Loans > Loan Screens > Insurance Screen Group > Policy Detail Screen > Commission Information tab

Field

Description

Original Amount

Mnemonic: INOORG

Use this field to indicate the original amount of the commission earned for the branch for selling the selected insurance policy. See below for more information.

This amount can be amortized over time, or it can be taken as one lump sum. This amount is credited into the General Ledger account set up on the GOLD Services > General Ledger > Setup G/L and Commissions screen.

This amount is determined by calculating the Original Premium amount and multiplying it by the Commission Percent, then looking up the percentage amount of the commission due to branches entered in the Branch Percentage field on the Setup G/L and Commissions screen.

Example:

Original Premium = $500

Commission Percent = 30 percent

Branch % on Setup G/L and Commissions screen is 70%.

Corporate % on Setup G/L and Commissions screen is 30%.

Cost % on Setup G/L and Commissions screen is 5%.

500 X .30 X .70 = $105 to the branch.

500 X .30 X .30 = $45 to the corporation.

500 X .30 X .05 = $7.50 for costs.

If a rebate is due back to the insurance policy holder due to a payoff or cancellation, the amount displayed in the Remaining Amount field below is due back to the customer, and this rebated amount will also be debited from the General Ledger account set up on the Insurance Premiums G/L and Commissions screen.

During loan origination from GOLDTrak and the VSI Insurance transaction, this amount is automatically calculated and entered based on percentage entered in the Branch Percentage field on the Setup G/L and Commissions screen.

Remaining Amount

Mnemonic: INOREM

Use this field to indicate the unearned amount of commission for the branch selling the selected insurance policy.

In the event of the loan being paid off or the policy being canceled, the amount in this field will be rebated back to the customer.

Amortized Amount

Mnemonic: N/A

Use this field to indicate the amount of the commission that has been earned by the branch for the selected insurance policy.

This value is calculated by subtracting the Remaining Amount from the Original Amount (see above). This calculation is also based on the Amortization Method selected below.

Date Last Amortized

Mnemonic: INOAMD

Use this field to indicate the most recent date the commission was last amortized for the branch selling the selected insurance policy.

Amortization Method

Mnemonic: INCMET

Use this field to indicate the amortization method used for the selcted insurance policy. See below for more information.