FIMMAS / CREDIT for Debt Cancellation / Credit Life Products
FIMMAS supports credit life and debt cancellation products. These coverages can be single or joint. They can be full, truncated, or partial. The coverages can be for various types of credit, including open-end or closed-end, installment loans, lines of credit, credit cards, mortgages, etc.
Rules tables in FIMMAS specify the calculation of coverage amounts, premium amounts (retail and / or remit), premium refunds, etc. Calculations can depend on type of coverage, state of issue, type of loan, and other variables. Initial loan balances, current loan balances, initial loan payment amounts, current loan payment amounts, and loan payment frequency may also be used in the calculations.
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.
== Sources of Data / Interfaces ==
Credit insurance information may be exchanged via interfaces between the lending systems and FIMMAS. These interfaces can be real-time or batch. Interfaces support the following areas:
* Quotes defining what insurance products (including coverage and premium amounts) are available
* Enrollment / submission of insurance application information
* Loan balances
* Changes to loan details, payment amount, payment frequency, loan status, etc. can be sent from the lending system to FIMMAS
* Changes to the insurance coverage or status can be sent from FIMMAS to the lending system
* Claims status and other claims information can be sent from FIMMAS to the lending system
* Client insurance profiles provide the lending system with a recap of all insurance coverage on a particular loan or a particular customer
* Outstanding premiums information provides the lending system with the amount of outstanding / accrued premiums required in conjunction with loan payoff
* Changes to customer information can be sent from the lending system to FIMMAS
* Billing information – FIMMAS calculates the premium due and notifies the lending system
* Premium collection information – The lending system notifies FIMMAS about collected insurance premiums
== Remittance Processing ==
Procedures for Remittance Processing are easily customized to the rules and procedures of each company. The system maintains 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 the cancellation is calculated, and a voucher is written for the refund, if applicable.
FIMMAS allows the producer of the credit coverages to do mass reporting of new issues and cancellations. 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 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.
== Claims / Debt Cancellation Value Calculation ==
Through Debt Cancellation Exceptions screens, authorized users enter information about exceptions that will reduce the amount of the outstanding claim. The Debt Cancellation Value Calculations 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.