bank. The Cheque-Pro service materials have been updated to reflect the use of RBC provided scanners.

Updates have been made to the

August 8, 2018

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Changes have been made to the

Sept 1, 2017

June 19, 2017.

NEW Foreign Exchange Transactions Service Materials available for clients transacting on RBC Express

March 15, 2017

November 15, 2016.

New Corporate Creditor Service Materials have been added.

September 30, 2016

July 11, 2016, june 28, 2016.

Changes have been made to the Cheque-Pro™ Service Materials.

March 2, 2016

The following new Service Materials have been added:

January 19, 2016

New US Cross-Border Banking Service Materials.

November 2, 2015

New Current Account Client Verification Service Materials in connection with the simplified process to submit instructions to return items / cheques.

June 5, 2015

The following new Service Materials have been added

June 1, 2015

Changes to account and services fees.

March 30, 2015

April 7, 2014.

New RBC Express Service Materials in connection with updates to user authentication and the launch of the RBC Express Mobile and Alerts.

October 10, 2014

Following new Service Materials have been added

Business accounts and services Standard fees and charges

Services fees and charges (PDF)

Canada Emergency Business Account

RBC Legal Documents (PDF)
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Onboarding Checklist (PDF)

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Submitting Your Form

To avoid any delays in the processing of your request, please: print, ensure it is completed accurately, sign and date your form.

Commercial Credit Card Program

An RBC credit card program can improve your working capital so you can invest more in your business.

RBC Commercial Card Manufacturing (PDF)
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RBC Corporate Creditor Fee Schedule (PDF)
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Welcome to Royal Bank of Canada's/Royal Trust Corporation of Canada's secure website for commercial mortgage security documentation. This website is to be accessed each time you, our solicitor for a mortgage transaction, receive instructions from Commercial Mortgages Closing Services. The site is broken down by province. Any documentation you require can be found within the respective provincial link. If you have any questions regarding the documentation, please contact the Manager Closing Services as identified in your instructions.

Attention: Notice To Solicitors and Notaries

Assumption Documents

Release of Mortgagor and Guarantor (DOC)
Assumption Agreement (DOC)
Release of All Guarantors (DOC)
Release of Guarantor (s) (DOC)
Release of Mortgagor (DOC)

General Forms - All provinces / territories

20057 Interbank Authorization (DOC)
857 Letter of Indep Legal Advice (DOC)
Assignment of Rents (DOC)
Cert of Corp Authority (DOC)
Declaration of Possession (DOC)
Site Specific GSA (DOC)
Solicitors Final Report on Title (DOC)
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Solicitors Request for Funds (DOC)
Tenant Acknowledgement1 (DOC)
Trustee Beneficial Owner Agreement (DOC)
Guarnatee of Mortgage (Individuals) (DOC)
Mtg Cover Sheet (DOC)
RB Notice of Assignm of Leases (DOC)
Standard Mortgage Terms (DOC)

British Columbia

Commercial Mortgage Terms (DOC)

New Brunswick

Commercial Mortgage Instructions (DOC)
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Covenant Fixed Rate (DOC)
Covenant Variable Rate Form (DOC)
Form 15 Fixed Rate (DOC)
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Form 23 Gen Assignment of Rent & Lease (DOC)
Form 23 Specific Assgn of Lease (DOC)
Leasehold Covenants 160.1 (1061) (DOC)
NB Doc Completion Instructions (DOC)
New Brunswick Electronic Registration (DOC)
Opt Covenant NHA (1075) (DOC)
Optional Equiv Rates (DOC)
OptMtgCovGenAssignRents & Leases (DOC)
OptMtgCovSpecificAssignment (DOC)

Newfoundland & Labrador

FORM 966 - Collateral Mortgage (DOC)
Nfld & Labrador Mtg (DOC)

Northwest Territories

Commercial Mortgage Form (DOC)
Final Standard Mortgage Terms (DOC)

Nova Scotia

NS Commercial Mortgage (DOC)
Consent to mortgage of leasehold lands for CMHC (DOC)
Nunavut Commercial Mortgage Form (DOC)
13 Guarantee for E-Regn (DOC)
753 Ont Paper Regn (SCT 976) (DOC)
760 Assignment of Rents (DOC)
960 E-Mortgage (SCT 9912) (DOC)
CMHC Clause for E-Regn (DOC)
CMHC Clause for Paper Regn (DOC)
Form 5-Fixed Rate (DOC)
Form 5-Variable Rate (DOC)

