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.
Payment Functions
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:
- Insurance payments cannot be processed from the EZPay screen. They are instead processed from the Loans Transactions Make Loan Payment screen.
- Insurance payments are posted with an insurance type and require basic insurance information.
- Late charges can be waived at the same time as the payment.
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:
- Select Insurance Payment in the Payment Selection field group.
- Indicate the payment type (Check/Cash) and account number (the default is the current account number, but you can select other accounts associated with the customer).
- Indicate the transaction amount (the amount of the payment) and the waive amount (the amount in late charges that should be waived when the payment is processed). If an amount is entered in the Waive Fee Amount field, the system will reduce the amount of Late Charges Due when the transaction is run.
- Indicate the effective date of the payment, the type of insurance being used to make the payment, and the insurance coverage dates. See the Insurance Payment help topic for a list of possible insurance types.
- Click the OK button. GOLDTeller will launch an instance of the Insurance Payment (2600) transaction prepared with the information you already entered.
- Verify that the payment information displayed in GOLDTeller is correct and click Send.
See the Insurance Payment help topic in DocsOnWeb for more detailed information about insurance payments.