Initial Process
T/F: When initially scanning the insurance check, you have to make sure the check is endorsed by all parties
False
T/F: All mortgage insurance claims checks must be reviewed and approved by an insurance claims specialist prior to being negotiated.
True
Can members have claim checks deposited at their local branch?
True.
T/F It's after hours, and a claims specialist is not available, you have to follow a different procedure compared to when there is a claim specialist available.
It's after hours, a claims specialist is not available, and member prefers to come back the following business day. He prefers to leave the claims package and the insurance check.
T/F: We can leave the insurance check in a secure locked area in the branch.
False.
The check should not be held at the branch for any reason.
Why is Navy Federal Credit Union a payee on my insurance claim check?
Navy Federal has a financial interest in your property and, as such, is named as a loss payee on your insurance policy.
T/F: Prior to contacting an insurance claims specialist, team members must verify the elements of the check.
True.
T/F: If unable to scan, checks and documents should still NOT be sent via fax.
False.
If an insurance claims specialist is not available, and you followed all the procedure steps, how long should we tell the member that they can expect to wait before being contacted by an insurance specialist?
24-48 business hours
Does the mortgage insurance checks follow the check availability policy? Why or why not?
T/F: Members can deposit their claim checks via ATMs and mobile deposits.
True.
Their insurance claim checks must be endorsed by all parties, including NFCU, in order to be deposited via ATM or mobile deposit.
What is the email address you send insurance documents to?
insurance_claims@navyfederal.org
In the insurance claim process, provide these steps to the member in order from 1 to 3:
• Sign your declaration form and return it to NFCU
• Call us after filing your claim
• Contact your insurance company
1. Contact your insurance company
2. Call us after filing your claim
3. Sign your declaration form and return it to NFCU
Depending on the size of your insurance claim, NFCU will either endorse the check and return it to you, or for larger claims, we will deposit it on your behalf into an account known as Restricted Escrow and disburse it in installments as repairs are completed. T/F: Will the member earn dividends if their funds are held in a restricted escrow?
True.
This dividend is paid monthly and deposited to the regular escrow account.
T/F: If the insurance claim specialist advices the check must be placed into restricted escrow, process a miscellaneous deposit using a GL. Remember to place a check hold on funds deposited into a GL account.
False.
Do NOT place a check hold on funds deposited into a GL account.
When providing the member with the insurance claim packet, is there an option to send the packet via email? If so, how?
Yes. Use the "Brochures" function in UAD to send the packet via mail or email.