Prince Edward Island

PEI Commercial Mortgage (DOC)
886 Report on title (BANK) (DOC)
Advise legal opinion (BANK) (DOC)
Annexe A Lease Clause (BANK) (DOC)
689 - Deed of Immovable Hypothec - Commercial (DOC)
Extract from the Minute of a Meeting (BANK) (DOC)
Priority of Rank of Hyp. Clause (BANK).dot (DOC)
708 - Requisition To Notary Commercial Mortgage (DOC)
708L - Requisition to Notary RBC Life Insurance (DOC)
689L - Deed of Immovable Hypothec - Commercial - RBC Life Insurance Company (DOC)
REPORT ON TITLE (Immovable hypothecs other than residential) (DOC)

Saskatchewan

Guarantee (DOC)
Mortgage (DOC)

FATCA and CRS Foreign Tax Residency

Tax Residency

You acknowledge providing us with your country (or countries) of tax residency, either at the time of account opening or within 30 days with respect to any change in circumstances regarding your tax residency.

It is your responsibility to determine where you are resident for tax purposes, and if you are unsure whether or not you are a resident of Canada for tax purposes and/or a tax resident of another country or countries, review information available at the Canada Revenue Agency, U.S. government websites, the Organization for Economic Cooperation and Development (OECD), and/or seek professional tax advice.

OECD website: http://www.oecd.org/tax/automatic-exchange/crs-implementation-and-assistance/tax-residency (opens to external site)

You may be required to provide additional documentation to support your residence status for tax purposes.

Guidance on the Common Reporting Standard (CRS):

Financial accounts that are reported to the CRA are shared with the government of a foreign jurisdiction that an individual or entity is a resident for tax purposes when Canada has an exchange relationship with that jurisdiction. We will be required to automatically report specific information to the CRA on an annual basis. The CRA may in turn forward information about you and your account to the other country.

Guidance on the Canada-U.S. Enhanced Tax Information Exchange Agreement - Foreign Account Tax Compliance Act (FATCA):

In the case of the United States, the CRA also shares the information with the Internal Revenue Service (IRS) when an individual or entity is a U.S. person. The IRS definition of a “United States Person” for U.S. tax purposes includes a citizen or a resident of the United States. A citizen of the U.S. (including an individual born in the U.S.) who is a resident in another country for tax purposes can still be a U.S. person if they have not renounced their U.S. citizenship.

Tax Identification Number (TIN)

You acknowledge providing us with your Tax Identification Number(s) associated with your tax jurisdiction(s). A TIN is a unique identifying number used for tax purposes. Where the jurisdiction of tax residence issues a TIN, we are required to collect and report the TIN. If you are not eligible or unable to obtain a foreign TIN, you must provide a reasonable explanation. We may request from you and collect your TIN through various channels such as in-person, mail, email, phone or online.

The CRA requires financial institutions to obtain from you a self-certification of tax residency when required. Under FATCA and CRS regulations, RBC may be liable to a penalty of up to $2,500 for each such failure under subsection 162(7) of the Income Tax Act.

As such, failure to provide a valid self-certification under FATCA or CRS will result in the temporary restraint of your account until such time as it is provided to us and verified.

If you fail to provide a U.S. TIN when required under FATCA, you may be assessed a penalty of $100 by the CRA directly.

If you fail to provide a TIN for another jurisdiction as required under CRS, you may be assessed a penalty of $500 by the CRA directly.

Entity Classification

If your business has an entity classification for the purposes of FATCA and CRS, the business and any Controlling Persons, if applicable, must provide a self-certification of residency for tax purposes. The Controlling Person of an entity is defined as the natural person(s) who exercise control over the account(s).

Please visit https://www.canada.ca/en/revenue-agency/services/tax/international-non-residents/enhanced-financial-account-information-reporting/information-entities-holding-accounts-canadian-financial-institutions.html (opens to external site) for more information. We may rely on information in our possession including the Standard Industrial Code (SIC) to confirm the entity classification.

Citizenship by Investment / Residence by Investment (CBI/RBI) Scheme

As per the Organization for Economic Cooperation and Development (OECD) (opens to external site)

To the extent that the account holder, or controlling person has identified to have tax residence in a jurisdiction offering a potentially high-risk CBI/RBI scheme, we may require further confirmation that the provided self-certification or documentary evidence is correct and reliable.

