Navigation:  Loan Screens > Insurance Screen Group > Policy Detail Screen > Commission Information tab > Branch Income field group > Original Amount

Entry: User, numeric

F/M: Yes

Mnemonic: INOORG

Screen: Loans > Insurance > Policy Detail > Commission Information tab

 

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