Product Knowledge (Loan Protection)

If the client didn't want to cover the whole loan amount at the time of purchase, will their insurance claim be affected?
Yes, if at time of application, the amount of the Insurance Coverage for which the customer has enrolled in is less than the approved loan or lease payment ...
Wed, 11 Nov, 2020 at 9:41 AM
How do I truncate the coverage?
To truncate a coverage, you may select a shorter term.  In addition, for Life and Critical Illness, you may manually change the insured loan amount on the H...
Tue, 10 Nov, 2020 at 6:15 PM
What do I enter under loan amount?
Please enter the total loan amount from your DMS provider.  This includes accessories, delivery fees, taxes and the cost of other warranty products but ...
Fri, 6 Nov, 2020 at 11:01 AM
When does coverage terminate on Loan Protection policies?
All insurance coverage, for which a customer has enrolled, will end on the earlier of the following: The expiry of the “Maximum Term of Insurance” as s...
Tue, 10 Nov, 2020 at 7:22 PM
When does coverage begin on Loan Protection policies?
The effective date of insurance for single Premium Creditor’s Group Insurance coverage begins on the effective date of insurance as stated on the Insurance ...
Tue, 3 Nov, 2020 at 2:32 PM
What are the eligibility criteria for Loan Protection?
A customer is eligible to enroll for insurance on either a Loan or Lease plan, providing as of the effective date of insurance shown on the Insurance Enroll...
Tue, 3 Nov, 2020 at 2:22 PM
Have we considered going to flat rate or bundle pricing rather than having so many tables and variables?
Yes, the Essential and Essential Plus Plans have a bundled product, offering Life (negative equity,) Loss of Employment and Disability coverage with two pre...
Tue, 3 Nov, 2020 at 2:17 PM
Is the customer obligated to purchase Creditor Insurance on their Loan or Lease plan?
The Co-operators Creditor Insurance is an optional and voluntary product which offers security during times of financial hardship caused by certain life eve...
Tue, 3 Nov, 2020 at 2:16 PM
What do I enter under "Finance Amount" when building a quote for a Loan Protection policy?
The "Finance Amount" for Loan Protection policies refers to the total amount that is being financed.
Tue, 3 Nov, 2020 at 2:14 PM
What does "Contract Residual" refer to?
Contract residual refers to the value of the vehicle at end of contract. 
Mon, 2 Nov, 2020 at 7:59 PM