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Notice to Law Firms fulfilling instructions provided by the former HSBC Bank Canada relating to Business Credit Facilities

If credit and collateral security documents were provided to borrowers / guarantors / other counterparties prior to March 29, 2024 and are returned by the borrower / guarantor / other counterparty after March 29, 2024, the executed documents will be accepted by RBC. Send executed documents to Borrower’s relationship manager or alternatively send your final report and the original documents in hard copies to one of the following addresses:

For Western Canada, GTA, SW Ontario to: Toronto BLG- 36 York Mills Road 4th Floor, Toronto, ON M2P 0A4
For Atlantic Canada, NE Ontario and Québec to: 1 Place Ville Marie-2e étage/aile Ouest/Crédit à l’entreprise, Montréal (Québec) H3B 4S6
If credit and collateral security documents were NOT provided to borrowers / guarantors / other counterparties prior to March 29, 2024, please contact the Borrower’s relationship manager.
If you are preparing a PPSA / RPMRR registration, please include registration confirmation when providing documents to RBC. If registrations are completed prior to March 29, 2024, please continue your current process to ensure registrations are up to date. If you have any questions regarding PPSA/RPMRR registration renewals, please contact the Borrower’s/guarantor’s/other counterparties’ RBC relationship manager. From and after March 29, 2024, registrations should reflect Royal Bank of Canada as secured party, with an address of 36 York Mills Road, Toronto, ON M2P 0A4 for Western Canada, GTA, SW Ontario and 1 Place Ville Marie-2e étage, Montréal (Québec) H3B 4S6 for Atlantic Canada, NE Ontario and Québec.
If you are discharging a business collateral mortgage in favour of the former HSBC Bank Canada please contact the Borrower’s relationship manager.

Absolute Assignment

What does absolute assignment mean.

Absolute assignment refers to a policyholder transferring his or her ownership of a policy to another party. That transfer means that all of the coverage within that policy will now go to the newly named party. The original owner of the policy does not have to state his or her reasons for doing so nor does he or she need to stipulate any conditions for the transfer.

Insuranceopedia Explains Absolute Assignment

There are a number of reasons why a policyholder transfers all of their rights to a policy to another person or entity. They might think of it as a gift to someone else. It could be the sole means of paying off a loan. Even if the insured has now given up their rights to all of the claims and privileges, they are still responsible for payments for the policy. The new owner might have been asked by the original owner to pay the insurer after the transfer is completed, but if the newly named party fails to do so, the negligence will not be blamed on that person but on the original policyholder.

Related Definitions

Managing general agent (mga), inland marine policy, multiple indemnity, policy reserve, position schedule bond, qualified pension plan, refund annuity, refund life income option, rental value insurance, related terms, transfer by endorsement, noninsurance transfer, risk transfer, insurable interest, non-insurable risk, direct billing, related articles, 5 types of crime insurance policies businesses should consider, choosing the right kind of mortgage, 10 things you need to know about health insurance in the united states, insurance self-service portal: the future of customer experience, blockchain’s impact on transforming the insurance landscape, what every college student should know about renters insurance, related reading, trending articles.

Absolute Assignment of Life Insurance Policies

An absolute assignment transfers all ownership rights of a life insurance policy.

PhotoObjects.net/PhotoObjects.net/Getty Images

1. What Is the Assignment of Insurance Benefits?
2. What Is a Life Insurance Assignment?
3. Does Life Insurance Count Towards the Two Million for Federal Estate Tax?

An absolute assignment of a life insurance policy involves transferring all rights and ownership decisions to another party. You could have one of several reasons for wanting to do this; for example, using the policy as collateral for a loan, or making a donation to your favorite charity at death. Making an absolute assignment is relatively simple as long as your life insurance policy allows it.

How Transfer of Ownership Works

Absolute assignment is akin to a transfer of ownership, in that you are giving all ownership rights to another party. Although you remain the insured under the contract, the new party can change the beneficiary (usually to itself), it can make decisions about investment options of a whole-life policy, and it can take any other action that does not jeopardize the policy's in-force status. You remain responsible for the premium payments, and you could be in breach of the assignment provisions if you don't pay them.

Collateral Loan Bank Assignment

Absolute assignment of life insurance is often done when a person applies for a loan. If the bank is concerned that the loan might not be repaid if you died, if might require a life policy with an absolute assignment to the bank. The bank names itself the beneficiary of the policy up to the amount of the loan balance. Any residual death benefit would go to your named beneficiary.

