A text description of the Note. Please see the list of codes, notes, and descriptions below.

  1. Benefit is Minimum Payment over term of coverage. When computing a loan with skipped, pickup, or irregular payments, there are a few different ways one can compute a benefit amount. This method uses the minimum non-zero payment as the benefit.

  2. Benefit is Average Payment over term of coverage (excludes zero payments). Similar to above, this method uses the average of all non-zero payments over the term of coverage as the benefit.

  3. Benefit is the Computed Payment. Similar to above, this method uses the computed payment as the benefit.

  4. Benefit is True Average Payment over term of coverage (includes zero payments). Similar to above, this method uses the average of all payments over the term of coverage, including skips, as the benefit.

  5. Protection factor uses days per period conversion. The protection calculation has converted the periodic rate to a daily rate.

  6. Switch to Rate Set two. The protection calculation has switched to the second set of rates.

  7. Switch method to Net. The protection calculation has switched to net coverage.

  8. Switch method to Ordinary Life. The protection calculation has switched to ordinary life coverage.

  9. Benefit is Average Payment over term of coverage (excludes loan principal from final payment). This average benefit calculation method is most commonly seen with interest only loans. It uses the average of all payments over the term of coverage (excluding the loan principal amount from the final payment, if covered).