Effective February 26, 2018, a Paramed exam will be required for all applicants in California. This change in process is a requirement of, and will coincide with, the implementation of the newly approved California Part 2 on the same date. The new California Part 2 allows yes/no answers, doctor’s name(s), and medication(s) and does not allow the opportunity to ask additional interview questions making the underwriter interview no longer applicable. Read the original Genworth bulletin here.
Questions and Answers
Q: Why are you changing the underwriting process to require Paramed exams on all applicants in California?
A:The Underwriting Interview is used to drill down into an applicant’s medical history by asking questions relevant to specific applicants. These questions may potentially be outside of the specific questions listed on the Part 2 medical history application. These drill-down questions are broad and the answers are intended to be substitutes for the Paramed exam/labs and attending physician statements.
In approving our new Part 2, California communicated that questions must be limited to the ones approved for use on the approved form. As a result, the underwriting interview, is no longer an appropriate substitute for the Paramed exam/labs and attending physician statements.
Q:What value is the Paramed exam?
A: The Paramed exam is very useful for proper underwriting since it provides a face-to-face opportunity to review the applicant. It also provides us with accurate vitals: Height/Weight, Blood Pressure and Pulse readings, a full lab profile, urinalysis, and face-to-face cognitive exams for applicants ages 60+ and older. While with the applicant, we will complete Part 2 which eliminates the need for the applicant to have an extra phone call.
The TrueView UnderwritingSM material will be updated to reflect these changes.
Transition Rules
Please carefully review the transition dates and rules below:
Applicants in California
- For applications signed and received at Genworth’s home office February 26 or later, the Part 2 of the application will be completed during the exam.
- For applications signed and received at Genworth’s home office prior to February 26:
- If the underwriting phone interview has not been scheduled, a Paramed exam and Part 2 of the application will be completed during the exam.
- If the underwriting phone interview has been scheduled, we will complete the interview as planned.
Important Note: Prior to soliciting new business, verify your producer license is in good standing, you have completed all required CE, 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. No exceptions will be made for applications resubmitted after the cut-off dates as outlined above. For up-to-date information on Genworth applications, education and training statuses go to https://pro.genworth.com.