Navigation:  Loans > Loan Screens > Insurance Screen Group > Adjustments Screen >

Canceling insurance policies

Navigation:  Loans > Loan Screens > Insurance Screen Group > Adjustments Screen >

Canceling insurance policies

Previous pageReturn to chapter overviewNext page  Print this Topic

Show/Hide Hidden Text

You can cancel insurance policies using the Loans > Insurance > Adjustments screen

 

warningalerticon

WARNING: You must be logged on to GOLDTeller before processing these steps.

 

To cancel insurance polices:

 

1.After accessing and selecting an account, click the insurance policy you want to adjust from the top list view on the Adjustments screen. The fields below the list view are populated with that insurance policy information.

2.Select the Cancel radio button in the Transaction Type field group. (See Adjust Insurance Premiums for how to adjust insurance.)

3.If you do not select either the Check or Balance radio buttons in the Process Transaction field group, the system defaults to Balance, meaning the cancellation will be subtracted from the principal balance on the loan. If the borrower would rather have a check for any unearned interest or unamortized finance charges due back to them, select Check. (See the Setup note at the bottom of the main Adjustments screen help for more information on General Ledger numbers tied to these amounts.)

4.Enter the Cancel Code used with this cancellation. Only two cancellation codes are available:

2 - Flat Cancel = This cancels the insurance policy as though it never existed.

4 - Insured Request = This cancels the insurance policy as of the date of the cancellation. For example, if a force-placed insurance policy were canceled after two months of a 12-month term, the two months of premium would not be returned to the borrower; only the outstanding other 10 months of premium.

5.Enter the Effective Date of when this cancellation will be processed. The default is today's date and will be effective as soon as the transaction is processed. If canceling with a flat cancel (Cancel Code 2), you may want to enter the same date as the policy effective date.

6.If you selected Check in step 3 above, you will need to click <Calculate> to calculate the amount of the check due back to the borrower.

7.Click <OK>.

 

cancelinsurancefieldgroup

 

GOLDTeller opens with one of the following transactions:

 

If you selected Balance in step 3 above, the transaction displayed is the Cancel Other Insurance transaction (tran code 2910-00), as shown below.

 

cancelotherinsbal_1

 

If you selected Check in step 3 above, the transaction displayed is the Cancel Other Insurance by Check transaction (tran code 2910-02), as shown below.

 

cancelotherinsck_1

 

All the information that was entered on the Adjustment screen is transferred onto the transaction.

 

8.If you are canceling with a check, you may need to enter the Check Out Number of the check, unless your institution has the check automatically entered using the Next Check Number screen under Functions in CIM GOLDTeller.
9. Click <Transmit>. The system will notify you of any errors or whether the transaction processed successfully. Check Writer in GOLDTeller will print the check (if applicable).

 

The next loan payment (P/I Constant) for this account will be adjusted accordingly (insurance premium subtracted from the Principal Balance).

 

hmtoggle_arrow1Option to Recalculate P/I Constant

 

hmtoggle_arrow1History

 

For more information on how the cancel transactions affects loans, see the following topics:

 

Cancel VSI Insurance transaction (tran code 2890-00)

Commission Adjustment transaction (tran code 461)

Remove Homegard Insurance transaction (tran code 2890-07)

Remove Flood Insurance transaction (tran code 2890-08)

Remove Fire Insurance transaction (tran code 2890-09)

Remove LPD Insurance transaction (tran code 2890-71)

Cancel Other Insurance transaction (tran code 2910-00)

Cancel Other Insurance Ck transaction (tran code 2910-02)

©2020 GOLDPoint Systems. All rights reserved.