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Collateral Protection Insurance Jobs in Oklahoma

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Collateral Protection Insurance information

How does collateral protection insurance work?

Collateral Protection Insurance (CPI) is used by insurance professionals to protect lenders' interests when borrowers default on auto or property loans. It provides coverage for the vehicle or asset in case of damage or theft, ensuring the lender's financial interest is maintained until the loan is paid off. Insurance agents often verify coverage and process claims to mitigate risk for lenders and borrowers alike.

What is the difference between Collateral Protection Insurance vs Insurance Adjuster?

AspectCollateral Protection InsuranceInsurance Adjuster
CredentialsTypically requires licensing or certification in insuranceRequires state licensing and adjuster certification
Work EnvironmentOffice, field inspections, claims processingField inspections, claims assessment, office work
Employer & IndustryInsurance companies, lenders, auto dealershipsInsurance companies, independent agencies
Search & Comparison IntentUnderstanding coverage for financed assetsEvaluating claim adjustments and settlement processes

Collateral Protection Insurance focuses on insuring financed assets like vehicles, often used by lenders. Insurance Adjusters assess claims and determine payouts. While both roles involve insurance, they serve different functions within the industry.

What is Collateral Protection Insurance (CPI)?

Collateral Protection Insurance (CPI) is a type of insurance policy that lenders purchase to protect themselves against loss or damage to property used as collateral for a loan, such as vehicles or real estate, when the borrower fails to maintain adequate insurance. If a borrower’s insurance lapses or is insufficient, the lender may buy CPI and charge the premium to the borrower. This coverage ensures the lender’s financial interest is safeguarded, but it may not provide the same coverage or benefits as standard borrower-acquired insurance.

What are some common challenges faced by professionals working in Collateral Protection Insurance (CPI) and how can they be addressed?

Professionals in Collateral Protection Insurance often encounter challenges such as managing high volumes of policy tracking, dealing with incomplete borrower information, and ensuring regulatory compliance. Overcoming these obstacles requires strong organizational skills, proficiency with specialized CPI software, and effective communication with lenders and borrowers. Staying updated on industry regulations and participating in ongoing training can also help professionals navigate these complexities and deliver excellent service.

What are the key skills and qualifications needed to thrive as a Collateral Protection Insurance Specialist, and why are they important?

To thrive as a Collateral Protection Insurance Specialist, you need a solid understanding of insurance principles, financial regulations, and risk assessment, often supported by a degree in finance, business, or a related field. Familiarity with insurance management software, loan servicing platforms, and relevant certifications such as an insurance license are typically required. Outstanding attention to detail, analytical thinking, and strong communication skills help professionals excel when analyzing policies and interacting with clients or stakeholders. These skills ensure accurate policy administration, regulatory compliance, and effective risk mitigation for lenders and their clients.

What jobs pay 4000 a week without a degree?

Jobs related to collateral protection insurance, such as insurance claims adjusters or specialized underwriters, can sometimes pay around $4,000 weekly, especially with experience or in high-demand markets. These roles often require industry-specific knowledge, strong analytical skills, and sometimes licensing or certifications but do not always require a college degree.

What is the highest paying insurance agent job?

The highest paying insurance agent roles are typically in specialized areas such as high-net-worth individual insurance, commercial insurance, or executive-level positions, often earning six-figure incomes. Top agents with extensive experience, strong client networks, and advanced certifications can also earn significant commissions and bonuses, increasing their overall compensation.

What is the best paying job in insurance?

In insurance, executive roles such as Chief Underwriting Officer or Chief Risk Officer tend to be the highest paying positions, often earning six-figure salaries plus bonuses. Senior underwriters and actuarial directors also earn high salaries, especially with advanced certifications and extensive experience.
What are popular job titles related to Collateral Protection Insurance jobs in Oklahoma? For Collateral Protection Insurance jobs in Oklahoma, the most frequently searched job titles are:
What cities in Oklahoma are hiring for Collateral Protection Insurance jobs? Cities in Oklahoma with the most Collateral Protection Insurance job openings:
Repossession Sales Specialist I

