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

Entry: User, numeric

F/M: Yes

Mnemonic: INCORG

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

 

Use this field to indicate the original amount of the commission earned for the corporation 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 when the insurance policy is originated by calculating the Original Premium amount and multiplying it by the Commission Percent, then looking up the percentage amount of the commission due to corporations entered in the Corporation Percentage field on the Setup G/L and Commissions screen.

 

Example:

 

Original Premium = $500

Commission Percent = 30 percent

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

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

Cost % on Insurance Premiums 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 Corporation Percentage field on the Setup G/L and Commissions screen.