Managing Insurance using Relationship Dashboard

With Q2 Origination, you can manage your insurance in the following ways:

View and select the insurance types that can be offered to a borrower as part of the loan application. The supported options are:
- Application
- Collateral
- Party
Calculate the premium amount of selected insurance.
View the total financed amount = Loan amount +Insurance amount.

The following table describes the insurance as part of the loan application:

Insurance type	Description	Premium type	Applicable to	Additional infomation
Credit Life Insurance	Credit life insurance is a life insurance policy designed to pay off a borrower's debt if the borrower dies. The face value of a credit life insurance policy decreases proportionately with the outstanding loan amount as the loan is paid off over time until both reach zero value.	Single	Application	The premium calculation differs for single and joint borrower loans. In some scenarios, this insurance is issued per borrower.
Disability/Accident& Health	Disability insurance is a type of insurance that pays the loan amount if a borrower is unable to perform their work and earn money due to a disability.	Single	Application	The premium calculation differs for single and joint borrower loans. In some scenarios, this insurance is issued per borrower.

Prerequisites

Before you proceed to add the required insurance to the loan application, ensure that the following prerequisite is met:

The insurance definition is created. To know how to create an insurance definition, see Q2 Origination User Guide > Insurance Setup.

Steps

To add required insurance to the loan application:

Log in to your Salesforce account.
Go to Application and select New.
The Select Application Record Type page is displayed.
Select the required field for Record type of new record, such as Loan or Line of Credit.
Select Continue.
The Select Product page is displayed.
Search and select the Product Name by selecting the Select CL Product .
Specify the details; different fields and checkboxes are displayed based on the selected product.
Select Save.
Open Loan or Line of Credit Application.
To update APR, do the following:
1. For Loan Application:
  1. Go to and select Payment Schedule.
    The Add Schedule page is displayed.
  2. Select Generate APR.
    The APR field is updated.
  3. A small window with the message Successfully Done pops up. Select Ok and close the Add Schedule window.
2. For Line of Credit Application:
  1. Go to Edit .
  2. Specify the APR field.
  3. Select Save.
    Note:
    If the APR is not generated for the Loan or not updated for the Line of Credit application, the insurance cannot be added.
Select the Insurance tab on the Loan Dashboard or the LOC dashboard.
On the Insurance page, select .
The Add Insurance window is displayed.
In the SelectInsurance section, search and select Insurance Definition.
Select Next.
On the InsuranceDetails page,
1. For Health Insurance, specify the Single Premium Life Rate field.
2. For Disability and Accident & Health coverage, specify the Single Premium Life Rate (SPL) and Single Premium Disability Rate (SPD) fields.
Select Submit.
The Single Premium Rate (SPR) field is updated, and the Premium Amount is generated.
Note:
On the Insurance page, if the selected insurance definition is associated with the Object type is:
- Application - the Application field is displayed.
- Application Collateral - both Application and Application Collateral fields are available.
  You need to specify the Collateral field.
- Party both Application and Party fields are available. You need to specify the party field.
Select Save.
If Add to Loan Amount is selected on the Insurance Definition page, the Premium Amount is added to the Loan Amount of the application.