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.

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

The Insurance Commission is primarily responsible for: • administering, underwriting and managing WA's motor injury insurance; • managing RiskCover, the self-insurance arrangements on behalf of the WA Government; • investing and managing the funds to provide assets to meet insurance liabilities; and • advising the WA ...

Duties and powers of insurance commissioners

Approval of insurance rates. Periodical financial examinations of insurers. Licensing of companies, agencies, agents, and brokers. Monitoring and regulating claims handling.

Insurance coverage refers to the amount of risk or liability that is covered for an individual or entity by way of insurance services. The most common types of insurance coverage include auto insurance, life insurance and homeowners insurance.

Personal injury or personal liability.

This is the most common type of insurance states require, at minimum, to let you on the road. It's meant to protect you in an accident where someone is seriously injured or killed and you were the person at fault.

Whole life is the more expensive option. Both your monthly premium and the death benefit are guaranteed, meaning they won't change over the life of the policy.

What are the 3 P's of life insurance? ›

Remember the 3 P's of life insurance: purchase, payout and price.

Term life and whole life are the most popular types of life insurance.

Washington state Insurance Commissioner Mike Kreidler regulates the insurance industry and protects insurance consumers.

When needed, we also contact companies about complaints. We'll review your issues, and if we can't help you, we'll point you in the right direction for further assistance. Call our toll-free Insurance Consumer Hotline at 1-800-562-6900.

The governor, lieutenant governor, secretary of state, treasurer, auditor, attorney general, superintendent of public instruction, commissioner of public lands, and insurance commissioner, shall hold office for the term of four years, and until their successors are elected and qualified; and the term shall commence on ...

In 1907, we became a separate agency and the people of Washington elected their first insurance commissioner. Insurance commissioners are elected every four years. Washington has had eight insurance commissioners. View a list of past commissioners.