How does Genworth handle Premium Over/Short Situations?
• It is very important to submit the correct initial premium from all applicants, including the policy fee. This will help minimize client confusion and policy issue delays, and will inspire trust and confidence in your important work as a sales professional. • But if the initial premium submitted with an application is not correct, following are the operational procedures that will apply, effective July 25, 2008: • Premium shortage within $5.00 or less of the correct amount- The policy will be issued. The policyholder will be notified that next premium bill will be adjusted to account for the premium shortage. • Premium shortage greater than $5.00 – The application will be held, pending receipt of the shortage. The policyholder will be asked to pay the difference, and as soon as the shortage is received the policy will be issued. • Premium overage of $5.00 or less – The overage will be applied to the next premium bill. For all other overage situations, the extra money will be refunded
