Loan insurance rates maintenance
If your credit union operates the "Accident & Sickness (AS)" / "Accident, Sickness & Unemployment (ASU)" insurance scheme it is necessary to setup a table of rates.
These rates will be given to you by the insurance company underwriting the policy. It is possible to earn commission from your members who take out loan insurance.
- If your insurable cover is not variable based on the loan term, simply specify 1 and 999 as the from an to parameters.
- Charging commission - make the chargeable rate higher than the payable rate.
- Not charging commission - make the chargeable rate the same as the payable rate.
- Type 'D' is the code for AS and 'R' for ASU. Whatever record you create first will be the default within the loan calculator.