Financing a Charitable Gift

Another use of absolute assignment is to make a charitable gift. This approach is gaining in popularity.

Life insurance is often purchased to finance a charitable donation by the estate of a deceased individual. One drawback to this approach is that the entire gift goes through the estate and might incur probate delays and fees.

The use of an absolute assignment streamlines the process, as the charity can name itself the beneficiary of the policy. The charity can issue you a tax receipt for every premium, which you can deduct as a charitable contribution.

Absolute Assignment Legal Considerations

Insurance companies freely provide assignment forms that are straightforward and easy to fill out. Once an assignment is complete, a copy of the form should be filed with the insurance company.

The life insurance company may withhold part of its payout to any beneficiary -- including a newly designated one -- if a premium hasn't been fully paid, or because of other indebtedness. That might have legal ramifications for you and the assignee, in which the insurance company will take no part.

Standard Life Insurance Co. of New York: Absolute Assignment Form
Waypoint Partners: Assigning Your Life Insurance Policy
Collateral Assignment Agreement

Philippe Lanctot started writing for business trade publications in 1990. He has contributed copy for the "Canadian Insurance Journal" and has been the co-author of text for life insurance company marketing guides. He holds a Bachelor of Science in mathematics from the University of Montreal with a minor in English.

What is the assignment of insurance benefits, what is a life insurance assignment, does life insurance count towards the two million for federal estate tax, what happens to homeowner's insurance when a person dies, what is the collateral assignment of a life insurance policy, borrowing as a beneficiary from an irrevocable life insurance trust, how to change the maturity date on whole life insurance policy, can you change the owner of a nonqualified annuity, how to cancel an irrevocable trust life insurance policy, how do i set up a trust fund with a life insurance policy, tax consequences of changing beneficiaries on a life insurance policy, how much can i borrow against cash value.

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Customer Services
Policy Assignment
Assign Policy to New Owner

Assign policy to new owner

An absolute Assignment is a transfer of ownership from the Assured (Assignor) to another person or institution (Assignee). The Assignee becomes the new owner of the policy and assumes full legal rights over the policy. All proceeds, including surrender, maturity and claims, will be payable to the Assignee.

You can assign the policy if

1. the policy

- is not using CPF/SRS monies for premium payments

- is not effected under trust

- is not used to be exempted from CPF Board's Home Protection Scheme (HPS)

- is allowed to be assigned under the plan

2. both Assignor and Assignee are

- of sound mind

- not bankrupt

- not under duress

3. The Assignor must be at least 18 years old. For policies issued on or after 1 March 2009, the Assignee must be at least 18 years old. For policies issued before 1 March 2009, the Assignee must be at least 21 years old.

Both the Assignor and Assignee must come to our Customer Service Centre at 1 Pickering Street, #01-01 Great Eastern Centre, with their NRIC.

If the assignment is done between spouses, or parent and child, or siblings, and relationship can be established by producing the marriage certificate or birth certificate, they need not be present at our Customer Service Centre.

Please complete the Absolute/Collateral Assignment form. Additional documents required are stated on the overleaf of the form.

Yes, you can assign to a company or institution.

Both the Assignor and Assignee must come to our Customer Service Centre at 1 Pickering Street, #01-01 Great Eastern Centre, with their NRIC (if the relationship between them is buyer and seller).

For an assignment to a company or institution, a company stamp is required on the assignment form.

No. Once absolutely assigned, the policy ownership will belong to the Assignee. However, the policy ownership can be transferred back to you provided the Assignee agrees to it. A new assignment will need to be done.

You can still assign the policy if the nomination made is a revocable nomination. The revocable nomination will be automatically revoked once the policy is assigned. If the policy has a trust nomination, the trust nomination will have to be revoked before you make an assignment.

Absolute Assignment of a Life Insurance Policy

Absolute Assignment means complete Transfer of Rights. The person who transfers the rights is called the Assignor and the person to whom the rights are being transferred is called the Assignee.

The process of transferring rights of a Life Insurance Policy is called Assignment. There are 2 types of Assignment.

Absolute Assignment
Conditional Assignment

Hence Absolute Assignment means completely transferring whole and sole rights of the policy from the Assignor to the Assignee without any further terms and conditions applicable.

The process of assignment is complete only when the original Policy Document has been endorsed or a fresh Policy Document has been issued in favour of the Assignee.

Let’s take an example:

Rahul owns a Life Insurance policy of value Rs 5 lakhs. He would like to gift it to his best friend Ajay.

