Insurance policies
The insurance policy details can be added to an application either from the menu items while viewing an application OR directly from within the edit application page.
1. To add using the menu items from within an application:
- Once you have filtered and located the application, the insurance policies can be viewed by clicking the “assets” tab at the bottom of the application page.
Select the insurance policy in the list to view and edit the details.
- In order to capture an insurance policy, select the hamburger menu and click on “add insurance policy” under the “assets section”.
Inception date - will be mandatory to be supplied if the indicator on the insurance policy type indicates it should be. See here for details
Insurer Retention - will be visible if the indicator on the insurance policy type indicates it should be. See here for details
Funding Allocation Percentage - Can be used in premium funding to determine how much of the policy will be funded by investors if the option is used to not deduct payments received prior to term note creation and instead use a percentage of policy value.
2. To add using the edit application page:
- Once you have filtered and located the application, the insurance policy can be viewed by clicking the “assets” tab at the bottom of the application page.
- Click on the edit application icon on the right of the page.
- Navigate to the “asset and liabilities” section and in the asset type drop down, select “insurance policy. Clicking on the “more details” link will open and allow you to capture more details.
- To add another insurance policy, click “Include Another asset”.
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