1. Line Origination User Guide
  2. Funding
  3. Contract Tab
  4. Insurance Sub Tab

8.12.6 Insurance Sub Tab

If there is any information regarding an itemized insurance amount, enter the details on the Insurance sub screen. The Insurance sub screen also enables you to calculate the commission if there is a commission rule defined during Contract setup.

To complete the Insurance sub tab
  1. Open the Funding screen and load the application you want to work with.
  2. Click the Contract > Insurance sub tab.
  3. In this section, you can perform any of the Basic Operations mentioned in Navigation chapter.
    A brief description of the fields is given below:

    Table 8-10 Insurance

    Field Do this
    Insurance Plan Select the insurance plan associated with the financed insurance product.
    Insurance Type View the insurance type associated with the insurance plan.
    Sub Type Select the insurance sub type offered under the insurance plan.
    Insurance Company Specify the insurance company associated with the insurance plan. The system populates the default insurance plan defined during product setup.
    Policy # Specify the insurance policy number.
    Effective Dt Specify the insurance effective date.
    Term Specify the insurance term.
    Expiry Dt Specify the insurance expiry date.
    Commission Rule View the insurance premium amount.
    Premium Amt Specify the insurance premium amount.
    Commission Amt View the insurance commission amount.
    Phone Specify the insurance company’s primary phone number.
    Extn Specify the insurance company’s primary phone extension.
    Phone Specify the insurance company’s alternate phone number.
    Extn Specify the insurance company’s alternate phone extension.
    Beneficiary section
    Primary Specify the primary beneficiary of the insurance.
    Secondary Specify the secondary beneficiary of the insurance.
    Cancellation/Refund section
    Cancellation Refund Allowed If selected, a refund is allowed. A selected box indicates that the insurance premium can be rebated to the customer in case of early payoff.
    Grace Days View the number of grace days allowed for cancellation without charging a cancellation fee.
    Calculation Method View the insurance premium refund/rebate calculation method to be used when insurance is cancelled.
    Grace Days Cancellation Fee Allowed If selected, indicates that cancellation fees during grace is allowed.
    Cancellation Fee View the amount of the cancellation fee to be charged when the insurance is cancelled.
    Deduct Fee From

    View the option defined in setup screen (Setup > Administration > Products > Insurances) to deduct the cancellation fee.

    Premium Amount indicates fee is deducted upfront before computation and Rebate Amount indicates fee is deducted after computation.

  4. If you click the Calculate button, the system computes the commission based on the commission method in the Cancellation/Refund section.

    The commission appears in the Commission Rule and Commission Amt fields of the Policy Information section.

    It also appears on the Itemizations sub screen.

    You can overwrite the suggested value if you choose.

  5. Perform any of the Basic Actions mentioned in Navigation chapter.

Parent topic: Contract Tab