Introduction to Insurance on LOC

Financial institutions offers insurance products and performs its own calculation of the premium to collect on line of credit products. Therefore, the system is able to receive and apply relevant rate to all subject contracts.

Additionally, banks collects taxes on LOC insurance premiums that are defined per province. Users are allowed to modify conditions accordingly.

At defined age limit, no customer can be granted an insurance regardless of the product type or any other criteria. Therefore, the automatically stops insurance premium collection and any other related activity for customers after their 70th birthday date, for example.

The benefits of this functionality are:

• The system has the capability to define the insurance rate for each age groups. These rates for eligible age groups are defined annually by the details provided by the insurer.
• The taxes on the insurance premium are calculated as per the provincial rate.