Genworth is changing the timing of the end of year paydown. October 5, 2018 will be the payout for commission payments that have not previously met the minimum payment requirement. Genworth will process all commissions due on October 5, 2018. The $50 minimum payment requirement will resume after October 5, 2018 and will continue through the next commission pay down in 2019. Therefore, there will not be an “end of year” pay down as in previous years. All commission payments, for all products, will be distributed on October 8, 2018. Genworth will resume normal commission payments that have met the
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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. As noted on the August 28, 2017 bulletin, Alabama allowed the following second increase for New Jersey certificates, issued under a group master policy issued to a trust in Alabama, to be implemented beginning this year: New Jersey Product Series Increase Percentage Privileged Choice 30% Classic Select 30%     This rate increase was filed and approved in accordance with the laws and regulations of Alabama
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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. Connecticut has now allowed the following increase: Connecticut Product Series Increase Percentage for Policies with Limited Benefit Periods Increase Percentage for Policies with Lifetime Benefit Periods Choice 1 18% 18%       This rate increase applies to partnership, non-partnership 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
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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. Florida has now allowed the following increases: Florida Product Series Increase Percentage for Issue Ages: Privileged Choice and Classic Select For shared policies only: Ages 18-70: 98.1% phased  (25.6%, 25.6%, 25.6% cumulative) For individual and shared policies:  Age 71: 88.4% phased  (23.5%, 23.5%, 23.5% cumulative) Age 72: 78.5% phased  (21.3%, 21.3%, 21.3% cumulative) Age 73: 69.5% phased  (19%, 19%, 19% cumulative) Age 74: 58.9% phased  (16.7%,
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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. Florida has now allowed the following increases: Florida Product Series Increase Percentage for Policies with Limited & Lifetime Benefit Periods for Issue Ages: PCS I Individual policies only: Age 71: 88.4% phased  (23.5%, 23.5%, 23.5% cumulative) Age 72: 78.5% phased  (21.3%, 21.3%, 21.3% cumulative) Age 73: 68.5% phased  (19%, 19%, 19% cumulative) Age 74: 58.9% phased  (16.7%, 16.7%, 16.7% cumulative) Age 75: 48.9% phased  (14.2%, 14.2%,
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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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For all states except DE, MI, FL, HI, MA, MT, NH and CT   Announcing Fall into 10%! Genworth is funding an incentive campaign for producers that submit qualifying applications for Genworth’s Long Term Care Insurance (LTCi) products, Privileged Choice Flex and Privileged Choice Flex 3-Enhanced. 10% of annualized premium paid to producers for business submitted between 9/1 — 11/30/2018 and placed by 12/21/2018 Placed policies are Genworth long term care insurance policies that have been issued and placed in-force without the policy being not taken. Incentive payments will be processed through the writing producer’s commission statement or through the
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