Navigation:  Loan Screens > Insurance Screen Group > Policy Detail Screen > Finance Charge Information tab > Amortized Amount

Entry: System, numeric

F/M: No

Mnemonic: N/A

Screen: Loans > Insurance > Policy Detail > Finance Charge Information tab

 

This field displays the amount of the finance charge that has been amortized to your institution's General Ledger account.

 

The amortization method used to earn the finance charge amount is set up when the selected insurance policy is issued on the customer loans account. If Institution Option IHGL is enabled, the Cancel Other Insurance (tran code 2910-00), Force Place LPD Insurance (tran code 2870-71), and Cancel VSI Insurance (tran code 2890-00) transactions use amortization method 2 (Level Yield 2) for the amortization of the finance charge.

 

Possible amortization methods are as follows:

 

1 - Straight Line (Original Finance Charge x Remaining Term / Policy Term)

2 - Level Yield 2

3 - Take All in First Month

 

See the FC Amort field description on the Loans > Insurance > Force Place screen for more information.