1. Overview

This section allows you to view and manage the Credit Protection Insurance details associated with a client's loan.

2. Accessing the Credit Protection Insurance Tab

1. Navigate to Client Administration.
2. Search for and select the desired client.
3. Click the Loans button.
4. Select the relevant loan and click the Edit Loan button.
5. Select the Credit Protection Insurance tab.

3. General Information

This section displays the core details of the insurance policy.

• Service Provider: The name of the insurance company providing the cover.

• Product: The specific name of the insurance product.

• Policy Status: The current status of the insurance policy.

  • Note: Access to modify this field is controlled by the security setting at Setups > Security > Roles > Loan Group: Credit Protection Insurance Policy Status.

  The available policy statuses are:

  • Pending: The loan application has been submitted but is not yet approved.
  • Active: The loan has been disbursed and the policy is in effect.
  • Lapsed: The policy is no longer active due to non-payment of premiums.
  • Claims Process: A claim has been submitted against the policy.
  • Claim Completed: A submitted claim has been finalized by the service provider.
  • Cancelled: The loan or loan application was cancelled, not approved, or written off.
  • Expired: The loan has been fully paid.

  A policy status can only be changed in the following specific order:

  • Pending to Active: The system automatically changes the status to "Active" when the loan is paid out.
  • Active to Lapsed: This status change is handled by the automated "Lapsed" process. When a policy becomes lapsed, the fields on this page will be disabled.
  • Active to Claims Process: A user with the appropriate security permissions can manually change the status.
  • Active to Claim Completed: A user with the appropriate security permissions can manually change the status, bypassing the "Claims Process" status if necessary.
  • Claims Process to Claim Completed: A user with the appropriate security permissions can manually change the status.

• Policy Start Date: The date the insurance policy coverage begins.

• Policy End Date: The date the insurance policy coverage ends.

• Self Insurance: Indicates if the Credit Provider is paying the insurance premium on behalf of the client. In this case, the premium cost is charged to the loan.

4. Premiums

This section details the insurance premium amounts and calculation rules.

• Premiums: The total premium amount, excluding VAT.
  • Calculation: Credit protection insurance premiums are calculated for 30-day terms and are paid in arrears. Premiums are charged to the loan at the end of each month based on the calculated payable amount per term.
  • Processing Rules: For a premium to be processed, the loan must meet the following criteria:
    • Insurance Policy Status must be "Active" (and not an external policy).
    • Loan Status must be "Active".
  • Viewing Transactions: To view the detailed insurance premium transactions, generate the "Detailed Ledger Report" for a specific date range on the Credit Protection Insurance Ledger.
• Total Premiums: The total premium amount, including VAT where applicable.

5. Action Buttons

• Print Documentation: Prints all documents associated with the loan that were generated at the time of its creation.
• Cancel: Discards any unsaved changes and closes the window.
• Save: Saves all changes made on this tab without closing the window.
• Close: Returns to the previous screen without saving any changes.
• Save & Close: Saves all changes and returns to the previous screen.