Credit Life / Debt Cancellation
Credit Life / Debt Cancellation 

More on this page:

arrow Credit Search
arrow Credit Action HQ
arrow Credit Contract Action Maintenance
arrow Consumer Loan Maintenance
arrow Remittance Maintenance
arrow Remittance Processing
arrow Debt Cancellation Claims
arrow Debt Cancellation Exceptions
arrow Debt Cancellation Value Calculation

FIMMAS supports a wide range of credit life and debt cancellation products:

  • Single Premium Decreasing Life Gross Coverage
  • Single Premium Level Life Gross Coverage
  • Single Premium Decreasing Life Net Payoff Coverage
  • Monthly Outstanding Balance (MOB) Life Coverage
  • Disability Income Coverage (using various retro or elimination periods)
  • These coverages can be single or joint. They can be full, truncated, or partial.

FIMMAS also supports new types of debt cancellation / debt suspension coverages. These can be Life, Property / Casualty, or non-insurance, depending on the prevailing regulatory environment. FIMMAS also supports automobile GAP coverage and some aspects of vehicle service contracts.

 

Rules tables in FIMMAS specify how retail and remit amounts are calculated and how refunds are calculated. These rules can vary by type of coverage, state of issue, type of loan, and other variables.

All of the standard FIMMAS features for Marketing Administration, Actuarial Support, Underwriting, Policy Administration, Correspondence, and other functions are also available for credit life / debt cancellation products.

 

Credit Search

 
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Credit Search
Through the Credit Search screen, a user can search for:
  • Producers / Dealers (Groups)
  • Remittances
  • Certificates

Click on the thumbnail to view a larger screen.

 
    
    

Credit Action HQ

 
The Credit Action HQ screen contains general summary information about a specific Producer / Dealer (Group). Authorized users can inquire into or maintain information for the Producer / Dealer (Group).

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Credit Action HQ
 
    
    

Credit Contract Action Maintenance

 
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Credit Contract Action Maintenance
The Credit Contract Action Maintenance screen provides detailed information about a credit contract to the Service Representative, and gives users easy access to maintenance activities.

Click on the thumbnail to view a larger screen.
 
    
    

Consumer Loan Maintenance

 
 
The Consumer Loan Maintenance screen provides detailed consumer loan information for a particular certificate. Authorized users can update or change information directly from this screen.

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Consumer Loan Maintenance
 
    
    

Remittance Maintenance

 
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Remittance Maintenance
The Remittance Maintenance screen is easily customized to the rules and procedures of each company. It displays information regarding premiums for new issues and cancellations. When a new remittance is added, certificate information is entered, validated, and processed. When a cancellation remittance is entered, the cancellation is processed, the refund for cancellation is calculated, and a voucher is written for the refund, if applicable.

Click on the thumbnail to view a larger screen.
 
    
    

Remittance Processing

FIMMAS allows the producer of the credit coverages to do mass reporting of new issues and cancellations, on a paper basis or an electronic basis. This can be done net of commission or gross. Remittance processing reconciles the amounts input and validates information at the certificate level, calculating any additional amounts owed to or owed by the producer. The system produces statements to the producers reflecting these additional amounts.

Once new issues are validated by the system, they are placed in force on a mass basis. Likewise, once refunds are validated, the refunds are processed and checks generated to the appropriate payees.

    
    

Debt Cancellation Claims

 
After a claim has been added to FIMMAS, a user can access claim summary information for a certificate / contract from the Debt Cancellation screen. From this screen, authorized users can change or maintain information, and can easily access all claim payment functions.

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Debt Cancellation Claims
 
    
    

Debt Cancellation Exceptions

 
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Debt Cancellation Exceptions

Through the Debt Cancellation Exceptions screen, authorized users enter information about exceptions that will reduce the amount of the outstanding claim.

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Debt Cancellation Value Calculation

 

The Debt Cancellation Value Calculation screen displays the amount of the claim payment. This amount is calculated and reduced by exception amounts and any financing limits. This function allows payment information to be furnished to appropriate clients for claim inquiries prior to actual claim payment.

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Debt Cancellation Value Calculation