FCIF

This will be applicable to the policies financed via FCIF API. Endorsements affecting FCIF financed policies are handled based on endorsement type:

1.MIB differentiates endorsement types.

2.Once endorsement is successful in MIB, Corresponding FCIF Platform Endorsement APIs are called to update the FCIF system.

3.If Client makes full payment and opts not to finance their endorsement premium, then no changes will take place on the existing loan.

4.If Client opts to finance their endorsement premium.

5.If there is Additional premium resulting from any type of endorsement done on MIB, we should apply additional premium to loan installment on FCIF Portal

6.If there is Reduced premium resulting from any type of endorsement done on MIB and, we should apply reduced to loan installment on FCIF portal

7.Once the FCIF update is successful, installments will be updated accordingly as per business logic on the FCIF Portal and endorsement type