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Credit Life Codes

Credit Life Insurance Maintenance​

Purpose To define the rate parameters for life insurance sold on sales contracts. The system will automatically calculate the rate based on the amount financed. The cost of insurance to the seller can be entered as a percentage or flat dollar amount.

 Two methods may be used to calculate the life insurance:

  1.  Gross – This method calculates life insurance using a Rate/$100/Year.

  2.  Net – This method uses a special program (defined in Boat Sales Parameters) to calculate the life insurance amount.

 Credit Life Insurance codes are used in Sales Contract Maintenance, Quick Quote Maintenance, and Quote Maintenance.

From the menu select Sales Management, Codes Maintenance, Credit Life Codes.

1 General Tab

  • Life Insurance Code – Enter the Life Insurance Code. You can press F6 or click the List F6 link in the Command Panel to see a list of all Life Insurance Codes. The Life Insurance Code can be up to 10 characters long. Some examples are NWJL>48 for "Northwestern Life and Casualty (Joint Life >= 48 months)" and NWSL<48 for "Northwestern Life and Casualty (Single Life <=48)
-- Credit Life Insurance –-​
  • Description – Enter a description for the life insurance code.
  • Net or Gross – In the pull down list, choose either Net or Gross for the insurance calculation method. The Gross method uses a pre-programmed calculation. If using Net method, make sure to maintain the correct F&I Net Program in the Programs section of the Finance Information tab of Boat Sales Parameters. The Net calculation programs are listed below. If you are unsure which program to use, try each one and compare the calculated insurance figures with the charts from your insurance company. For an engineering fee, a custom F&I Net program can be created. Contact DockMaster support if interested.

FI.NET.AMERICAN

FI.NET.AMERICAN.TX

FI.NET.AMERICAN.GENERAL

FI.NET.MONUMENTAL

FI.NET.MONUMENTAL.LIFE

FI.NET.MONUMENTAL.FIDELITY

FI.NET.PROTECTIVE

FI.NET.CENTRAL

FI.NET.CENTRAL.WI

NOTE: If Net method is being used and an F&I Net Program is not defined in Boat Sales Parameters, the system will use a pre-programmed calculation program.

  • Maximum Premium – Enter the Maximum Premium for this insurance.
  • Maximum Term – Enter the Maximum Term for this insurance.
  • Maximum Coverage – Enter the Maximum Coverage for this insurance.
  • Cost – Enter the Cost for this insurance. This cost represents your cost to purchase this insurance for the buyer. You can enter the cost as a percentage (e.g. for 12% enter 12 and check Cost as Percent box) or a flat dollar amount (e.g. enter 35.00).
  • Cost As Percent – Check this box if the value in the Cost field is to be a percentage.
  • Rate / $100 / Year – Enter the selling rate as a rate per one hundred dollars per year.
  • F&I Calc Program – Enter the name of your net calculation program, otherwise leave this field blank.
  • Comments – Enter comments for this Credit Life Insurance Code. This is a free form text field.

2 Calculation Table Tab

  • Term Years – Enter the term (in years) to be used for entering rates into a rate table.
  • Age – Enter the higher of the two ages in the age bracket from the rate table (e.g. if age bracket is 30-34 enter 34).