Non-Portico-Calculated Loan Protection Insurance

To set up Non-Portico-Calculated loan protection insurance, contact Portico Customer Service. To transmit your insurance data through File Exchange (XRoads), complete the 700–750 Insurance Reports Questionnaire. Portico Customer Service will set up the 750 Report Rules with the loan types or codes the loan extracts should be based on. If using credit union-defined codes to select loans, be sure to send the list of codes and corresponding explanations to your insurance processor.

For debt protection coverage, the Debt Protection checkbox on the Credit Union Profile - Loans tab provides access to a Debt Protection field on the New Loan - Setup tab and the Loan Insurance tab. You can specify the appropriate code in the Debt Protection field on the New Loan – Setup tab and Loans – Insurance tab for the loan that needs to be included in the loan extract. If your credit union is not using the Debt Protection field, you can enter debt protection codes in the Credit Disability Coverage Option field on the Loans – Insurance tab.

For disability coverage, specify the appropriate code in the Disability Coverage Option field on the New Loan – Setup tab and Loans – Insurance tab for the loan that needs to be included in the loan extract.

The Foreign MRCDI field in the Insurance section on the Credit Union Profile – Loans tab indicates how premiums will be paid for MRCDI (Monthly Renewable Credit Disability). The valid options are:

N - Not supported. System default.

S - Premiums are paid by share withdrawals.

L - Premiums are paid by loan advances.

List Bill Payrolls

Regardless of which or how many loans are sent to the insurance processor in the transmission, only those members contained on the list bill created by the insurance processor will have premium payments applied upon processing of the transmission.

List bill payrolls are used to deduct premiums from a member's share or loan account for Non-Portico-Calculated insurance. The associated payroll number for the list bill must be 050 through 059 for share withdrawals and 075 through 079 for loan add-ons or premiums. The insurance company sends the information to Portico via electronic transmission. When the list bill payroll is posted, Portico creates a List Bill Premium Register Report 580 for share withdrawals and an Insurance Premium Loan Advance Register Report 581 for loans add-ons.