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  • 1. What is Debt Protection coverage? Public
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    This new loan coverage is NOT an insurance product, therefore not governed by normal Insurance regulations/audits. It is designed to cover situations not normally covered by Disability/Life Insurance. For example: divorce, loss of a job, drop in income. It uses a Level Rate calculation and cannot have the words insurance or premium used on the posting of the debit to the loan. Although it may currently be used as a self-insured offering, insurance companies warrant the loan disclosure fo  More...
  • 2. On our loan credit insurance and/or debt protection posting reports, we see exception descriptions that are abbreviated. What are their meanings and did the premiums/fees post or were they rejected? Public
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    These message indicators appear on the CU*BASE loan insurance premium posting report (TCUNAS2 / TCUNAS3) and the Debt Protection Fee posting/exception reports (TCUNAD2 / TCUNAD3). By looking at the reports, you can tell if a premium / DP fee posted or not based on the exception. LOAN INSURANCE MESSAGES ADD SIGN - There is joint coverage on this loan. There is either no 'additional signer' record, or the birth date for the additional signer is missing or invalid. JT TO SG - There is joint  More...
  • 3. What is the member's transaction description that is used for debt protection fees? Public
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    There are four types of debt protection plan types. 1= Single, 2=Joint, 3=Co-Borrower, 4= Blended. The transaction descriptions are: 1. SIngle Debt Pro Fee, 2. Joint Debt Pro Fee, 3. Co-borrower Debt Pro and 4. Blended Debt Pro Fee.
  • 4. Is it possible to provide single coverage only on the co-borrower of a loan? Public
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    CU*BASE supports Co-Borrower Only coverage for Debt Protection plans. Currently Loan Insurance does not.
  • 5. What is the difference between Single Premium, Level Rate and Monthly Renewable credit insurance? Public
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    All three of these terms describe the manner in which a credit disability premium is calculated for a specific loan. Single Premium - Calculates the premium through a set of rates that correspond to the Original Term of the loan. The premium amount assumes insurance coverage for the full term. This premium is added up front to the loan balance when the loan is created, hence Single Premium . If the loan is paid in full early, the borrower is entitled to a refund for the time between the pay  More...
  • 6. How do I get my CUNA Mutual loan insurance reports after monthly premiums post? Public
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    All vendor (CUNA or any other insurance vendor) Loan Insurance and Debt Protection Reports can be found in CU*SPY. They can also be directed to print or archive using menu Tool #573 OUTQ Report Control . The Report Names in this option are: Loan Insurance = TCUNAS/QPRINT2, TCUNAS QPRINT3, Debt Protection = TCUNAD/QPRINT2, TCUNAD/QPRINT3. One report is the actual posting of the premiums, the second report extracts and of the 'exceptions' in one list, making it easier for a team member  More...
  • 7. What is a modified APR? Public
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    The Modified APR calculation simply subtracts the amount in the Loan fees to include in modified APR field (from the Loan Request screen) from the loan amount to reduce the total amount financed, then re-amortizes the loan to determine the APR. This calculation does not include insurance premiums or debt protection fees. Modified APR
  • 8. Why does my credit report show a code number and leave the client identification field blank? Public
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    The omission of data may be due to a new regulatory requirement listed in the Summary of FCRA Amendments and Protection of Medical Information act. The Limitation states: A consumer reporting agency may not furnish a consumer report for employment, credit, or insurance purposes that contains medical information unless the consumer affirmatively consents (for insurance purposes), the information is relevant to the employment or credit transaction and the consumer provides written consent descri  More...