Who will be the beneficiary of an insurance claim made by me?
Proceeds from approved insurance claims shall first be used to pay off any unpaid balance on your loan.
Any proceeds in excess of said balance shall be given to your lawful beneficiary/ies following hierarchy of beneficiary(s).
Please see below for additional information and requirements based on the heirarchy of beneficiaries.
Status of Insured
Requirement
If no record of marriage and single parent
Original CENOMAR of insured from PSA
Original and notarized Affidavit of Extra Judicial Settlement (EJS) to be executed by all the legal heirs (children) of insured together with their Birth Certificate, Claimant's statement form and marriage contract, if married. If minors, to be represented by their mother. Please include in the EJS the phrase “We are the only compulsory legal heirs”. This is in accordance with Rule 74 Sec 1, Rules of Court
If Single (parents are living)
Original CENOMAR of insured from PSA
Original Claimant’s Statement form of parents
If one is deceased, original certificate true copy of their death certificate duly signed and authenticated by LCR with dry seal or docs stamp.
Or Original and notarized Affidavit of Waiver if one parent is willing to waive her/his rights
If Single (parents are both deceased)
Original CENOMAR of insured from PSA
Original certified true copy of their death certificate duly signed and authenticated by LCR with dry seal or docs stamp.
Original and notarized Affidavit of Extra Judicial Settlement (EJS) to be executed by all the legal heirs (children) of insured together with their Birth Certificate, Claimant's statement form and marriage contract, if married. If minors, to be represented by their mother. Please include in the EJS the phrase “We are the only compulsory legal heirs”. This is in accordance with Rule 74 Sec 1, Rules of Court