Payment Protection and Miscellaneous Coverage
This window appears after selecting Insurance or Debt Protection on the previous screen. You can also access this screen by using the lookup next to Payment Protection on the Member Account Inquiry screen for a loan or on the Loan Recap screen next to the Miscellaneous coverage section.
Check out the video related to this topic: Adding Payment Protection to a Loan (More videos below!)
Learn how to remove payment protection from a loan and complete other lending-related tasks.
If this screen is access via Member Account Inquiry or Loan Recap screen, you will not be able to add additional coverages to the loan.) Via this access point, this screen can also be used to view the history of CPI force-placed insurance (use CPI History (F12)) or miscellaneous coverage selected.
If this screen is accessed via the Loan Recap screen, this screen can be used to learn more details about the miscellaneous coverage, debt protection or insurance added to a loan application.
If accessed via Account Update, this screen can be used to change a members debt protection or add additional protection. For example, if a member's coverage has been discontinued because of delinquency, this could be used after the member reapplies for coverage, use this screen to record the insurance code again and resume posting premiums. Click the lookup button to see a list of your credit union's configured codes. Use Add Coverage (F6) to add additional coverage. Use CPI History (F12) to view the history of CPI force-placed insurance (for credit unions who use the "posting and payment adjustment" method only).
Depending on the type of loan, some insurance types may or may not be available. Insurance codes are credit union-defined using the Loan Insurance/Debt Protection Config (accessed via Tool #465: Loan Insurance/Debt Protection Config).
Once changes have been made, use Enter to record the selections and return to the previous Account Update screen, or use the back arrow to cancel the changes.
Check out these additional video resources!
Adding Miscellaneous Coverage to a Loan
Removing Miscellaneous Insurance Coverage from a Loan Account
Removing Payment Protection from a Loan Account
View more lending videos.
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