KBA Insurance Inc., - Hodge & Porter
Credit Life & Accident & Health Coverage
Central States of Omaha and American National Insurance Company’s credit insurance programs protect borrowers against injury, illness and premature death. A one- time initial setup allows lenders to quote calculate and laser print the credit policy from their existing loan documentation system. Credit protection is a great source of fee income and helps financial institutions manage the risks of unforeseen circumstances. Ongoing marketing, product knowledge and sales training is provided by CSO, ANiCO and your KBAHP representative.
Vendors Single Interest (VSI)
VSI protects the financial institution’s interest when borrowers fail to maintain insurance on vehicles or other property. Coverage responds when the collateral is repossessed and there is physical damage to the vehicle and pays the actual cash value or the loan balance at the time of loss. VSI virtually eliminates banks from tracking insurance. The bank benefits from a 10%-20% reduction in charge-offs and the small premium is allowed to be passed onto the borrower at loan origination. Skip, repossession and non-filing coverage is included.
Collateral Protection Insurance (CPI)
CPI allows lenders the capability to force place insurance coverage to protect their interest on known uninsured collateral. This programs requires no change to the banks current internal tracking system. Insurance can be placed instantly once a lapse has been determined and verified. Policies are generated through a secure web based system and premiums are passed onto the borrower. Coverage is available on all types of collateral including commercial type vehicles. The lender has complete control over policies issued and policies cancelled.
Guaranteed Auto Protection (GAP)
GAP protects borrowers against the depreciating values of vehicles in the event it is deemed totaled or stolen and non-recoverable. As vehicle values decline, the loan balance can remain significantly higher depending on the make or model of vehicle, Loan to value and the loan term. GAP is designed to eliminate the deficiency balance between the actual cash value insurance settlement and the loan balance . A secure website allows lenders to determine the potential GAP on new and used vehicles and allows the bank to administer all aspects of the program.
Equiguard/ANT Equity Loan Title Policy
Equiguard/ANT is an alternative to normal title searches performed by local title entities for home equity and second mortgage loans. Administered by Mortgage Protection Insurance Services, this program expedites the closing process and is economically priced and delivered real time. The Equiguard/ANT policy insures the financial institution’s liens position, covers any unknown liens and there is no cost for loans that do not close. Equiguard/ANT title policy is not designed to cover first purchase money loans except in cases when there is outright ownership
Lender Placed Hazard Coverage (LPHI)
LPHI is a simple method that allows bankers instant binding authority to force place hazard insurance on borrowers that fail to maintain their homeowners policy. Coverage is available on residential, commercial, mobile homes and OREO property. Liability coverage is also available under separate application. No annual fees or minimum premium requirements.
Blanket Mortgage Impairment Errors & Omissions (MIEO)
MIEO is a blanket policy that protects the bank’s interest against loss due to the borrower failing to maintain adequate hazard insurance coverage on mortgaged property. One annual premium provides protection for all real estate and commercial property. This coverage can potentially eliminate the bank from tracking hazard insurance on mortgaged property. Evidence of insurance is only required at loan closing.
Flood Zone Determinations
Servicelink National Flood (SVLNK) is one of the top FZD companies In the country. 93% of the standardized addresses ordered are processed and returned to the bank real time. SVLNK has competitive Life of Loan rates and there is no cost for re-certifications. SVLNK’s web based ordering system can be integrated within a large number of mortgage loan documentation programs banks are currently using eliminating re-entry of information. Their no cost “Certmap” benefit provides lenders an aerial photograph of properties located IN the SFHA in conjunction with the actual flood zone area.
Simple Term Life
Affordable term life coverage designed for larger agricultural and commercial loans. An easy one-page application coupled with streamlined underwriting simplifies this process for lenders. Para-medical exam is required and paid for by the company. Annual premiums are guaranteed up to 30 years with A rated companies. Protect your bank and borrower against future unfortunate unexpected situations.
Customer Benefit Programs
KBA/Hodge & Porter has partnered with International Marketing Administration Company (IMAC) to provide customer retention and marketing programs to banks DDA customers. These programs help retain customers and build stronger relationships while generating additional fee income. Programs include Club Checking Accounts and Customer Benefits Programs compliant with GLB. IMAC markets relationship banking strategies and customer engagement programs that help establish goodwill and loyalty among bank customers.
Disability/Business Owners Expense Policy
Disability Income protection with Illinois Mutual is designed to replace a portion borrower’s incomes in the event they suffer a serious injury or illness that deprives them from performing the duties at work. A wide range of occupational guidelines and up to $8,000 a month coverage. Protect your borrower’s most important asset-their ability to earn a living.
Business Owners Expense Policy allows owners to carry on normal business functions and transactions in the event they become totally disabled and unable to perform all substantial duties of their occupation. This is important coverage for new and existing entrepreneurs and professionals to consider when they are solely responsible for the operations and services performed by the business.
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