Geez Genworth, Your Comdex Score is Now a 61

[trustandadvice]

what i'm saying is that you are ignorant of the regulations that protect policyholders.

Dude. What I am saying, and anyone else saying the same thing, is that the promise was bs from the beginning and now people are paying double what they were told they would get.

No one ever said that they're getting zero. They will still get the benefit, just at double the cost (or more).

The regulations are a separate retort to a separate argument. An argument that was never put forth.

You're on the wrong thread. -hahahahahaha

 

[ltcadviser]

Dude. -hahahahahaha

Are you an 8 year old?

 

[Mr_Ed]

Dude. What I am saying, and anyone else saying the same thing, is that the promise was bs from the beginning and now people are paying double what they were told they would get.

No one ever said that they're getting zero. They will still get the benefit, just at double the cost (or more).

DOUBLE the cost or more???????????
Do you realize that in order to double the cost the rate increase would be 100%?

Are you suggesting that every Genworth policyholder has had a 100% (or more) premium increase?

 

[magnusblack]

the ignorance in this post is astounding.

Mr. Ed, you're such a genius. Your effort to come across as the investment banker of long term care is missing the point. 'Did you read the 10-Q?'. If you are pouring through 10-Qs to understand what is going on with the company, you're in a problem.

By pulling out specific words and phrases to trash you are trying to deflect people away from the core of the problem, which is being discussed here. Genworth has a long history of messing up their long term care business. The Texas Department of Insurance has a nice pdf on their rate increase history (google Texas Department of Insurance Genworth premium rate increase history). They have been raising premiums everywhere they can. Up to 97% in some cases. Some people would call that a double. But since you work for Genworth we know that you will point out that some of the policies that were priced higher to begin with only had premium increases of 11%. Which you know about because you were reading 10-Qs, extending your virginity streak well into your 50's.

THE POLICIES THAT GENWORTH PRICED LOW, AND PUSHED HARD, HAVE HAD PREMIUM INCREASES IN THE 100% RANGE. For a retiree on a fixed income a premium in crease of 88%, 118%, 97%, or 60% all feels like 100%. It's a double.

In Texas Genworth filed for premium increases of 88% in 2007, 118% in 2007, 98% in 2007, and 60^ in 2012. On various contracts. Those were the contracts that they priced low, so that you would have something to sell. A contract based upon price versus value. Backed by a company with a reputation for f'ing it up versus hitting the bullseye.

The true point is that Genworth has placed making money above correctly managing their business. This is an example of how working with a mutual company is better than a public company that places shareholders above policy holders. It is the same thing that happened in the '60s to disability insurance.

Not to mention that their exposure to mortgages in the holding company isn't helping. But back to long term care. The quote from the company's recent downgrade by Moody's:

"While the company has taken a number of prudent steps to protect its capital position and maintain meaningful LTC accounting reserve margins, we believe it remains highly concentrated in the LTC business and exposed to further deterioration in its legacy block. The company is largely reliant on the continued approvals of rate increases by state regulators to mitigate the financial impact of further adverse experience."

This is a comment in the present and future tense. They are saying it right there that they will have to continue to raise premiums saying 'the company is largely reliant on the continued approvals of rate increases by state regulators to mitigate the financial impact of further adverse experience'.

Rating Action: Moody's downgrades Genworth (sr debt to Ba1) following LTC charges; outlook negative Global Credit Research - 11 Feb 2015

But your clients are happy with it, since you're pouring through the 10-Q. They really like knowing the details relating to their being azz-raped.

 

[trustandadvice]

Which you know about because you were reading 10-Qs, extending your virginity streak well into your 50's.

High Five! Classic bro: 'Here on page 188 it says that you will get azz raped but just not as badly as if you bought the policy through the ACA!' -hahahahahaha

Picking out certain words or short statements to attack is a fallacious argument. It is called 'false emphasis'. A way in which a person can point out something very minor and deflect everyone's attention away from the real issue being discussed. Mr. Ed for president!!!!!

----------

Are you an 8 year old?

Are you an 80 year old? -hahahahahaha You even get a smiley face grandpa!!

----------

Are you suggesting that every Genworth policyholder has had a 100% (or more) premium increase?

