Credit Card
The amount of CARs credited for adding comprehensive coverage to a credit card
WHAT IS: 100k
Jordan is a small business owner who just took out a Small Business Loan with comprehensive coverage from his advisor, Brenda. Brenda will be awarded this many CARs for the protection component
WHAT IS: $250k.
*Life Coverage is 1 CARs x Sales for new/refinanced mortgages.
Lina's client approves for a $20,000 LOC in which they want all 4 Types of Protection. She will be credited this many CARs for the protection.
WHAT IS: 40K CARs
*0.5 CARs per type of protection x Sales
Customers have this many days as a "Right to Review" in which they may cancel their creditor protection with a full refund of any premiums paid.
WHAT IS: 30 days.
*Note: This should not be used as a selling tactic. "Try it for 30 days free and if you don't like it, cancel!" This leads to misinformed and dissatisfied clients.
Jimmy is eligible for basic protection on his credit card, which will award this many CARs to Nancy, his advisor.
WHAT IS: 50k
The amount of CARs credited for adding basic coverage to a SBL
WHAT IS: 50k
This is the amount of CARs Celestina will be credited for adding Disability coverage to her clients refinance (one borrower).
WHAT IS: 0.5 CARs x Sales amount
*Same goes for CI and JL.
Differing from mortgage protection, ScotiaLine protection CARs are credited based on the number of these, not the number of borrowers.
WHAT ARE: Types of protection.
*Ex. B1 & B2 are joint on a $50k LOC and they both take Life coverage. Since only 1 type of protection sold, only 25k CARs will be credited.
This means the customer fully understands and clearly agrees to the terms and conditions of the product(s) or service(s) being provided and agrees to be enrolled.
WHAT IS: Express consent.
*This must be obtained before we provide/sell any protection products. This is obtained first verbally, and then by signing the Creditor Protection eform.
Jimmy comes to the conclusion that he does not need his basic protection and decides to cancel. If he does so within this many days, Serena's CARs will be reversed.
WHAT IS: 90 days.
Chris helped his customer, Robert, apply for a SBL. On the SBL application under the Officer ID tab, Chris must enter this number.
WHAT IS: his employee number.
This is the number of CARs Faiza will get for adding life coverage for both borrowers on their brand new $300k mortgage.
WHAT IS: 600k CARs.
Serena increased her clients unsecured line of credit from $10k to $20k and clients already have all 4 types of protection. Serena will be credited this many CARs for the protection component.
WHAT IS: 0 CARs.
*CARs are credited once for each Type of Protection added to new or existing borrowing products. Scotia employee would have received CARs when the protection was initially set up.
Through discovery questions, Andrea finds out her client (international student) does not work more than 20 hours/week but he is looking for credit card protection. Fortunately, they are still eligible for this coverage.
WHAT IS: Basic protection.
If there are 2 borrowers on a joint credit card and they both take comprehensive protection, the scotiabank employee will be credited this many CARs
WHAT IS: 100k.
*CARs are credited once per credit card, regardless how many borrowers covered.
The number of days in which CARs will be reversed if coverage is cancelled by the client.
WHAT IS: 90 days.
This is the number of CARs Faiza will get for adding life coverage for both borrowers on their $300k mortgage renewal.
WHAT IS: 900k.
*That's right! Mortgage Protection CARs are credited based on the number of types of protection PER eligible borrower.
300k*1.5 CARs for life coverage on a renewal*2 borrowers = 900k CARs
When Recording Results after advancing funds onto his clients' STEP LOC, Anthony makes sure he selects this prompt.
WHAT IS: Pending LOC Advance.
*Sales Builder will not be able to credit CARs unless this is selected when dealing with a LOC advance.
Critical Illness is contingent on Life, and Job Loss is contingent on this coverage.
WHAT IS: Disability.
*It's like having a burger without fries - you can't have one without the other. But also in this case McDonald's does not allow you to purchase these items individually. If someone wants Job Loss they must have Disability.
Scotiabank employees must submit a request for a manual adjustment in order for CARs to be credited on this product/program
WHAT IS: SPP/SPSP program
This 2 word, 10 letter name of the insurer for SBL protection.
WHAT IS: Canada Life
Mortgage Renewals:
WHAT IS: We ran out of clue ideas so now we're giving the cold hard facts.
This is great though hey?
This is the number of CARs credited to the advisor who opens an SPSP LOC with protection (flat rate).
WHAT IS: 100k CARs.
*CARs credited once per customer and not only per protection type.
Life, Hospitalization, Critical Illness and these 4 covered events make up Comprehensive coverage.
WHAT ARE: Disability, Job Loss, Strike, & Lockout.
*Note: Strike & Lockout are only available on credit card products through Comprehensive coverage.