Professional Documents
Culture Documents
Polytechnic University of The Philippines Sta. Mesa, Manila
Polytechnic University of The Philippines Sta. Mesa, Manila
Submitted by:
Mercado, Monica Lucille Anne M. Mercado
BBF 3-10N
Submitted to:
Prof. Realin C. Aranza
Practicum Coordinator
The Philippine Prudential Life Insurance Company, Inc. (PPLIC) offers Credit Life
Insurance as one of its services. It is where the face amount matches the loan balance
of a bank borrower at any given time and is designed so that the loan will be paid off in
full in the event of death of the Insured/Borrower. Credit life insurance will, in the event
of your death, pay out the outstanding capital on a short or long term debt (such as on a
car or home) to your loan provider; is a decreasing sum assured product which means
that the pay out amount decreases in direct correlation to the repayment you make on
your loan; includes occupation-based disablement cover as well as dread disease
cover; is valid for the whole loan contract period or outstanding period (if you start the
life policy after you took your loan) or until a disablement, death or dread disease claim
is made and paid out; and covers you immediately.
The applicant must comply with the agreement of the company and the bank or
the lending institution. Some of these requirements are: minimum and maximum age
and maximum loan coverage. The company has developed a system where applicants
personal information is transferred for future use. When the system does not accept an
applicant because he/she is underage, overage, or has exceeded the maximum
coverage, the individual and the institution must be informed that the application is
either unaccepted or terminated. The system has been developed to provide
computations and covering letters, but the employee in-charge still develops a separate
program and makes of the covering letters manually.
I.
Point of View
III.
Objective
The objectives of this study are: to lessen the time and effort
contributed by the employee in informing the institutions and their borrowers;
to develop the system in making the job simpler and faster; and to avoid
refunding premium remittances to the institutions.
IV.
Areas of Consideration
Since developing a system is not the real nature of the employees
work, the Information Systems Department plays a role in making the system
meet the needs of the employee. The institution and their borrowers are also
affects the study because the case starts from them as provider of premium
remittances and required information.
V.
VI.
of the system, they may perform the task faster and easier. It results to lesser
refunds of premium remittance and more accuracy on the system and their
transmittal. However, most of these institutions are rural banks and multipurpose cooperatives which are small in terms of their financial capabilities.
Most institutions still do not use computers in their business. It makes them
unable to use the system of the company. Furthermore, they have other
functions as an institution. It becomes difficult for them to submit the
remittance at the proper time to ensure that there are no problems with their
borrowers.
VII.
Recommendation
To arrive at a solution, the employee should explain the job to the
Information Systems Department properly and thoroughly. The developer may
perform his job in order for him to understand the job and to provide more
accurate results.
The company should know whether the banks and lending institutions
have access to computers in dealing with their business. If they do, they
should provide them with their system to help one another in making their
own jobs easier and faster.
2. Conclusion
The practicum training program provides the students taking it to learn the basics
of their work after they graduate. It is a preparation for them in facing their future. It is
also where the students are able to apply their learning to the real world in order for
them to earn a living.
http://www.philprudentiallife.com
Credit Life Insurance
www.insurance.za.org/credit-life-insurance.htm