Insurance Frequently Asked Questions

Question: How do I find the rates a credit union has for Credit Disability and Credit Life Loan Insurance?

Answer: For CDI, refer to the report rules for the 130 Report. For CLI, refer to the report rules for the 485 Report.

 

Question: CDI and CLI rates have been changed, how can they be changed in Portico?

Answer: Submit a request to Portico Customer Service. The rates have to be changed in Portico and in any loan origination products the credit union may be using, such as Loancierge.

 

Question: When trying to book a loan with Credit Life Insurance, the credit union receives this error message: INVALID INSURANCE CONTRACT FOR MRCLI. What does it mean?

Answer: The Contract field must be 3 in the Insurance group box on the Loan Profiles – Additional Information tab for that loan type.

 

Question: The credit union is no longer going to offer Group Pay Insurance. How do we deactivate this option?

Answer: Contact Portico Customer Service. Determine if the credit union will grandfather the existing loans. The Contract field must be changed to 6 in the Insurance group box on the Loan Profiles – Additional Information tab for all loan types. The report rules for the 130 and 485 Reports must be set up.

 

Question: The Max Balance Covered field is $50,000 on the 130 Report Rules, but the system is still posting premium to a member’s account that has a loan balance greater than $50,000. What happened?

Answer: Portico still takes a premium even if the loan balance is greater than the maximum, but places exception code I on the 130 Report. The credit union should monitor that every month.

 

Question: The 485 Report is set up with the correct parameters and the member has an appropriate code on the CLI Coverage Option field on the Loans - Insurance tab for LPINS, but premiums are not being calculated. Why?

Answer: Verify that the Contract field is 6 in the Insurance group box on the Loan Profiles – Additional Information tab for that loan type.