Does Genworth Negotiate Changes to Policies in Claim Status

[Arthur Rudnick]

"In a former life, when I worked with large contracts, I was taught that the contract is good for today, can always be renegotiated tomorrow. Renegotiations can be tough though, the other party doesn't have to agree"
________

"Have you looked at Genworth's financials - doubt they want to write any check before they must so even if they could and wanted to - it appears to me as if their cash flow problems might stop them"


I sometimes wonder what planet some agents got their insurance license from?

 

[djs]

Mine came from Krypton, it was in a Cracker Jack box.

Are you implying you have NEVER renegotiated a contract? Shame on you!!! Lawyers earn a LOT of money doing exactly this. Granted, you have to have a win/win to make it happen.

Insurance things are tough because they are hard to square with the DOI when someone else asks for what they think is the same thing. At the same time, I've pushed to have things covered in claims that would not normally be covered. Works sometimes, not always.

In this scenerio you are not asking for any extra coverage at all, just an exception to a restriction. It would not be easy, but it really doesn't cost Genworth any extra money to grant the exception. The OP was trying to throw a bone by reducing the payment (making the win/win). I wouldn't reduce the payment, since that means you are now changing the terms of the contract, rather than just relaxing a restriction.

Why would you not ask???? The worse that can be said is NO. I would expect that, but it still doesn't hurt to ask, and then ask again. You'll have to build a case.

Dan

 

[Arthur Rudnick]

Dan,

Well, that answers it......... Krypton!

Unfortunately, what you're suggesting just doesn't work here on the 3rd rock from the sun.

I think I'm through with this conversation until George gets back to us and tells us what Genworth had to say about renegotiation. He started this topic, let's see him end it.

Have a good weekend everyone..............

 

[billberry12]

It is beyond my understanding why George has not just called Genworth claims, asked them the question, shared their answer with us, and this is done. Anything else is a total waste of time and effort. Come on George?????

 

[CALTCAgent]

I think we all know what the answer is going to be, probably why he hasn't shared it yet.

I was interested to hear what he was going to say though.

 

[billberry12]

Yep. But it sure did stir up a lot of BS didn't it. I wonder if this is the forum moderator just stirring up chatter for activity? If so, that's really sad isn't it?

 

[VolAgent]

Yep. But it sure did stir up a lot of BS didn't it. I wonder if this is the forum moderator just stirring up chatter for activity? If so, that's really sad isn't it?

Trust me, we find enough BS to talk about on this site without the moderator creating pointless threads.

 

[billberry12]

Thanks, and I can definitely see that to be a very probable true
statement.
Bill

 

[Mr_Ed]

Have you looked at Genworth's financials - doubt they want to write any check before they must so even if they could and wanted to - it appears to me as if their cash flow problems might stop them.
MALinehan

This has got to be one of the most ludicrous statements I've read on this forum in a long time.

Over $16 BILLION in long-term care RESERVES and they have "cash flow" problems?

What kind of twisted logic does one need to use to conclude that a company with over $16 BILLION in LTCi RESERVES has "cash flow problems"?

Gimmeabreak.

 

[VolAgent]

This has got to be one of the most ludicrous statements I've read on this forum in a long time.

Over $16 BILLION in long-term care RESERVES and they have "cash flow" problems?

What kind of twisted logic does one need to use to conclude that a company with over $16 BILLION in LTCi RESERVES has "cash flow problems"?

Gimmeabreak.

Maybe they went to the Shenandoah Life school of reserve investing? They might suddenly be sitting on $16 billion in illiquid Freddie Mac and Fannie Mae securities.