2.11.1 Insurance Maintenance

This topic provides information on Specifying the Insurance Details.

Note:

The fields, which are marked with an asterisk, are mandatory.

1. On Collaterals Maintenance screen, click the Insurance tab.
   The Insurance Maintenance screen is displayed.

   Figure 2-17 Insurance Maintenance

   
   

   
   Description of "Figure 2-17 Insurance Maintenance"

   
   

   Figure 2-18 Insurance Maintenance

   
   

   
   Description of "Figure 2-18 Insurance Maintenance"

   
   

   Figure 2-19 Insurance Maintenance

   
   

   
   Description of "Figure 2-19 Insurance Maintenance"

   
   

   Figure 2-20 Insurance Maintenance

   
   

   
   Description of "Figure 2-20 Insurance Maintenance"

   
   

   For more information on fields, refer to the field description table.

   Table 2-22 Fields and description of Insurance Maintenance

   Fields	Description
   Insurance Name	Click the icon and select the insurance name/insurance company associated with the collateral. The option list displays all valid insurance company names maintained in the system.
   Insurance Number	Specify the insurance number under which that insurance has been issued.
   Insurance Owner	Select the owner policy from the drop-down list. The available options are: Bank Customer
   Insurance Type	Click the icon and select the insurance type that is associated with that collateral. The option list displays all valid insurance types maintained in the system. Select the appropriate one.
   Start Date	Specify the start date for that insurance.
   End Date	Specify the end date for that insurance.
   Revision Date	Specify the revision date of the insurance.
   Notice Days	Indicates the number of days prior to next revision date of insurance. You can modify this value. The period during the notice days is the notice period.
   Insurance Currency	Click the icon and select the insurance currency of the policy.
   Insurance Amount	Specify the insurance amount of the policy.
   Premium Periodicity	Select the premium periodicity of the insurance. The available options are: Daily Weekly Monthly Quarterly Half Yearly Yearly One-Time
   Premium Currency	Click the icon and select the premium currency to be paid.
   Premium Amount	Specify the premium amount to be paid.
   Premium End Date	Specify the premium end date of payment.
   Premium Status	Select the premium status from the drop-down list. The available options are: Paid Unpaid
   Cover Date	Specify the date from which the insurance policy is valid. The insurance cover date cannot be greater than the collateral expiry date.
   Insurance Code	Specify the insurance code of the policy for which you want to capture insurance details.
   Coverage	Specify the coverage details of the insurance.
   Policy Assigned to Bank	Select the policy assigned to bank from the drop-down list. The available options are: Yes No
   Date	In case the policy is assigned to your bank, specify the date on which the policy is assigned.
   Remarks	Specify the remarks about the insurance details.
   Reference Number	The reference number is used to link a particular sub-system record to a particular child entity. Once the child collaterals are added, values entered in unique field considered for each of the collateral type are populated under reference number field of sub-system. You can select the reference number of any child collateral to link it to the sub-system record. Example: If two child collaterals of type vehicle are added with VIN number as VIN1234 and VIN2345 respectively, then these VIN numbers are available under reference number column in the sub-system. You can signify the linkage between the sub-system (for example, Insurance) records and the corresponding child collaterals by selecting the reference number as VIN1234 for one record and as VIN2345 for the other record. In case you need to add a particular sub-system record at main collateral level, select ALL as the Reference number. For information on unique fields based on which the Reference Number field values are populated, refer Table 2-23.
   Insurance Policy Endorsed in Favor	Click the icon and select the bank in favor of which the insurance policy is endorsed. The options are available in the list of values: Own Bank Lead Bank Security Trustee
   Required Sum Insured	On clicking Save, collateral value is defaulted as the value of Insurance policy to be taken to cover the collateral asset.
   Shortfall in Insurance	If the insurance coverage amount is less than Required Sum Insured value, the difference is calculated and displayed as Shortfall in Insurance.
   Lenders Insurance Advisor Appointed	Select the Lenders Insurance Advisor Appointed from the drop-down list. The available options are: Yes No Not Applicable
   Lenders Insurance Advisor Report Date	Specify the Lenders Insurance Advisor Report Date on which report is received from the Lenders Insurance Advisor.
   Lenders Insurance Advisor (LIA)	Specify the name of Lenders Insurance Advisor, if LIA Appointed value is selected as Yes.

   Table 2-23 Collaterals Maintenance

   Collateral Type	Function ID	Unique Fields
   Corporate Deposits	GCDCOLCD	Deposit reference
   Inventory	GCDCOLIY	Entity reference number
   Account receivable	GCDCOLAR	Entity reference number
   Guarantee	GCDCOLLG	Reference Number
   Other bank deposits	GCDCOLOD	Deposit account number
   Accounts & Contracts	GCDCOLAC	Contract Reference
   Main Screen	GCDCOLLT	No child supported
   Obligation	GCDCOLLO	Guarantor CIF Number
   Insurance	GCDCOLLI	Policy No
   Funds	GCDCOLFU	Folio Number
   Bonds	GCDCOLFU	Folio Number
   Stocks	GCDCOLLS	Folio Number
   Commercial papers	GCDCOLCP	Reference Number
   Agriculture	GCDCOLAG	Entity reference number
   Perishables	GCDCOLPC	Entity reference number
   Commodities	GCDCOLCO	Item Reference
   Metals	GCDCOLLL	Serial Number
   Property	GCDCOLLP	Registration Number
   Vehicles	GCDCOLLV	Vehicle Identification Number
   Machinery	GCDCOLLY	Serial Number
   NI-PDC	GCDCOLPD	Cheque Number
   NI-DPN	GCDCOLPN	Reference Number
   NI-BE	GCDCOLBE	Reference Number
   Water Vessels	GCDCOLVE	Registration Number
   Aircraft	GCDCOLLA	License No

2. Click Save to save the record.