McCamish PLI - Loan Repayment – Policy Dispatch

Introduction

The purpose of this document is to define the process of Policy Dispatch, when the customer has made full policy loan repayment.

1.1 Policy bond return

On full loan repayment, any holds placed on life insurance policy as security, should get removed accordingly. The life insurance policy should be returned back to the policy owner.

Solution:

1. Customer repays loan at the same PO.

• Assume Loan is indexed in PO “A” & sanctioned in HO associated with this PO
• The Policy bond will be scanned & stored in the CPC associated with this PO.
• Customer repays at the same PO.
• The policy bond will be returned/ dispatched directly from this CPC.
• Therefore an INBOX task will be created in the CPC indicating dispatch of policy bond.

2. Customer repays loan at a different PO but which falls under the same HO.

• Assume Loan is indexed in PO “A”& sanctioned in HO associated with this PO. The Policy bond will be scanned & stored on the CPC associated with this PO.
• Customer repays at a different PO “B” associated with the same HO (Same CPC).
• The policy bond will be returned/ dispatched directly from CPC.
• Therefore an INBOX task will be created in the CPC (since both PO’s are associated with the same HO, the CPC would be same) indicating dispatch of policy bond.

3. Customer repays loan at a different PO & that falls under the different HO.

• Assume Loan is indexed in PO “A”& sanctioned in HO associated with this PO. The Policy bond will be scanned & stored on the CPC associated with this PO 
• Customer repays at a different PO “B” associated with a different HO (different CPC).
• The policy bond will be returned/ dispatched directly from CPC associated with PO “A” (since this is the sanctioning HO) and documents are stored in this CPC.
• Therefore an INBOX task will be created in the CPC indicating dispatch of policy bond.

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