Genworth eSuite: Faster Under 60

Faster Under 60 Genworth’s eSuite of new business sales tools cuts cycle time so your clients get coverage sooner and you can get paid faster. Why is it Faster Under 60? Minimal underwriting requirements eApp is received the day you hit submit Click-to-Sign means you can submit the same day Couple the speed of eSuite with applicants under age 60 and you could see cycle times drop to as few as 15 days. Now that’s FAST. LEARN MORE BTW… we are working on ePolicy Delivery which will make your experience ever FASTER.   Genworth eSuite: Faster Under 60   #goldencareagent
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Categories: Genworth, Industry News, and Long-Term Care.

In-Force Rate Action Announcement: New Jersey (Privileged Choice® and Classic Select®)

As part of the strategy for our long-term care insurance business, we continue pursuing initiatives to improve the risk and profitability profile of our business, including premium increases on our in-force policies, as needed. Alabama has now allowed the following increase for New Jersey certificates issued under a group master policy issued to a trust in Alabama: New Jersey Product Series Increase Percentage Privileged Choice 12.8% Classic Select 12.8%     This rate increase was filed and approved in accordance with the laws and regulations of Alabama in which these certificates were issued. The New Jersey Department of Banking and
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Categories: Genworth, Industry News, and Long-Term Care.

In-Force Rate Action Announcement: Alabama (Privileged Choice® and Classic Select®)

As part of the strategy for our long-term care insurance business, we continue pursuing initiatives to improve the risk and profitability profile of our business, including premium increases on our in-force policies, as needed. In September 2013, we began seeking premium increases on certain Privileged Choice and Classic Select policies sold between 2003 and 2012. Subsequently, we received approval for, and implemented, a 12.8% premium increase in Alabama. At the time, a larger increase was justified, based on projected experience, but rate stability requirements prevented us from requesting the fully justified amount. In 2016, we began requesting the full amount
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Categories: Genworth, Industry News, and Long-Term Care.

New Policy for Reducing & Removing the Benefit Increase Option (BIO)

Starting August 21, 2017 new procedures will take effect for long term care insurance policyholders who wish to reduce their Benefit Increase Option (BIO) to an available level or remove their BIO entirely. For all policies issued prior to October 1, 2007: New:  If reducing BIO: We will allow policyholders to retain their increased daily benefit amount (DBA). The new premium is calculated using original issue age, policy effective date and a new starting DBA that would have been required with the reduced BIO percentage to reach the policyholder’s current increased DBA. No Change:  If removing BIO: We will allow
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Categories: Genworth, Industry News, and Long-Term Care.

In-Force Rate Action Announcement: Kansas (Privileged Choice® and Classic Select®)

As part of the strategy for our long-term care insurance business, we continue pursuing initiatives to improve the risk and profitability profile of our business, including premium increases on our in-force policies, as needed. Kansas has now allowed the following increase: Kansas Product Series Increase Percentage Privileged Choice 40% Classic Select 40% This rate increase applies to both AARP and Non-AARP policies. Communications Timeline Servicing agents will receive a list of their impacted policyholders in this state one week prior to the start of policyholder notifications. Policyholder notifications will begin August 15, 2017 and will continue throughout the next year.
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Categories: Genworth, Industry News, and Long-Term Care.

Genworth Financial Announces Second Quarter 2017 Results

08/01/17 Net Income Of $202 Million, Up 17 Percent Compared To Prior Year; Adjusted Operating Income Of $151 Million, Up 23 Percent Compared To Prior Year RICHMOND, Va., Aug. 1, 2017 /PRNewswire/ — Merger Agreement Deadline With China Oceanwide Holdings Group Co., Ltd. (Oceanwide) Extended To November 30, 2017 Additional Progress Made On U.S. Life Restructuring Plan With The Remaining Internal Reinsurance Transactions Completed Effective July 1, 2017 U.S. Mortgage Insurance (MI) Second Quarter 2017 Adjusted Operating Earnings1 Increased 49% Compared To The Second Quarter Of 2016, Which Includes A Favorable $10 Million Reserve Adjustment In The Current Quarter Strong
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Categories: Genworth, Industry News, and Long-Term Care.

Fulfillment Guidelines for Licensed Agent and Administrative Staff Activities

Fulfillment type models provide significant assistance to producers and free them up to concentrate on selling insurance products. While these methods are helpful, there are also certain activities that only a licensed agent can perform, which cannot be delegated to any unlicensed personnel. As a reminder, below are important guidelines that you must follow if you are operating in, or anticipate operating in, a fulfillment type of environment. Acts of Agents Although the different state jurisdictions define the acts of an agent somewhat differently, all states would consider solicitation, negotiation and effectuation of insurance as activities that require an agent
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Categories: Genworth, Industry News, and Long-Term Care.

Reminder: Restricted Compensation for Long Term Care Insurance

Based on state regulations, Genworth uses the following guidelines to determine compensation on LTCI issued policies in certain states. Not a Replacement DE – Compensation shall not exceed 35% of the total premium paid for the policy. IN – Insurer shall pay for at least 6 years an annual commission for selling or servicing the policy. The amount of commission provided in years after the first year must be determined based on the premium charged for the LTCI policy during the first year. MI – Compensation must be level for the first 3 policy years. NY – First year compensation
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Categories: Genworth, Industry News, and Long-Term Care.

Reminder: LTCi Agent Guidelines for Multiple-State Sales

Licensing, Appointment and Product Guidelines For Long Term Care insurance (LTCI), the policy will be issued based on the insured’s resident state. Policy delivery is required in the same state. Consequently, the soliciting agent must be licensed and appointed in both the state in which solicitation occurs and the resident/delivery state of the insured. Agents should only solicit a prospective policy owner or contract holder under circumstances in which the policy form being solicited is filed and approved in the state in which it is to be delivered, which in the case of LTC insurance is the resident state of
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Categories: Genworth, Industry News, and Long-Term Care.

In-Force Rate Action Announcement: Illinois (Privileged Choice® and Classic Select®)

As part of the strategy for our long-term care insurance business, we continue pursuing initiatives to improve the risk and profitability profile of our business, including premium increases on our in-force policies, as needed. Illinois has now allowed the following increase: Illinois Product Series Increase Percentage Privileged Choice 51.5% Classic Select 51.5% This rate increase applies to both Non-AARP and AARP policies. Communications Timeline Servicing agents will receive a list of their impacted policyholders in this state one week prior to the start of policyholder notifications. Policyholder notifications will begin July 25, 2017 and will continue throughout the next year.
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Categories: Genworth, Industry News, and Long-Term Care.