Thus, in that case, he would like to perform Absolute Assignment of the policy in Ajay’s name such that the death or maturity proceeds are directly paid to him. Rahul’s family members or nominee does not have any right on the policy money.

After the assignment is executed, Ajay becomes the absolute owner of the policy. If he wishes, he may again transfer it to someone else for any other reason. This type of Assignment without any further clauses attached to it is called Absolute Assignment.

Example in real life of Absolute Assignment happens in case of an Insurance Policy being taken by the employer as a perquisite for the employee. Once the policy is purchased, it is transferred to the employee’s name under Absolute Assignment clause. Hence the employee becomes the owner of the policy, but the employer pays for it till the end. Thus, instead of paying the employee cash, they purchase an insurance policy in their name and add it to their Annual Income Package.

Deepak Yohannan is the Founder & CEO of MyInsuranceClub. He enjoys writing on Personal Finance and focusses on explaining the basic concepts of insurance in simple language.

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Fillable Online Absolute Assignment Form PDF 1520 KB
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COMMENTS

PDF Absolute Assignment
Absolute Assignment (Transfer of Ownership) ... Supplementary forms that may need to be completed within this absolute assignment International Tax (FATCA) ... RBC Life Insurance Company, P.O. Box 515, Station A, Mississauga, Ontario L5A 4M3. PS 87157 00654 (05/2014) Page 3 of 15
PDF Change of Beneficiary
NOTE: Where both Absolute Assignment and Change of Beneficiary forms are completed and submitted to RBC Life Insurance Company ("the Company") on the same date, the Absolute Assignment will be filed first and given prior effect by the Company. Accordingly, the Change of Beneficiary form must be signed by the newly appointed owner.
PDF (TAXABLE INTEREST ANNUITY)
Note: Where both Absolute Assignment and Change of Beneficiary forms are completed and submitted to RBC Life Insurance Company ("the Company") on the same date, the Absolute Assignment will be filed first and given prior effect by the Company. Accordingly, the Change of Beneficiary form must be signed by the newly appointed owner.
Personal Insurance (Canada)
Use the forms below to make a change to your policy. All instructions are included with the form. ... Absolute Assignment (Critical Illness) ... If you have travel insurance through your RBC Credit Card call: Toll Free: 1-800-533-2778 (Canada and U.S.) Collect: (905) 816-2581 (collect from anywhere)
Absolute Assignment (Transfer of Ownership)
Supplementary forms that may need to be completed within this absolute assignment International Tax (FATCA) Supplement — this form is required for all plan types listed below:
PDF ASSIGNMENT OF SITE LEASE
Form 1093 (04-20-2007) SRF # _____ ASSIGNMENT OF SITE LEASE TO: ROYAL BANK OF CANADA (name of borrower) FROM: (full description of mobile home) RE: (address of mobile home ... (whether by way of security, absolute assignment or by way of sub-lease) prior to the date hereof, and agrees that it will not hereafter do so (other than to the Bank). 6 ...
Documents, Forms & Guides
RBC Investors Day 2018. October 31, 2023. RBC's Master Client Agreement for Business Clients (MCA) - Legal Terms and Conditions has been updated and the changes will come into effect December 1, 2023. The changes are applicable to existing business Customers and any new clients who become RBC business Customers on or after the effective date of December 1, 2023.
PDF Absolute assignment of life insurance policy to an individual
Absolute assignment of life insurance policy to an individual In return for the payment made by the assignee to the assignor, the assignor completely transfers to the assignee all rights and benefits in the policy including ... Please consult a lawyer to decide for yourself if you should use this form and this assignment. Mandatory declarations ...
What is an Absolute Assignment?
Absolute assignment refers to a policyholder transferring his or her ownership of a policy to another party. That transfer means that all of the coverage within that policy will now go to the newly named party. The original owner of the policy does not have to state his or her reasons for doing so nor does he or she need to stipulate any ...
PDF BC Life & Health Insurance Company Absolute Assignment Life Claims Unit
Following are some specific explanations concerning this form and its use: 1. NATURE OF FORM - This is an absolute assignment form.It will effect an absolute and complete transfer to the assignee of every benefit, interest, property and right the assignor has in the policy.Nothing whatever is reserved by the assignor. 2.
