Account Insurance Policy Details
Purpose
The Insurer module is used to record details of financed insurance where a component of that insurance is to be paid to an insurer or the insurance is retained by the finance company as income (usually payment waiver and GAP)
There may be more than one type of insurance being financed
Where appropriate, insurance may be clawed back on early termination of a loan account
Insurance commission may be automatically calculated
Timing
When setting up the Quote or manually entering a loan account
Access
- From within a Quote Details dialog |
- From within a Loan Account Details dialog |
Dialog Details
Details Specific Fields
Field | Explanation |
Policy Type | [F2] to highlight and select the required policy type |
| Insurer | [F2] to highlight and select the required Insurer Account |
Policy / Proposal Ref | Enter the Policy Number or Warranty Number if available Otherwise leave blank |
Additional Information | Enter any additional information you may wish to record about this policy |
Start Date | This is the same as the loan start date |
Expiry Date | This date will automatically default to the Start Date plus 1 year This can be overridden with the actual expiry date if different Note: When a loan account is early terminated this date is set to the Termination date. If the early termination is then reversed the date is set back to the original expiry date. |
Cover Amount | Enter the amount of cover provided by the policy if known, otherwise leave blank |
Premium Financed (Gross) | If one insurance policy is to be associated with a loan this will be the same amount as entered on the If more than one policy is to be associated with a loan the sum of premiums financed for each policy must be the same amount as entered on the |
Taxes | This field will be disabled if the Rebate Calc Method = NZ This field will be open if the Rebate Calc Method = AU |
Rebate Calc Method | This indicator determines the calculation method that will be used on Fixed Loan Account Early Termination NZ – the standard rebate method will be used. The calculation of the rebate will be to the Contract End date AU – Taxes will be deducted from the Premium Financed (Gross) when a rebate is calculated. The calculation of the rebate will be to the Policy Expiry date. |
Insurance Commission | This will default to the amount of commission due to the finance company, automatically calculated as the inverse of the premium percentage on the Insurer Account It can be overridden |
Net Paid to Insurer | This will default to the amount to be paid to the insurer It is automatically calculated being the Premium Financed less the Insurance Commission |
Date Paid | This will be the date the ‘Post Insurance Due to Insurer’ routine is run to transfer the premium and commission amounts to the Insurer Account |
Note: If there is more than one policy to be associated with a loan, the sum of premiums financed for each policy must add to the same amount as entered on the 
dialog against the insurance cost item. If they do not balance, the below error will display:
Click 
and check the amounts on the dialog. Enter these correctly into the Insurer dialog by editing the incorrect item, or add any missing policy detail
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