No, just on the policies that they priced low in order to gain sales and marketshare. Genworth had a number of policies and the policies that they sold the most of, the low priced junk, is where you see the huge premium increases.

 

[Mr_Ed]

Mr. Ed, you're such a genius. Your effort to come across as the investment banker of long term care is missing the point. 'Did you read the 10-Q?'. If you are pouring through 10-Qs to understand what is going on with the company, you're in a problem.

By pulling out specific words and phrases to trash you are trying to deflect people away from the core of the problem, which is being discussed here. Genworth has a long history of messing up their long term care business. The Texas Department of Insurance has a nice pdf on their rate increase history (google Texas Department of Insurance Genworth premium rate increase history). They have been raising premiums everywhere they can. Up to 97% in some cases. Some people would call that a double. But since you work for Genworth we know that you will point out that some of the policies that were priced higher to begin with only had premium increases of 11%. Which you know about because you were reading 10-Qs, extending your virginity streak well into your 50's.

THE POLICIES THAT GENWORTH PRICED LOW, AND PUSHED HARD, HAVE HAD PREMIUM INCREASES IN THE 100% RANGE. For a retiree on a fixed income a premium in crease of 88%, 118%, 97%, or 60% all feels like 100%. It's a double.

In Texas Genworth filed for premium increases of 88% in 2007, 118% in 2007, 98% in 2007, and 60^ in 2012. On various contracts. Those were the contracts that they priced low, so that you would have something to sell. A contract based upon price versus value. Backed by a company with a reputation for f'ing it up versus hitting the bullseye.

The true point is that Genworth has placed making money above correctly managing their business. This is an example of how working with a mutual company is better than a public company that places shareholders above policy holders. It is the same thing that happened in the '60s to disability insurance.

Not to mention that their exposure to mortgages in the holding company isn't helping. But back to long term care. The quote from the company's recent downgrade by Moody's:

"While the company has taken a number of prudent steps to protect its capital position and maintain meaningful LTC accounting reserve margins, we believe it remains highly concentrated in the LTC business and exposed to further deterioration in its legacy block. The company is largely reliant on the continued approvals of rate increases by state regulators to mitigate the financial impact of further adverse experience."

This is a comment in the present and future tense. They are saying it right there that they will have to continue to raise premiums saying 'the company is largely reliant on the continued approvals of rate increases by state regulators to mitigate the financial impact of further adverse experience'.

Rating Action: Moody's downgrades Genworth (sr debt to Ba1) following LTC charges; outlook negative Global Credit Research - 11 Feb 2015

But your clients are happy with it, since you're pouring through the 10-Q. They really like knowing the details relating to their being azz-raped.

I don't work for Genworth.
And I'm not captive to any insurance company.
I'm an independent agent who specializes in LTC insurance from mutual and stock companies.

You shouldn't miss-quote a document that is so easily found.

http://www.tdi.texas.gov/consumer/documents/12ltcratehistory86655.pdf


shame on you.

 

[ltcadviser]

My main concern with Genworth is what happens when all the Privileged Choice policy series that were sold with Shared Coverage mature (Policy Series 7044), These policies have built-in Dual Waiver and Paid-Up Spousal Survivorship so at the first claim there is no premium and at the first death the policy is paid up for the surviving spouse. And these policies have no "claims offset" language so the claim exposure for Genworth will be extended past the benefit period that was sold. Genworth will have a significant block of business that will be paid up but will have large claims exposure. I wonder how much the ratings agencies are aware of the contractual language of the GNW in-force policies? Anyone else think about this? I would think the real storm will hit Genworth around 2024 when the paid-up policies sold between 2000-2008 cycle through.

 

[trustandadvice]

I don't work for Genworth. And I'm not captive to any insurance company. I'm an independent agent who specializes in LTC insurance from mutual and stock companies. You shouldn't miss-quote a document that is so easily found. http://www.tdi.texas.gov/consumer/documents/12ltcratehistory86655.pdf shame on you.

The quote was from Moody's....... Not from Texas department of insurance......

 

[Mr_Ed]

The quote was from Moody's....... Not from Texas department of insurance......

you are misrepresenting Genworth's rate increase history.

 

[Arthur Rudnick]

Genworth Finds Problems

Genworth finds problems with internal accounting - Work It, Lynchburg: News