Extended Receivables Insurance Code Settings

• Accounting > Settings > Revolving Receivables Settings > Extended Receivables Insurance Code Settings

• Accounting > Settings > Installment Receivables Settings > Extended Receivables Insurance Code Settings

• System Administration > System Settings > Accounting System Settings > Revolving Receivables Settings > Extended Receivables Insurance Code Settings

• System Administration > System Settings > Accounting System Settings > Installment Receivables Settings > Extended Receivables Insurance Code Settings

Enter up to 5 alpha-numeric characters to identify this insurance plan. To edit an existing insurance plan, enter the code or click the Search button to choose from the Read-Only Lookup Window.

Enter up to 30 alpha-numeric characters to describe this insurance plan. To access the Description Field - Language Translation Entry screen, click the Action button at this field.

Click the Arrow button and indicate whether this is an Installment or Revolving insurance plan.

This field is active only for Installment insurance plans. Click the Arrow button and select the type of insurance this code represents. Your options are:

• Life

• Accident & Health

• Property

• Unemployment

This field is active only for Installment insurance plans. You can use this optional field to specify a type of insurance that must be sold along with the insurance specified in the Type field. Click the Arrow button and select from the following options.  

• None Selected - Default setting; indicates that no other type of insurance is required

• Life

• Accident & Health

• Property

• Unemployment

Enter an age, in years, to be used as a cutoff for offering this insurance to customers who have reached or exceeded this age; the birthdate of the customer is verified in the Receivables page of Advanced Customer Settings. Use this setting to:

• Prevent the application of this insurance code to a customer's plan during entry. During entry of a customer contract or plan, when you enter this insurance code, the cutoff age is evaluated. If the customer's age is greater than or equal to the cutoff established here, a message is displayed and you must choose a different insurance code.

• Remove insurance from an existing Revolving plan after a customer has reached the cutoff age. During cycling, the cutoff age entered here is compared with the customer's date of birth. If the customer's age is greater than or equal to the cutoff age for the insurance associated with their plan, the cycle process removes the insurance code from the revolving plan prior to cycling the customer's account.

If insurance was added to an Installment plan and the customer reaches the maximum age established here, the insurance is NOT removed from the installment plan.

If you did not indicate a date of birth for the customer and you establish a cutoff age for the plan, that plan is not available for selection for the customer.

This field is active only for Installment insurance plans. Use this optional field to indicate the maximum financed amount that can be insured with this plan.

This field is active only for Accident & Health Installment insurance plans. Use this optional field to specify a maximum monthly payment amount. If the calculated monthly installment payment exceeds this setting, the insurance premium is recalculated based on the setting in this field.

This field is active only for Revolving insurance plans. Use this field to indicate whether you want the monthly insurance fee calculated based on the account's Ending Balance or Average Daily Balance. Click the Arrow button and select one of the following options:

• None Selected

• Ending Balance

• Average Daily Balance  

Indicate the amount per $100 (of the plan balance) to be used in calculating the monthly insurance payment fee. For example, if you enter $2 here and the plan balance is $400, the monthly insurance fee is calculated as $8.

Click the Action button to access the Insurance Code Jurisdiction Settings screen, where you specify the jurisdiction(s) where this insurance is available or not available, jurisdiction(s) that require a unique acceptance form, an underwriter, and maintain the insurance rate table settings. At least one location where this insurance plan is available must be specified.

This field is active only for Installment plans. Click the Arrow button and select the method to be used when calculating rebates for this insurance plan. Your options are: Rule of 78's or Straight-Line.

This field is active only for Installment plans and applies to all types of plans -  Life, Property, Accident & Health and Unemployment. Use this optional field to define a minimum refund amount. If the calculated refund is less than the amount in this field, the rebate amount is set to zero.

Use this field to specify the General Ledger accounts where earned and unearned insurance amounts are to be posted. Click the Action button to access the General Ledger Insurance Accounts window, where you specify the general ledger accounts to which short term (Earned) insurance amounts and long term (Unearned) insurance amounts are posted.  

Check this setting to require this insurance code, when used on a financing plan, to prompt the associated electronic signature capture device (if one is present) at the point of sale terminal for a signature. If unchecked, this insurance code, when used on a financing plan, does not cause the electronic signature ceremony to occur. The default is unchecked.

 This setting is active only if the STORIS Revolving AR or Installment AR modules are enabled on the Licensing tab of General System Control Settings.

Use Configure Document Signature Capture and Configure Document Archive to establish parameters for capturing electronic signatures and business document archiving, respectively. If these features are enabled and the appropriate signature capture hardware exists, the signature capture ceremony is launched and this signed business document is archived.

This setting does not apply to Cancellation forms because there is no Insurance Code for that document type.