Credit Life Insurance

·This form allows a user to insert a new insurance creditor record to which certain default options can be applied

·This particular section will show the user what's involved when inserting an insurance creditor record when the "Credit Life" insurance type is selected.

·Any additional insurance creditor records inserted here as "Credit Life" will determine the preliminary and actual insurance rates used by the system for the specific credit provider selected.

LifeCover

The following is an example of the 3rd Party Insurance Parameters Form

 

 

Minus18The following fields can be found on the Credit Life Insurance form:

·Insurance Type:

oAllows the user to select an insurance type for the selected record.

oThe insurance type selected will determine the behaviour of the insurance record.

 

·Credit Provider:

oAllows the user to insert or select the credit provider for which the default rates will apply.

 

·Preliminary Rate:

oAllows the user to insert a preliminary rate for the insurance, this will be used when the third party insurance has been activated.

oThis applies only to single applications.

oThe preliminary rate is calculated per R 1000 of the obligations outstanding capital.

 

·Actual Rate:

oAllows the user to insert the actual/quoted rate for the insurance this will be used when the third party insurance obligation status is either "Insurance Accepted" or "insurance Quoted Pending".

oThis applies only to single applications.

oThe preliminary rate is calculated per R 1000 of the obligations outstanding capital.

 

·Joined Preliminary Rate:

oAllows the user to insert a preliminary rate for the insurance, this will be used when the third party insurance has been activated.

oThis applies only to joined applications.

oThe preliminary rate is calculated per R 1000 of the obligations outstanding capital.

 

·Joined Actual Rate:

oAllows the user to insert the actual/quoted rate for the insurance this will be used when the third party insurance obligation status is either "Insurance Accepted" or "insurance Quoted Pending".

oThis applies only to joined applications.

oThe preliminary rate is calculated per R 1000 of the obligations outstanding capital.

 

·Contingency:

oIs the percentage of the total quoted amount which is added on the total preliminary amount.

 

·Description:

oAllows the user to insert the description for the Default Rate Record.

 

·Excluded Tick Box:

oAllows the user to exclude the current creditor from the client's preliminary amount.