A.1.7.2 Insurance Rebate Quote
OFSLL supports the option to generated an insurance rebate quote to derive the rebate amount for all the active funded Insurances before canceling an Insurance.
You can generate a rebate quote by posting the monetary transaction ‘COMPUTE INSURANCE REBATE QUOTE’ on an existing account in the Customer Service > Maintenance screen.
Table A-17 Insurance Rebate Quote
| Transaction | Parameters |
|---|---|
| COMPUTE INSURANCEREBATE QUOTE | PAYOFF QUOTE VALID UPTO DATE |
| INSURANCE TYPE | |
| CURRENT USAGE |
The same transaction can also be posed to generate a backdated / future dated Insurance Rebate quote.
Note the following:
- If you enter a value for Current Usage parameter (instead of leaving it as zero), system computes the rebate amount using the Pro Rata (Mileage) method. However system also calculates the rebate amount using Refund Calculation Method and considers the minimum value out of both.
- Insurance Rebate quote can also be generated on premium amount for funded insurance (specified in Origination > Funding > Contract > Insurances) while originating Loan applications.
The Rebate amount is displayed in Results section of Maintenance screen.
Parent topic: Financed Insurances