Absolute Assignment of Life Insurance Policies
An absolute assignment on a life insurance policy transfers the policy's ownership rights to another party. Reasons for making an absolute assignment include financing a charitable gift and ...
PDF FORM OF ASSIGNMENT OF POLICY FOR VALUABLE CONSIDERATION
FORM OF ASSIGNMENT OF POLICY FOR VALUABLE CONSIDERATION. Note : THIS FORM SHOULD NOT BE FILLED IN. The wording of the form, if found suitable, should be copied out either on the back of policy itself, or in the alternative, on a proper stamp paper of the requisite value. And numbered and bearing date the day of 1999 /2000 and the sum assured ...
PDF Absolute Gift Assignment to Individual
Use the "Absolute Gift Assignment to Trustee" form when you want to assign insurance coverage(s) to a trust. Use the "Absolute Assignment For Value" form only if assignments for value are permitted under the Group Contract and the trustee is a viatical settlement provider. Complete the form (you must complete Part Two, and the Assignee ...
PDF Collateral Assignment of Policy
INSTRUCTIONS: Form must be completed in duplicate. An endorsed copy will be returned for your records, as it forms part of your policy document. All persons completing this form have attained the age of majority. Before returning, please check that the appropriate section is fully completed and the signatures have been witnessed and dated.
Access the Business Intelligence Centre Web Site
Access the Business Intelligence Centre Web Site. The RBC Insurance Business Intelligence Centre is a secure, web-based service that allows authorized insurance advisors to access client, policy and other confidential business information to serve their clients. Sign In. The link above opens in a new browser window.
Assign Policy to New Owner
An absolute Assignment is a transfer of ownership from the Assured (Assignor) to another person or institution (Assignee). The Assignee becomes the new owner of the policy and assumes full legal rights over the policy. All proceeds, including surrender, maturity and claims, will be payable to the Assignee.
Absolute Assignment of a Life Insurance Policy
The process of transferring rights of a Life Insurance Policy is called Assignment. There are 2 types of Assignment. Absolute Assignment. Conditional Assignment. Absolute Assignment means complete Transfer of Rights. The person who transfers the rights is called the Assignor and the person to whom the rights are being transferred is called the ...
PDF ABSOLUTE ASSIGNMENT: Use for Transfer of Ownership Rights
Form 57NY (03/01/2016) REG 1 of 2 ABSOLUTE ASSIGNMENT: Use for Transfer of Ownership Rights Policy Number Name of Life Insured or Annuitant For valuable consideration received, or as a Gift, (if desired, check box to indicate Gift Assignment) I/We hereby assign absolutely all my/our rights, title and interest in and to this policy to:
PDF Absolute Assignment of Contract
This form is effective when: 1) received in good order at the home office; 2) signed; and 3) approved by the home office. Except as set forth in the New Owner is a Charity section of these Assignment Provisions, the contract will control if any Assignment Provision(s) conflict with the contract. Thrivent Financial for Lutherans is a fraternal ...
Rbc Insurance Absolute Assignment: Fillable, Printable & Blank PDF Form
Read the following instructions to use CocoDoc to start editing and filling in your Rbc Insurance Absolute Assignment: To start with, seek the "Get Form" button and press it. Wait until Rbc Insurance Absolute Assignment is shown. Customize your document by using the toolbar on the top. Download your completed form and share it as you needed.
PDF Form For Absolute Assignment / Transfer
Form For Absolute Assignment / Transfer. Max Life Insurance Co. Ltd., Plot No. 90 A, Sector 18, Udyog Vihar, Gurugram 122 015. I. [Policyholder's name / duly authorised agent of the Policyholder] ("Assignor") do hereby assign / transfer all my rights, equities, liabilities and benefits in the insurance policy bearing number ("Assignee ...
PDF Absolute Assignment for Value
ABSOLUTE ASSIGNMENT FOR VALUE (includes Designation of Beneficiary by Assignee) GL.2001.142 Ed. 12/2015 Page 1 of 4 ... • You may find the following definitions helpful in completing your assignment form. Absolute Assignment means the irrevocable transfer by an assignor to an assignee of all property rights, title, ...
PDF Absolute Assignment Form for Individuals
Absolute Assignment Form for Individuals. HSBC Insurance (Singapore) Pte. Limited (Reg. No. 195400150N) www.insurance.hsbc.com.sg Customer Care Hotline: (65) 6225 6111 Email: [email protected] Mailing Address: Robinson Road Post Office P.O. BOX 1538 Singapore 903038. PS ABS 2020-12 Page 1 of 6.

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