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July 08, 2024 at 10:32 AM
Genworth wants to keep a trust in Georgia from using a state interest payment requirement to earn extra cash on life insurance death benefits.
An affiliate, Genworth Life and Annuity Insurance Co., has sued Patricia Gold over her delay in completing a $750,000 claim.
Genworth worries that the delay will trigger a Georgia death benefit interest law, according to a complaint filed June 25 in the U.S. District Court in Atlanta.
The law could increase what Genworth owes a trust established by Gold’s husband, Homer Gold, by more than $200,000.
Genworth has asked the court to prevent that by declaring the policy to be unclaimed property and stating that Genworth owes interest payments for just 60 days.
Genworth declined to comment. Gold could not immediately be reached for comment.
The policy: Patricia Gold is the widow of Dr. Homer Gold Jr., a physician who set up a trust in 1999 and named his wife as the trustee. He then arranged for a life insurance policy to pay death benefits into the trust.
The policy was issued by a company later acquired by Genworth.
Homer Gold died in August 2021. His family reported his death to Genworth nine days later.
