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

The Cancellation Information field group shows details concerning the cancellation of an insurance policy, if applicable.

lipd_cancellation

The fields in this field group are as follows:

Field

Description

Cancellation Date

Mnemonic: INCAND

Use this field to indicate the date the selected insurance policy was canceled (if applicable). Insurance will be amortized to this date.

Cancellation Code

Mnemonic: INCANC

Use this field to indicate the reason the selected insurance policy was canceled (if applicable). Insurance policies can be canceled using the Loans > Insurance > Adjustments screen. See below for more information.

Possible selections in this field are:

Code	Description
1	Early payoff
2	Flat cancel
3	Claims reference
4	Insured request
5	Repossession
6	Repo 1st day
7	Refinance
8	Death claim
9	Bankruptcy
10	Legal
11	Charge-off
20	Reinstate

Cancellation Reported

Mnemonic: INLRPD

Use this field to indicate the date the selected insurance policy was reported as canceled to an insurance company. This field is only used in connection with insurance companies designated by GOLDPoint Systems.

When a new policy is canceled, this field should be left blank. At the end of the month, the system will check for canceled policies using the Cancellation Date (see above). If there is an indicated Cancellation Date and this field is blank, the policy will be included in a transmission and the date of transmission will automatically be entered in this field. In the following month, the policy will not be reported.

This date is used to determine when to send the policy information, rather than the month the policy was canceled. This allows your institution to cancel a policy effective for a prior month (backdate the cancellation) and still be able to report the cancellation several months after the cancellation was effective.

	WARNING: This is a required field in reporting canceled policies. If this field is left blank, the cancellation will be included that month on a transmission and could result in your institution receiving duplicate refunds.

Refund Amount

Mnemonic: INVSIR

Use this field to indicate the amount of the insurance refund in the event of cancellation.

IRS Owner Death Date

Mnemonic: NDDTDT

This field displays the death date of the customer (if applicable).

New Policy 1st Reported

Mnemonic: IN1RPD

Use this field to indicate the date the selected insurance policy was reported as a new policy on a transmission to an insurance company. This field is only used in connection with insurance companies designated by GOLDPoint Systems.

When a new policy is created, this field should be left blank. At the end of the month, the system will check for canceled policies using the Cancellation Date (see above). If there is an indicated Cancellation Date and this field is blank, the policy will be included in a transmission and the date of transmission will automatically be entered in this field. In the following month, the policy will not be reported.

	WARNING: This is a required field in reporting new policies. If this field is left blank, the policy will be included that month in a transmission and could result in your institution receiving duplicate bills for a new policy.

Company Indicator

Mnemonic: INCOPT

Use this field to indicate the company from which the selected insurance policy was purchased. This field is only used in connection with insurance companies designated by GOLDPoint Systems.

	GOLDPoint Systems Only: The insurance companies in this list are set up on the GOLDPoint Systems > IMAC Tables (select FPINCOPT (Insurance Company Indicator Descriptions)).