Financed Insurance [Insurer]
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 dialog |
- From within a loan account details dialog |
Setup
It is recommended that one insurance item should be setup to cover all financed insurance on the 
dialog. The split of types of insurance financed will be achieved by associating a number policies to the loan.
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 item.
If only one policy is financed then only one insurer entry will be necessary.
After clicking on the 
the below dialog will display:
The below dialog is then displayed:
Note: When an account insurance policy is added or updated an audit record is created detailing the change
Accounts can have a number of insurance policies. When a communication is created for an account, communication fields will be created for all policies.
If the total of amounts entered beside the Premium Financed do not agree with the amount entered against the insurance field on the dialog, the following error message will display:
Click 
, check the amounts on the dialog, and then enter those correctly into the Insurer dialog by editing the incorrect item, or add a missing policy detail.
If an error message does not display, the the amounts loaded to each dialog agree.
Related Articles
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