TRUE or FALSE:
Monthly premium charged to customers will decrease as the insured balance declines, or increase if the customer changes age bands.
FALSE.
Monthly premium will not change until the earliest of the following:
- Loan or mortgage renewal date
- LLOC review date
- Date of insured amount changes
- Date of the insurance rate table changes (30 days written
notice to be provided)
100
What is the qualifying period for disability benefit ie. how many days do you have to be disabled so to be considered for the benefit?
30 Days
100
TRUE or FALSE:
You need to use the joint BP to look up the insurance ID in SAP when inquiring on existing loan protection on joint loans.
FALSE.
Insurance ID is searched based on individual BP.
100
TRUE or FALSE:
If a customer has 2 personal loans, 1 for $10,000 and 1 for $75,000, both products are fully insured because it is below the maximum aggregated amount.
FALSE.
Maximum coverage per TPPL or LLOC is $50,000
100
TRUE or FALSE:
HELOC has partial coverage of 25%, 50% or 75%.
FALSE.
HELOC does not offer partial coverage.
200
What is the maximum aggregated coverage amount on Disability Insurance benefit per month, including all products?
$4500/month
200
Who are the THREE parties that are involved in filing the disability claim form?
1) The client
2) The employer
3) The attending physician
200
TRUE or FALSE:
Loan protection information can be found in SAP and in Portal by clicking on the loan number to display loan details.
FALSE.
As per Laurie's Tip of the Week email, "Portal" often does not have the correct information about Loan Protection
Please do not use Portal to advise if any loan or person has coverage or not.
200
TRUE or FALSE:
Mastercard's loan protection is called Balance Protection and its premium rate is based on age as well.
FALSE:
Balance Protection premium does not based on age and has only one premium rate:
$0.99/$100 balance/month
200
Under what condition the insurance premium payment date will change when the loan payment date or frequency is changed?
When the loan and insurance payment was previously bundled.
To bundle payments, submit request via email to Loanprotectioninquiries@atb.com with the subject line "LP bundle payments "Customer Name and Loan Account Number".
300
What is the MAXIMUM aggregated coverage per client on Life Insurance benefit, including all products?
$2 Million
300
What is the form number for creditor insruance's Disability claims?
Form 3404
300
When will the loan protection be auto-terminated?
After 90 days of premium arrears
300
What are the two factors that impact client's monthly disability insurance premium amount on LLOC?
1) Client's age on the 1st of the month
2) 3% of client's average monthly balance used in the
previous month
300
Johnny is 50 years old. He has a mortgage of $100,000 with monthly payment of $1000. Based on the rate table, his life premium rate is $0.52 and his disability premium rate is $5.60.
What is his life and disability protection premium per month?
Life: ($100000/$1000) x $0.52 = $52 per month
Disability: ($1000/$100) x $5.60 = $56 per month
400
What is the maximum age for Life and Disability Insurance for policies offered after Apr 9, 2012 ?
65 for Disability
70 for Life
400
What is the payment frequency and payment date for disability benefits?
Monthly on month-end
400
What is the discount when more than one borrower is insured on a loan?
15% premium discount for each insured person
400
For policies effective after April 9, 2012, how much disability benefit will a client receive if 3% of his/her average monthly balance on the LLOC is $100?
a) $120
b) $100
c) $115
d) $150
c) $115
400
If client has 50% of life coverage on his mortgage with original amount of $500,000, how much insured benefit will be paid to the mortgage with a $200,000 balance when he passes away?
$100,000
500
What is meant by ROPC and how does it work?
Recognition of Prior Coverage.
- Restricted to RML only
- Each applicant must satisfy all terms and conditions for
Loan Protection for the new loan
- Available when the client has been medically declined
- ROPC application must be done within 90 days from the
payout date of the old RML
500
How long does it take Sunlife to provide an INITIAL response (not a decision) to the Disability claim after receiving the claim forms? How will the client get notified on the approval/non-approval decision?
10 Business Days
By WRITTEN notice
500
Which T-code do you use to CREATE loan protection in SAP?
/n/ATB/AM_INS01
500
Which of the following is TRUE?
1) Joint borrower can no longer apply for LP if the primary
borrower is declined and each borrower must have the
same insurance coverage
2) For Investment Express Loan, automatic approval is only
available at the time of the loan application
3) Client needs to re-apply for loan protection when
converting from SFLOC to TPPL
2) For Investment Express Loan, automatic approval is only
available at the time of the loan application
500
If borrower # 1 passes away and the claim is paid out, what happens to borrower # 2 if he/she passes away?
There will not be any pay out. Loan protection is on the "loan" only, so its a "First to Die" coverage.