Loan Screens > Insurance Screen Group > Policy Detail Screen > Policy Information tab > Insurance Information field group

Entry: User, numeric

F/M: Yes

Mnemonic: INWUAMT

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

Use this field to indicate the amount of premium to be rebated back to the customer if a loan payoff or policy cancellation occurs as of the current day.

This field is calculated by the system each time the screen is accessed. In order for this field to properly calculate, the following fields must contain information: Original Premium, Policy Term, Policy Effective Date, and Amortization Method.

This amount field appears on the Adjustments tab of the Loans > Payoff screen and is subtracted from the payoff amount. When the Payoff transaction is processed, this amount will be sent as a debit to the Unearned Interest (Payoff/Force Place Ins) General Ledger account set up on the GOLD Services > General Ledger > GL Account By Loan Type screen. Note: This field will only appear on the Payoff screen if information is entered in the Description field.

See the Refund Rule, Min Refund Amount, 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.