LINE TYPES
What does Line Type 351 mean?
Homeowners/dwelling fire policy/HO-6 policy/Commercial hazard policy
C codes for Homeowners
H
The payment for the policy needs to be made payable to the agency and mailed to the agency’s payment address. Here we update the P code as 3 to indicate that the policy is agency billed on Black Knight.
Agency Billed
Turn around time of Regular mail
These payments take around 7-10 business days to reach the insurance company/agency once they are disbursed.
Which flood zones are considered high-risk flood zones?
What does Line Type 353 mean?
Wind/ other additional policies if required
C codes for HO-6 policy / Unit Owners Condo policy
P
The payment for the policy needs to be made payable to the insurance company and mailed to the insurance company’s address. Here we update the P code as 6 to indicate that the policy is direct billed on Black Knight.
Direct Billed
Turn around time of Over night mail
These payments can take up to 1-2 business days to reach the insurance company/agency once they are disbursed.
What is the risk for a flood zone X(Non-Shaded)
Low Risk
What does Line Type 354 mean?
Flood Gap/excess flood policies/other additional policies if required
C codes for Flood/Master condo flood
W
The payment can be made payable to either the insurance agency or the insurance company. We need to check the document for payment instructions or we need to speak with agent to confirm to whom the payment should made payable to.
Follow Billing
Turn around time of Wire/EDI
These payments can take up to 3-5 business days. and it may take additional days for the insurance company to process and apply the payments to the policies.
A borrower has the following information for their property:
What is the minimum flood dwelling coverage required on the borrower's flood policy?
$220,000
What does Line Type 352 mean?
Flood/Master condo flood
C codes for DIC/wrap around policy
N
Disbursement code if policy effective date is 31 days or more from request date
1
Turn around time for LPI to be cancelled once we receive the valid proof of insurance and the borrower’s preferred policy is updated.
The LPI will be cancelled within 2 business days.
A property has the following values:
How much flood dwelling coverage is required?
$210,000
What does Line Type 355 mean?
Master condo hazard / additional policies if required.
C codes for Mobile Home
Disbursement code if policy effective date is within 30 calendar days from the request date / regular payment
C
A customer calls because they have not received their refund check and would like an update. The associate submits a CHKINQ task. When should the borrower be advised to expect a response?
3 business days
An associate reviews the following:
The borrower has $150,000 in flood coverage. Another associate says the borrower needs $250,000 because that is the NFIP maximum.
Who is correct?
The first associate, because the minimum required coverage is $150,000.