Complaint Review: Genworth Life - Lynchburg Virginia
- Genworth Life P.O.Box 40005 Lynchburg, Virginia USA
- Phone: 877 710 0817
- Web:
- Category: Insurance Companies
Genworth Life Here are a few facts about Genworth and its management and its compensation.Martin P. Klein, CFO - $3.1 millionKevin D. Schneider, Exec. VP - $2.5 millionPatrick D. Kelleher, Exec. VP - $2.3 millionLeon E. Roday, Sr. VP - $1.6 millionTotal execut abusive insurance rate increase Lynchburg Virginia
*Consumer Comment: Genworth long term care rate increases
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This report was posted on Ripoff Report on 02/15/2014 12:00 PM and is a permanent record located here: https://www.ripoffreport.com/reports/genworth-life/lynchburg-virginia-24506/genworth-life-here-are-a-few-facts-about-genworth-and-its-management-and-its-compensation-1123794. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content
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#1 Consumer Comment
Genworth long term care rate increases
AUTHOR: johnamendall - ()
SUBMITTED: Sunday, March 30, 2014
I second and agree with the report from Nevada about Genworth rate increases and executive salaries. I live in Georgia; I have a long term care policy contracted in 2000. The type of plan I have is a fixed benefit so this means Genworth at the time I bought the policy understood what the possible cost of benefits would be to it. The insurance agent told me there was a loop hole that the rates could increase, but it had never happened. As I understand it, to get a rate increase requires Genworth to claim it is financially in trouble. The problem with this loophole is: 1) it is a one way street -- if the company becomes profitable after a rate increases, the rate increases do not reverse; and secondly, the executive pay increases are difficult to explain if the company is under hardship. My rates have increased approximately 50% -- while my benefit which I contracted has not increased a penny. Clearly, it is a problem for the state insurance commissions and also an ethical issue for Genworth. Because my benefits have not increased a penny, it seems difficult for me to see how my rates can be justified in increasing fifty percent. It is outrageous; it may be legal, but it is certainly not ethical or justifiable. I would like to see reports on what insurance commissioners have received from Genworth - in terms of campaign contributions, gifts, and other rewards passing to the commissioners from Genworth executives.
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