Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.

What is the purpose of the disability and life insurance rate fields on the loan input screens?

April 26, 2017disability Fields input Life Insurance loan purpose rate screens

0

Posted

What is the purpose of the disability and life insurance rate fields on the loan input screens?

1 Answer

0

Posted

These fields are used when an insurance rate calculation based on the outstanding loan balance for a specified term is required. This feature is used by Credit Unions who figure loan payments and amortization’s on this type of insurance. These input fields can be ignored.