Reviewing Member Life Savings Insurance
|
|
|
|
|
For more information about insurance, see Insurance.
The Life Savings Insurance dialog box lets you maintain a member's qualification status for life savings insurance coverage. The information shown on the Life Savings Insurance dialog box reflects the sum of all savings accounts for the member, including certificates, that are eligible for life savings insurance coverage.
To display the Life Savings Insurance dialog box, under Member Services on the Portico Explorer Bar, click Account Information. The Overview tab appears on top. Locate the member using the search tool on the top menu bar. Click the down arrow to select the search method, then enter the search criteria. Click the green arrow or press ENTER to locate the member.
Click the Misc. Requests tab. Click the Life Savings Insurance button.
How do I? and Field Help
Complete the following fields to update the member's qualification status for life savings insurance coverage.
| Field | Description |
|---|---|
|
The portion of the member's total eligible shares deposited while at the designated age range. These amounts increase or decrease depending on the amount deposited or withdrawn. If the withdrawal is greater than the amount in this field, the field changes to zero, and the remainder is withdrawn from the next lower age bracket Length: 12 numeric including decimal point Keywords: 00 - Age 0-54, 55 - Age 55-59, 60 - Age 60-64, 65 - Age 65-69, 70 - Age 70-plus |
|
|
The portion of the member's total eligible shares that has been disqualified for insurance protection. Withdrawals for ineligible members decrease the Ineligible Amount field. Length: 12 numeric including decimal point Keyword: IN |
|
|
Click the down arrow to select the reason a portion of the member's total eligible savings was disqualified. The recommended options are: Blank - Eligible. System default. 01-15 - Ineligible. Defined by credit union. 20 - System assigned code denoting absence of date of birth. The member's date of birth should be corrected, delete the code and correct the amounts in the appropriate age groups. Keyword: CD |
|
|
The effective date when the member was disqualified for life savings insurance protection. Click the down arrow to select the date from the pop-up calendar or enter the date in MM/DD/YYYY format. Keyword: DT |
The Total Amount field displays the sum of all the member's share accounts eligible for life savings insurance protection. The eligible share types are specified on the Share Profiles window. Keyword: DA
Click Save to save your changes. Click Cancel to disregard your changes.
To view the Life Savings Insurance dialog box, you must be part of the Teller - Basic, Teller - Advanced, or Member Services - User security group, or add the MbrInfo - Life Savings Insurance - View Only permission to your credit union-defined security group. To maintain the Life Savings Insurance dialog box, you must be part of the Member Services - User security group, or add the MbrInfo - Life Savings Insurance - Maintain permission to your credit union-defined security group.
Grandfathering allows the continuation of a specific type of insurance coverage for currently insured individuals until their account (or loan) is closed or paid off. When the Option field is X in the LSI group box in the Insurance section on the Credit Union Profile - Shares tab, Portico will only apply withdrawals to the insured amount specified in the latest age field on the member’s Life Savings Insurance dialog box. Deposit transactions will have no affect on the insurance amount. When the life savings insurance balance is zero, the member will no longer be insured and the insurance trailer will be deleted from the member record. The message CREDIT UNION IS GRANDFATHERING OUT LIFE SAVINGS INSURANCE will appear on the Life Savings Insurance Report 235. The 235 Report lists totals representing the credit union's eligible shares for life savings insurance.
none
- Life Savings Insurance Report 235
- Birthday Report 530
The back-office cycle updates the Life Savings Insurance dialog box and keeps track of life savings insurance fields as the member makes deposits and withdrawals. The particular fields updated depend on the member's age when the transaction occurs.
The following options are assigned by the credit union:
- Maximum amount of life savings coverage - specified in the Maximum field in the LSI group box in the Insurance section on the Credit Union Profile - Shares tab.
- Eligible share types for life savings insurance - specified in the Option field in the LSI group box in the Insurance section on the Credit Union Profile - Shares tab.
- Designate individual members ineligible for life savings insurance
The appropriate age amount increases depending on the transaction amount deposited.
The appropriate age amount decreases depending on the transaction amount withdrawn. If the withdrawal is greater than the amount in the member's age amount field, the field changes to zero, and the remainder is withdrawn from the next lower age bracket. Withdrawals for ineligible members cause a decrease in the Ineligible Amount field. If the withdrawal amount is greater than the amount in the Ineligible Amount field, the age amount field will be affected.
Portico Host: 147