New Policy Delivery Requirements, Policy Effective Dates and Updated Forms
October 31, 2016 is the effective date for updates to policy delivery requirements, policy effective dates and updated forms.
We are also taking this opportunity to update the Personal Worksheet with 2016 cost of care numbers and update the rate history table. The Personal Worksheet is included in all applications booklets.
New Policy Delivery Requirements:
The changes to our policy delivery process are more in-line with the industry standard. After applicants are approved for coverage, a delivery package will be generated and sent via Express Mail to the BGA or Producer. Your clients will need to sign the documents and return them to Genworth. This package includes the policy, forms to be signed and a return envelope. Those forms are:
- Policy Delivery Acknowledgement or Policy Delivery Receipt (all states)
- Part 2 of the Application (all states except CA)
- Payment or Payment Authorization (if not already provided)
Policy Effective Dates: The Payment Authorization form will be available on October 31, 2016. This form can be used for all bank drafts and credit card payments as applicable. It can also be used for Conditional Insurance payments. Payments for Conditional Insurance will be drafted upon receipt of the application and this Payment Authorization form. All other premium payments will be drafted when we receive all of the delivery requirements in good order.
New Payment Authorization Form: Policies will not be considered in-force until the policy delivery requirements are met. This means payment and all delivery forms are signed and received in good order within 30 days from the date the policy is issued. With the introduction of this process, we will have new status types. Once the policy is mailed, the status will reflect issued. When payment and all delivery requirements are signed and received in good order, the status will be in-force. If delivery requirements are not satisfied within 30 days from the date the policy is issued, the status will be Null and Void and the client will receive a letter stating there is no coverage in-force. Once a policy is in-force, commission payments will be processed.
Updated Materials
10/31/16 New forms will be available on Genworth PRO.
Transition Rules
Please carefully review the transition dates and rules below. No exceptions will be available.
10/30/16 Last day policies will be issued without the new delivery requirements completed.
10/31/16 First day new forms will be accepted.
10/31/16 Delivery requirements must be met for all policies issued on or after this date to become in-force.
12/05/16 Last day we will accept the old version of the Payment Authorization and Personal Worksheet forms.
Reminder: Prior to soliciting new business, verify your producer license is in good standing, you have completed all required CE training, and you are in compliance with all applicable licensure requirements. Applications will be closed if all such requirements have not been met as of the date of the application. For up-to-date information on Genworth applications, education and training statuses go to https://pro.genworth.com.
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