Genworth Long Term Care Insurance Application Redesign Frequently Asked Questions
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November 15, 2005
Genworth Long Term Care Insurance Application Redesign – Frequently Asked Questions
Q. What is “Application Redesign”? The Genworth Long Term Care Insurance application has been completely redesigned and improved to better meet the needs of our producers.
Q. What has been changed? The major differences are: New, easier to follow format: Individual Coverage Selections are on the front and Shared Benefit Coverage Selections are on the back of the same page Applicants must only sign once in the Declarations Section New names for underwriting companies – Please note that beginning January 1, 2006, checks should be made out to Genworth Life Insurance Company or Genworth Life Insurance Company of New York Standard BMI Tables and Discount Matrix have been added to the Application Instructions Section for simplified field underwriting. New Family History Question section has been added A separate address line is now available for resident state designation when the client’s resident state is different from their mailing address. This allows conformity with our new Resident State Model Guidelines. Combined application - Privileged Choice® and Classic SelectSM are now available in one booklet
Q. Where can I get the new application? Beginning December 1, 2005, when you order point of sale kits you will automatically be shipped a duplicate quantity of the new long term care insurance applications and forms booklets. Because these materials contain our new insurance company names, you must not begin using them before January 1, 2006. We are making them available to you now so that you can familiarize yourself with the new application and be ready to sell on January 1. The new application will also be available for downloading from the web beginning December 29, and will be the application shipped beginning January 3, 2006.
Q. When should I begin using this new application? You must begin using the new application January 1, 2006.
Q. What should I do with my old applications? Please destroy all old applications with General Electric Capital Assurance Company or GE Capital Life Assurance Company of New York after January 1, 2006. LTCI App Redesign - Frequently Asked Questions cont.
Q. What application should I use in California? In California you should continue to use the Long Term Care Choice application (which will be updated for our insurance company name change), rather than the new, redesigned application for Privileged Choice and Classic Select.
Q. How do I complete the new application if I have two applicants? For both Individual and Shared use the YES/NO checkboxes on the left margin of the application for Applicant A, and use the YES/NO checkboxes on the right margin for Applicant B. The Shared Coverage Selection page for each product is on the reverse side of the Individual Coverage Selection page.
Q. My client is uncomfortable with the Family History questions on the application. Why should he/she answer them? All sections of the application must be completed in order for the application to be processed. If information is not known, the applicant can respond “Not Known.”
Q. How many times does the applicant need to sign this application? All applicants must sign the application once, on the Declarations Page (page 7). For replacement policies, the applicant is also required to sign both copies of the Replacement Form, which is included in the application booklet. Other forms that accompany the application may also require signatures.
Q. If Applicants A and B want to use the same Third Party Lapse designation, do they have to complete this section twice? No. Just have Applicant B check the box indicating he/she wants the same designation.
Resident State Model Guidelines – Frequently Asked Questions
Q. What is the Resident State Model change? Policies will be issued based on the applicant’s resident state. Producers must be appropriately licensed and appointed in both the applicant’s resident state as well as the solicitation state.
Q. There are now two addresses on the long term care insurance application Personal Profile. What constitutes a “residence address”? The residence address is considered any address where the applicant(s) has a residential relationship such as a primary or second home or a vacation home where the applicant(s) lives, pays taxes, etc. A residence address is NOT the address where the applicant(s) is staying temporarily while on a vacation or visiting.
Q. Which address will be used to issue the policy? The residence address will be used to issue the policy. For example, if the applicant is a Nevada resident, but signs the application in California using a California mailing address, a Nevada policy will be issued, but it will be mailed to the California address.
Q. Are there any product variations with this change? No. This change affects all long term care insurance products we sell in all states. Resident State Model Guidelines – Frequently Asked Questions cont.
Q. Is New York different from other states under these changes? Yes. In New York the Resident State Model Guidelines apply, however, the solicitation can only be for a New York-approved product (i.e. producers cannot sell a New Jersey product to a New Jersey applicant/resident in New York).
Q. Where must I be licensed to sell Genworth Long Term Care Insurance? Our Resident State Model Guidelines require producers to be licensed and appointed in an applicant’s resident state, as well as the solicitation state. Because many producers are already licensed and appointed in multiple states, additional licensure may not be required.
Q. Do I need to be licensed in the applicant’s resident state if we aren’t signing the application there? Yes, you must be properly licensed and appointed in the applicant’s resident state and the application solicitation state. This will be the same state most of the time. However, if you write business across state lines, please make sure that you have taken care of any necessary licenses and appointments.
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