At times, you may want to track insurance information for different kinds of collateral, such as homeowner’s insurance or auto-insurance. To help facilitate this process, AutoPal Software allows you to record insurance policy information for loan collateral.
To add/update insurance information for a loan navigate to; Loan Manager > Loan > Insurance > Update Insurance.
Enter in the applicable insurance information in each field.
Name Insured: Full name of the insured person. If the name of the insured person is the same as the borrower, select the Borrower button.
Company: Name of the insurance agency e.g. Allstate
Contact / Agent: Name of insurance representative
Phone: Phone number of the insurance agency
Deductible: The amount of expense that must be paid out of pocket before an insurer will pay any expenses
Policy Number: The number given by the Insurance company to track the individual policy
Start Date: The date that the policy starts
End Date: The date that the policy ends or is up for renewal
Once all insurance information in entered, you can save this information by selecting the Save Changes button.
The insurance information and insurance history will now be displayed on the insurance tab.
As policy information changes, and you update the information, the changes will be saved in the “Insurance History” section.