34 2021201 KBA Insurance KBA Insurance, Inc. | (785) 232-3444 | ksbankers.com/insurance/ Bank Insurance Products • Financial Institution Bond • Management and Professional Liability • Cyber Liability • Property and Casualty Fee Income and Collateral Protection Products Traditional Credit Life and Disability Protection Replaces monthly loan payments if a borrower is disabled or pays off the loan entirely if the borrower dies. A great source of fee income for financial institutions. Mortgage Impairment Errors and Omissions Policy (MIE&O) This blanket policy protects the lender’s interest in the event of a loss due to the borrower failing to maintain adequate coverage on real estate. MIE&O coverage can eliminate the need for tracking hazard insurance on mortgaged property and helps satisfy regulatory requirements. Lender-Placed Hazard Insurance Allows lenders to force-place hazard insurance on borrowers who fail to maintain insurance on real estate. Lenders have instant authority to bind coverage on known uninsured properties and OREO properties. Liability coverage is available under a separate application and policy. Flood Zone Determinations Competitive Life of Loan rates and free re-certifications on refinanced loans are offered. Enhanced “Certmap” provides lenders with aerial photos of property located in the SFHA in conjunction with the actual flood zone area. Vendors Single Interest (VSI) and Collateral Protection Insurance (CPI) VSI eliminates the need to track insurance on titled collateral. The borrower pays a small premium used to cover losses when a delinquent account is repossessed and there is uninsured physical damage. The lender benefits from a reduction in charge-offs from 10% to 20%. CPI allows lenders to administer and force-place coverage on all types of collateral once the financial institution is aware that coverage has expired or lapsed. Term Life Insurance Premiums guaranteed for terms up to 30 years with level death benefits. This is very affordable coverage for agricultural and commercial borrowers. Customer Benefit Plans Provides customer retention and marketing programs to a financial institution’s DDA customers, including Club Checking and Customer Appreciation programs that are GLB compliant and can provide an opportunity for the institution to build stronger relationships with customers while generating fee income. Guaranteed Auto Protection (GAP) GAP pays the deficiency balance between the loan balance and the actual cash value when the auto is totaled. Web access allows the lender to follow the program from start to finish and to calculate the potential GAP on each loan. RESIDX Residential Property Evaluations Evaluations are available as a simple Exterior report, an Exterior with rear-view, and an Interior-Exterior inspection. These services comply with the Interagency Guidelines and allow lenders to avoid costly appraisals for residential loans below $250,000.
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