Loan Product Configuration: Insurance Coverage to Quote

Screen ID:

Screen Title:

Panel Number:

UPCCFG-07

Insurance Coverage to Quote

3275

Access this screen while selecting to add insurance coverage on a loan product while adding a loan product. This is also accessed by selecting "Insurance/Debt protection product selection" on the Loan Product Configuration Options screen and then "Insurance" on the following screen.

Helpful Resources

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Screen Overview

To automatically quote insurance premiums when processing a new loan request, use these fields to define which of your configured codes should be used for the quote. All can be changed at the time of the request on the Loan Request Payment Selection screen.

Field Descriptions

Field Name	Description
Payment protection	Enter a code in any or all of the following fields (Click the lookup button $images\magnifyingglasslookup_shg.gif$ to see a list of your credit union's configured codes): Single credit life Joint credit life Disability NOTE: The coverage codes entered here are configured using the Loan Insurance Cfg feature. Every carrier and insurance plan is unique, and affects the loan amortization differently. Loan Quoter and normal loan request processing will quote insurance only if the code is configured properly to offer that type of coverage, and if both the loan and the borrower(s) are eligible. IMPORTANT NOTE: Because of their special set of configuration options, monthly renewable loan insurance cannot be attached to a credit card loan or loan product.
Add to balance	If the payment protection code selected is single premium insurance , this flag should be checked, meaning that insurance premiums should be added to the balance of the loan.
Include in balloon amount	If setting up a balloon loan, and the payment protection you have selected is a single premium insurance type, this flag lets you choose whether the balloon amount should be included in the insurance coverage and therefore included in the premium calculation. Your ability to offer this choice to your members will depend on your state regulations.