There are times when a client wants coverage through Coverpath that would be personally owned, but collaterally assigned to a loan for his/her business. You can download the quick close process one-pager below.
Simply select Yes to the collateral assignment question and provide the relevant information:
The client e-signs the the collateral assignment form when they are prompted to sign the application packet on docusign when submitting the application. The assignment will then be added once the policy is inforce. If you have further questions, contact Coverpath Support via email (firstname.lastname@example.org) or phone (1-866-957-5347).
MassMutual’s QuickClose program is intended to service business lenders and their loan applicants. QuickClose is a streamlined underwriting program to help deliver a life insurance policy within 10 business days.
Click here for additional information. You can also check details in FieldNet here.
** To use QuickClose on Coverpath, email email@example.com as soon as the app is submitted, indicating that this is a QuickClose. If not already submitted with the app, a completed Collateral Assignment form (FCA-C-1119) is required (click here to get a copy).
To ensure proper handling for QuickClose include "Quick Close – Insured Name" in the subject line.