Washington Life Insurance (WA)
The state of Washington has instigated laws and regulations to help protect both consumers and insurers.
Washington Life Insurance Laws Protecting Consumers (wa)
The insurance industry in the state of Washington is regulated by Title 48 of the Washington Code. This is where the state oversees the policy requirements and claims procedures of life insurance in order to protect you, the insurance consumer.
All life insurance claims in Washington need to be settled in a timely manner. While no time period is specified by the law, individual insurance companies are required to have the necessary information in the text portion of your policy. All late settlements shall begin to accrue interest.
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Washington Life Insurance Regulations Protecting Insurers (WA)
Washington also allows some protections to insurers. If any fraudulent findings or misrepresentations are located on a policy or application fro coverage within the first two years of the policy’s life, the policy can be terminated. No claims need to be honored by the insurer.
Any incorrect age issues shall result in a recalculation of death benefits which reflect the actual age of the insured.
Additional Life Insurance Regulations in Washington (WA)
Viatical settlements are allowed in Washington. These settlements are arrangements made between an insured individual and a third party. The third party “purchases” a life insurance policy from the insured, assumes all payments, and is then the sole beneficiary of the policy.
If your life insurance policy were to become bankrupt and unable to compensate you, your policy will be backed by the Washington Life & Disability Insurance Guaranty Association. In order to qualify for this benefit, your life insurance company must be licensed in Washington and your premiums must be current.
There is, however, a restriction of benefits in the amount of $500,000 per insured for lost death benefits.
Life-Insurance-Info.us is not a life insurance broker or carrier, and cannot issue life insurance policies. This site provides free information on insurance providers and coverage options. We are not associated with the companies profiled on Life-Insurance-Info.us and we make no representation, express or implied, that you will receive a quote from a specific company profiled herein. Products and policies may not be available in all states, and product and policy information is subject to change without notice. Please contact the insurance company directly to answer your policy inquiries.
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