Types of insurance | Washington state Office of the Insurance Commissioner (2024)

FAQs

What does the WA state Insurance Commissioner do? ›

The Washington state Office of the Insurance Commissioner protects insurance consumers and oversees the insurance industry. We make sure insurance companies follow the rules and people get the coverage they've paid for. Each year, we answer questions and investigate problems for nearly 100,000 people.

The three main types of car insurance are often considered: liability, comprehensive, and collision. This is because liability is required by law in most states, and comprehensive and collision coverage are required for most car loans and leases.

Term life insurance. Whole life insurance (permanent) Universal life insurance (permanent)

The purpose of insurance commissioners is to maintain fair pricing for insurance products, protect the solvency of insurance companies, prevent unfair practices by insurance companies, and ensure availability of insurance coverage.

Attorney General: increase base salary for the position by an additional 3% in 2023; Secretary of State: increase the base salary to be paid the same as the Insurance Commissioner at 145,714 in 2023; Auditor: increase base salary to be paid the same as the Insurance Commisioner at 145,714 in 2023.

Home or property insurance, life insurance, disability insurance, health insurance, and automobile insurance are five types that everyone should have.

An insurance class is a type of insurance coverage such as liability, health, legal expenses, or construction risk. Premiums for health insurance constitute only a small part of the overall premiums for the accident and health insurance class.

HMOs (health maintenance organizations) are typically cheaper than PPOs, but they tend to have smaller networks. You need to see your primary care physician before getting a referral to a specialist. PPOs (preferred provider organizations) are usually more expensive.

1. Liability coverage. Auto liability coverage is mandatory in most states. Drivers are legally required to purchase at least the minimum amount of liability coverage set by state law.

What is the highest type of car insurance? ›

Fully comprehensive car insurance gives you the highest level of cover. If you're looking for peace of mind or have a new or expensive car, this could be the right policy for you. Fully comprehensive insurance typically covers: Damage to someone else's car or property.

There are three kinds of collision insurance you can choose from: limited, standard, and broad form. The chart tells you when each kind of insurance will pay YOU if your car is damaged in an accident.

Then we examine in greater detail the three most important types of insurance: property, liability, and life.

Most experts agree that life, health, long-term disability, and auto insurance are the four types of insurance you must have.

The Office of the Insurance Commissioner (“OIC”) regulates the insurance industry in Washington state to make sure its rules are followed. OIC's regulatory authority extends over insurance agents. OIC investigates complaints by consumers relating to agents and companies.

Insurance companies in Washington have 45 working days to settle a claim after it is filed. Washington insurance companies also have specific time frames in which they must acknowledge the claim and then decide whether to accept it, before paying out the final settlement.

Insurance commissioners are elected every four years. Washington has had eight insurance commissioners. View a list of past commissioners.

As you know, each state has an insurance department headed by a Director/Superintendent/Commissioner of Insurance who is responsible for controlling insurance matters in the state. The commissioners from each state make up the (NAIC) which meets regularly to discuss and coordinate regulations for each state.