Navigation:  Loan Screens > Insurance Screen Group > Policy Detail Screen > Policy Information tab > Insurance Information field group > Min Refund Amount

Entry: User, numeric

F/M: Yes

Mnemonic: INMINR

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

 

Use this field to indicate the minimum refund amount your institution is required to issue the customer if the loan pays off early or is canceled. For example, if "10" is entered in this field, and the customer is due $5 for a refund, no refund is issued to the customer.

 

The amount in the Unearned Premium field is compared against the amount in this field to determine whether the refund is under the minimum refund amount regulated by state law. If the Unearned Premium is equal to or above the value in this field, it is refunded to the customer. If the Unearned Premium is below the the value in this field, the Unearned Premium amount is then included in the Earned Premium.

 

See the Refund Rule, Do Not Refund, Return All, and Return All/Within Days fields to learn about options that may affect whether or not a customer is eligible for insurance premium refunds.