As the year comes to a close, to optimize your 2018 placed production, please keep in mind the year-end cutoff for new business is December 19, 2018. Genworth’s final commission cycle will be on December 28, 2018 for all Long Term Care Insurance. Requirements for Final Commission Payment All delivery requirements must be received by December 19, 2018 Delivery requirements received after December 19, 2018 may not be completed before the final commission cycle. Commission Payment Cycle Dates Genworth’s Final Commission payment will be processed December 28, 2018 Genworth will resume normal commission cycles on January 2, 2019 All applications
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Important information about 1099-MISC (miscellaneous income) tax forms: A 1099-MISC will be filed for each person who is paid at least $600 in commissions in 2018. This includes all product lines. Some payments are not required to be reported on this form, although they may be taxable to the recipient. For example, commissions paid to a corporation are not required to be reported via a 1099-MISC. Therefore, a 1099 MISC will not be created for corporations. Access your 1099-MISC statement faster by going paperless before December 31, 2018! 1099-MISC statements will be available electronically to all Producers currently receiving 1099-MISC
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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. Mississippi has now allowed the following increases: Mississippi Product Series Increase Percentage for Policies with Limited Benefit Periods Increase Percentage for Policies with Lifetime Benefit Periods PCS I 25% 25% PCS II 25% 25% Choice 1 25% 25%       This rate increase applies to Non-AARP, non-partnership policies only. Communications Timeline Servicing agents will receive a list of their impacted policyholders in this state one
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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. Washington DC has now allowed the following increases: Washington DC Product Series Increase Percentage Privileged Choice 10% Classic Select 10%     This rate increase applies to Non-AARP and AARP® policies only. 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 October 23, 2018 and will continue
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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. Washington DC has now allowed the following increase: Washington DC Product Series Increase Percentage for Policies with Limited Benefit Periods Increase Percentage for Policies with Lifetime Benefit Periods PCS II 10% 10%       This rate increase applies to Non-AARP, non-partnership policies only. Communications Timeline Servicing agents will receive a list of their impacted policyholders in this state one week prior to the start of
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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. Arkansas has now allowed the following increases: Arkansas Product Series Increase Percentage Privileged Choice 11.2% Classic Select 11.2%     This rate increase applies to Non-AARP, non-partnership policies only. 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 October 23, 2018 and will continue throughout the next
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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. Arkansas has now allowed the following increase: Arkansas Product Series Increase Percentage for Policies with Limited Benefit Periods Increase Percentage for Policies with Lifetime Benefit Periods PCS I 25% 25%       This rate increase applies to Non-AARP, non-partnership policies only. Communications Timeline Servicing agents will receive a list of their impacted policyholders in this state one week prior to the start of policyholder notifications.
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