Washington insurance regulations | Questions and Answers with complete

borrowing more than __% of the loan value of a life insurance policy to purchase a new policy is considered replacement - 25% Period of time with receiving an application that the replacing insurer must notify any other existing insurer - 3 days length of time replacing insurer must keep copies of the replacement notice records - at least 3 years Free look for life insurance replacements - 20 days WA life insurance policy illustrations rules do not apply to life insurance policies with death benefits equal to or less than $__ - $10,000 In order to sell annuities, producers must complete a __ hour training course - 4 hours Annuity insurers and producers must maintain consumer records for __ years - 5 years individual life insurance policy grace period - 1 month (30 days) maximum policy loan annual fixed interest rate - 8% free look for life insurance (except replacement) - 10 days the insurer may limit its liability in the event of death occurring as the result of suicide within __ years from date of issue - 2 years an employee group must include at least __ employees (group life) - 2 employees