Producers and their applicants have a responsibility to review and understand CIA options that enables the applicant to make the decision that is best suited for them. Still, questions arise from time to time. This communication is intended to provide clarity on the guidelines which will enable your producers to set the appropriate expectation with their clients. Click here for the full Genworth Bulletin on this.
• CIA will apply when a fully completed application is properly submitted and all the requirements set out in the CIA Agreement are satisfied and the applicant submits any amount of premium with the application and does NOT request a later policy effective date.
• The above guideline applies with ANY amount of money submitted, even if the minimum 3 months premium is not submitted
• If any money is collected with the application and CIA is not desired, the Request for a Later Policy Effective Date section of the application must be completed
• When CIA is applied for by the applicant, if approved, the policy will be effective as of the date the application was signed.
• Since the application cannot be declined based on a change in health after the application was signed, the effective date cannot be changed to a current date when the policy is issued