Repossession Sales Specialist I

Tinker Federal Credit Union

Midwest City, OK • On-site

$22.20/hr

Full-time

Posted 9 days ago


Tinker Federal Credit Union rating

9.1

Company rating: 9.1 out of 10

Based on 9 frontline employees who took The Breakroom Quiz


Job description

At TFCU, we welcome people of all backgrounds. We know that embracing a diverse team makes us a stronger and better organization. Here you can expect a professional workplace where all employees have the opportunity to feel seen, respected, valued and heard.
Tinker Federal Credit Union's Collections department has an immediate opening for a Repossession Sales Specialist I! This is an exciting opportunity to join the largest and best credit union in Oklahoma! We offer competitive pay, a robust benefits package, a "smart casual dress code" and much more! We want you to work and grow at TFCU, so there will be many opportunities for professional development and growth through training and continued education. We value you at TFCU!
As a Repossession Sales Specialist I, you will be responsible for the following:
  • Interacting with internal and external vendors, members, and non-members to account for repossession, sales, and loss prevention of acquired inventory at the repossession sales lot for Tinker Federal Credit Union.
  • Coordinating functions of the repossession sales lot inventory.
  • As their level progresses within the position, the incumbent will be expected to grow in their autonomy and responsibility of work and train and/or mentor fellow team members.

Salary Range:
This is a non-exempt position. The starting hourly rate is $22.20; however, actual placement within the range will be determined individually based on your experience relative to organizational needs and internal salary equity.
Schedule:
8:00 AM - 5:00 PM Monday-Friday & 9:00 AM - 12:00 PM Saturdays
Education/Experience:
  • You must have a high school diploma or equivalent which is required.
  • Two years' experience related to automotive, boating, recreational, or commercial equipment sales or processing is also required. Experience in the sales of surplus or repossessed items within the financial or insurance industry is preferred.

Applicable work experience and/or military experience may be substituted for education at the rate of two years of experience for one year of education. Applicable additional education levels may be eligible to satisfy experience requirements.
Certificates, Licenses, Registrations:
  • Incumbent Bonding REQUIRED by TFCU's chosen authority.
  • Valid driver's license, maintaining an acceptable Motor Vehicle Record.
  • Oklahoma State Used Motor Vehicle license.

Keys to success:
In order to be successful as a Repossession Sales Specialist I, you must possess these qualifications:
  • General knowledge of the lending process and teller operations.
  • Ability to effectively interact with internal and external members and other individuals in the recovery and/or marketing/sales negotiation process.
  • Ability to organize, plan, initiate action and make decisions for usual and unforeseen situations.
  • Knowledge to evaluate collateral values using various applications such as NADA Blue Book, Black Book, Manheim Market Report (MMR), and historical sales data.
  • Must have knowledge of odometer disclosure statements, buyer's guides, bill of sales and title assignments.
  • Maintain current working knowledge of TFCU's loan policies and underwriting guidelines.
  • Proficient knowledge of Chapter 7, 11, and 13 of the U.S. Bankruptcy Code for repossession sales purposes.
  • General knowledge of court and legal procedures and documentation.
  • Proficient in the use of collection software and TFCU mainframe software.
  • Proficient in the use of basic, fundamental office equipment.
  • Expert ability to maximize recoveries, while maintaining positive member relations.
  • Ability and knowledgeable of how to drive a manual transmission vehicle, ride a motorcycle, hook up and pull a travel trailer, load and unload lawn equipment and tractors, and drive a motor home.

Tinker Federal Credit Union is an Equal Opportunity Employer and is committed to providing an environment free of harassment and discrimination. We celebrate the unique differences of our employees, and welcome people of all backgrounds. We do not discriminate on the basis of race, religion, color, national origin, sex, age, marital status veteran status, disability status, pregnancy status, parental status, political affiliation, or any other status protected by law. If you are a qualified individual with a disability or a disabled veteran, you may request a reasonable accommodation if you are unable or limited in your ability to access job openings or apply for a job on this site as a result of your disability. You can request reasonable accommodations by contacting Talent Acquisition at careers@tinkerfcu.org.

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