Creating and approving a protect claim

The borrower can claim by creating a Protect Claim record through the Protect tab on the contract page. The operator then saves this record and sends it to the approver. Only, after the approval of the claim, the pending principal and interest is waived of for the specified terms mentioned under the partial claim. If, a full claim is created then, after the approval the institute waives-off all the pending principal and interest amount and closes the loan. 

 Steps

Perform the following steps to create a protect claim:

1. Log in to your Salesforce account.
2. Click CL  Contracts tab.
3. Select the Contract ID.
4. Click Protect tab.
5. Select the Initiate Date. 
6. Select the Protect Start Date. 
7. Select the Status as Approved.The Approved Date, field is updated once the claim is approved. The benefit of claim can be taken on or after this date.
8. Select the Waiver Type Approved, for example, Partial.
9. Select the Stand Down Days.
10. Specify the No. of Terms Waived, for example, 3.
11. Specify the Reason for claim. For example, accident.
12. Select the Waiver Type Requested, for example, Partial.
13. Select Save.

Approving a protect claim

You must define the claim approval system as per your business flow. The following actions take place in CL Loan post approval of the claim:

• The pending bills with due date later than or equal to the approval date are waived off. 
• Bills that are generated before the claim is approved are not waived off and must be paid by the borrower.
• One time ACH is cancelled once the claim is approved.
• Recurring ACH is suspended for the specified terms in case of partial claims.
• Any late charges for all applicable bills are not waived off during Protect processing.