Loans > Loan Screens > Insurance Screen Group > Adjustments Screen

Field

Description

Transaction Type/Process Transaction field groups

This function allows you to select whether you want to adjust or cancel a current insurance policy tied to this loan. See below for more information.

Before you can select a transaction type, you must select a policy from the list view above by clicking on the policy in the list.

If you select Cancel, the Coverage Amount, Original Premium, and New Premium will disappear, and the Cancel Code field appears (see below).

You also need to determine whether this adjustment or cancellation will be done by account balance or by check by selecting either Check or Balance in the Process Transaction field group, as shown below.

When you finish entering information in the rest of the fields in this box and <OK>, the system launches a GOLDTeller transaction, depending on which transaction type and process you selected. Note: You must already have GOLDTeller open before clicking <OK>.

•If you selected Adjust and Balance, GOLDTeller will process the Adjust Insurance Premium transaction (tran code 2940-00)

•If you selected Adjust and Check, GOLDTeller will process the Adjust Insurance Premium Ck transaction (tran code 2940-02).

•If you selected Cancel, GOLDTeller will process one of the following transactions, depending on which type of insurance policy you are cancelling:

Cancel VSI Insurance (tran code 2890-00)

Remove Homegard Insurance (tran code 2890-07)

Remove Flood Insurance (tran code 2890-08)

Remove Fire Insurance (tran code 2890-09)

Remove LPD Insurance (tran code 2890-71)

Cancel Other Insurance (tran code 2910-00)

Cancel Other Insurance Ck (tran code 2910-02)

For more information concerning each of these transactions, click the links above.

The City/County Only radio buttons are only available if the insurance policy selected in the list view is city or county specific. City or county-specific insurance policies have information in the City Code and County Code fields on the Tax and Surcharge tab of the Loans > Insurance > Policy Detail screen. Once you select the policy from the list view, you can use these radio buttons to indicate whether the policy is specific to this city or county code. Select the city or county code from the City Name | City Code | County Name | County Code field below.

Policy Originated

Mnemonic: INPORG

This field indicates whether the selected customer account was established at the time of origination (rather than force placed later on). The system uses this field to determine which transaction will be used to cancel certain insurance types on the account.

The status of this field depends on the status of the ?Was Policy Originated field on the Loans > Insurance > Policy Detail screen.

Account Number

Mnemonic: INDTIC

This is the account number of the loan that is tied to this insurance policy. You can select this number from the list view above, or you can manually enter a new account number to which you want this policy associated using the Policy Detail screen.

Original Premium

Mnemonic: INOBAL

This field holds the original premium amount for this insurance policy. You cannot file maintain this field. It is pulled from the Policy Detail screen.

Policy Number

Mnemonic: INPLCY

This is the insurance policy number tied to this loan account. You must select a policy number number from the list view above, or you can manually enter a new policy number using the Policy Detail screen. If you are adjusting an insurance policy (by selecting Adjust from the Transaction Type field group above), you can enter a new policy number, if applicable.

New Premium

Mnemonic: IITAMT

This field is only displayed if you are adjusting an insurance policy (select Adjust in the Transaction Type field group above). Enter the amount, if any, of the new premium amount for this insurance policy. After you enter information in the other fields on this screen and click <OK>, the system will bring up the applicable transaction in GOLDTeller, which will allow you to process the adjustment using the new premium amount.

	Note: You should already be logged on to GOLDTeller to process the adjustment.

Effective Date

Mnemonic: INDLAC

This is the effective date of this insurance policy, as originally entered on the Policy Detail screen. You can manually change this date to a new effective date if you are adjusting the insurance policy. If you are cancelling the insurance policy, this is the date the policy is cancelled.

See the Adjustments screen help for more information on how to adjust or cancel insurance policies on a loan.

Check Out Amount

Mnemonic: IOCKAM

This field is entered only if the transaction you process through GOLDTeller calls for it. Transactions dealing with the Check Out Amount are the Adjust Insurance Premium Ck transaction (tran code 2400-02) and Cancel Other Insurance Ck transaction (tran code 2910-02). These transactions calculate the amount the insurance policy refund should be (if there is one), and then in GOLDTeller you process a check to the customer for the amount of the refund.

To calculate the check amount, you must enter all other applicable fields in this field group, and then click <OK>. See the Calculate New Insurance Premiums with a Check topic for detailed information.

Coverage Amount

Mnemonic: INCAMT

This field is only displayed if adjusting insurance (select the Adjust radio button in the Transaction Type field group above). This is the coverage amount for this insurance policy, as originally entered on the Policy Detail screen. You can manually change this amount to a new coverage amount. The system requires that it be less than the original coverage amount.

When you click <OK>, the system brings up the applicable transaction (depending on whether Check or Balance is selected in the Process Transaction field group above) in GOLDTeller, which will allow you to process the adjustment or cancellation of the insurance policy.

	Note: You should already be logged on to GOLDTeller to process the adjustment.

Insurance Term

Mnemonic: INTERM

This field displays the term of the insurance policy, as originally entered on the Policy Detail screen. You can manually change this term to a new policy term if you are adjusting an insurance policy (the Adjust radio button is selected in the Transaction Type field group).

Insurance Type

Mnemonic: INTYPC

This field displays the insurance type code, from 1-99, that identifies the type of insurance. This field is not file maintainable on this screen, but can be file maintained through the Policy Detail screen. See below for a list of possible codes in this field.

Insurance Type codes

City Name/City Code/County Name/County Code

Mnemonic: N/A

This field is only file maintainable if the insurance policy is city or county specific. The city and county specifications are set up on the Policy Detail screen.

Cancel Code

Mnemonic: N/A

This field only appears if you select Cancel in the Transaction Type field group above. See below for more information.

Cancel Code details

This field describes the reason the insurance policy is being canceled. It is used for insurance reporting purposes. The actual selections available in this field might vary depending on whether your institution uses the Loans > System Setup Screens > Client Code Setup > Insurance Cancel Options screen. See help for that screen for more information. Possible reasons for cancellation include:

2 - Flat Cancel

3 - Claims Reference

4 - Insured Request

5 - Reposession

9 - Bankruptcy

10 - Legal

11 - Charge Off

If the cancellation code you want to use isn't displayed in this list view, contact your GOLDPoint Systems account specialist to have the cancellation code added to this list. (GOLDPoint Systems Only: These codes are added in IMAC Tables.)

After you enter a code in this field, then click <OK>, GOLDTeller launches one of the following transactions, depending on which type of insurance you are cancelling: