8.12.6 Insurance Sub Tab

This topic provides information on the insurance section, which records and manages insurance policies, coverage terms, and claims to ensure risk mitigation and compliance.

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

To complete the Insurance sub tab

1. On the Origination, click Origination. Under Origination, click Funding.
2. Under Funding, click Funding tab. Under Funding tab, click Contract. Under Contract, click Insurance.
3. In this section, user can perform any of the Basic Operations mentioned in Preface.
   A brief description of the fields is given below:

   Table 8-10 Insurance

   Field	Description
   Insurance Plan	Select the insurance plan associated with the financed insurance product.
   Insurance Type	Displays 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	Displays the insurance premium amount.
   Premium Amt	Specify the insurance premium amount.
   Commission Amt	Displays 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	Displays the beneficiary section.
   Primary	Specify the primary beneficiary of the insurance.
   Secondary	Specify the secondary beneficiary of the insurance.
   Cancellation/Refund	Displays the 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	Displays the number of grace days allowed for cancellation without charging a cancellation fee.
   Calculation Method	Displays 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	Displays the amount of the cancellation fee to be charged when the insurance is cancelled.
   Deduct Fee From	Displays the option defined in setup screen (Setup, click Administration under Administration, click Products under Products, click 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 user 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.

   User can overwrite the suggested value if user choose.

5. Perform any of the Basic Actions mentioned in Preface.