Amortization Deep Dive: The Rule of 78s
As we talked about previously, there are many reasons why understanding amortization methods is helpful for financial professionals. Today, we’re...
Depending on the products and services your institution provides, you might occasionally encounter a situation where a customer’s insurance company makes payments on the customer’s behalf.
The details surrounding insurance payments vary wildly depending on many factors, such as the insurance type, individual circumstances, and policy specifications. Death claims, for instance, are often paid as a single lump sum, while disability payments are typically sent monthly. Some insurance payments cover the whole payment or even payoff amount, while others expect the customer to be responsible for a small portion.
All in all, every situation involving insurance payments will be unique, but you can rest easy knowing that processing those payments will be a snap every time. Insurance payments function similarly to regular payments with a few differences:
Once you have accessed the customer’s account in CIM GOLD, simply follow the instructions below to process an insurance payment on the Loans Transactions Make Loan Payment screen. Keep in mind that you must be set up as a teller before you can process payments:
See the Insurance Payment help topic in DocsOnWeb for more detailed information about insurance payments.
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