You are on page 1of 3

ASSIGNMENT OF PROPERTY INSURANCE CLAIM BENEFITS

This Assignment of Insurance Claim Benefits is made and executed this ________

day of _______________ 201_ at _____________, by and between:

________________________ and ________________, both of legal age, Filipinos

and are residents of ______________________________________________, (hereinafter

referred to as the ASSIGNOR/S),

-and-

RADIOWEALTH FINANCE COMPANY, INC. a corporation duly organized

and existing under Philippine laws, with business address at the 8 th floor, DMC Center,

Domingo M. Guevara (formerly Libertad) cor. Calbayog Street, Mandaluyong City,

represented herein by its _________________________ (hereinafter referred to as the

ASSIGNEE);

WITNESSETH: That

WHEREAS, the ASSIGNEE has granted financial accommodation in favor of the

ASSIGNOR as herein evidenced by a Promissory Note with Chattel Mortgage executed

by the latter in favor of the former;

WHEREAS, the said Promissory Note provides for the loan in the amount

of____________, payable for a period of ______________ and with a monthly installment

of P________________. (Copy of the said Promissory Note with Chattel Mortgage is

attached hereto as Annex Aand B and are made integral part of this contract);

WHEREAS, for purposes of securing the mortgage of the said loan obligation,

the ASSIGNOR hereby assigns and conveys the insurance claim benefits under Policy
No. ________ of _____(INSURER)_____ in favor of the ASSIGNEE, and the latter hereby

accepts the same;

WHEREAS, by virtue of this Assignment, the ASSIGNEE shall have the absolute

right upon the proceeds of the insurance claim to the extent of the amount of the

outstanding obligation of the ASSIGNOR to the former at the time of the filing of the

said claim;

WHEREAS, the ASSIGNOR acknowledges that this Agreement is coupled with

interest and warrants that no attempt shall be made to revoke the same prior to full

payment of its loan obligation to the ASSIGNEE;

NOW THEREFORE, for and in consideration of the foregoing premises, the

ASSIGNOR hereby executes this Assignment of Property Insurance Claim Benefits in

favor of the ASSIGNEE through the abovementioned terms and conditions.

IN WITNESS WHEREOF, the parties hereto have set their hands this _______

day of ______________, 2017 in _______________ City.

____________________________ ___________________________
(ASSIGNOR) (ASSIGNEE)

SIGNED IN THE PRESENCE OF:

___________________________ ____________________________
ACKNOWLEDGEMENT

REPUBLIC OF THE PHILIPINES) S.S


____________________ CITY )

BEFORE ME, a Notary Public for and in ___________________this ______ day of


____________ 2016, personally appeared the following:

Name I.D. no. Place and Date of Issue

_______________________ ________ _________________________


_______________________ ________ ________________________
_______________________ ________ _________________________
_______________________ ________ _________________________

known to me and to me known to be the same persons who executed the foregoing
instrument and they acknowledged to me that the same is their true, voluntary act and
deed and that of the corporation represented.

WITNESS MY HAND AND SEAL.

NOTARY PUBLIC

Doc No.________:
Page No.________:
Book No.________:
Series of 2016.