Washington Laws and Rules Pertinent to Insurance Accurate 100%(RATED A+)

Commissioner - ANSWER this is the chief officer of the WA insurance Department. This is an elected position serving a term of 4 years. This person also makes rules and regulations to help carry out the provisions of the WA insurance code Hearing - ANSWER The commissioner may hold one of these whenever deemed necessary. All must be held or refused within 30 days after the Commissioner receives demand. The commissioner must give notice of the time and place at least 10 days in advance Penalties - ANSWER after the hearing, the commissioner can impose a fine of up to $1K for each violation upon any person who violates the washington insurance code Cease and Desist - ANSWER the commissioner can issue this order to anyone violating the WA insurance code Rates and Forms - ANSWER all insurance policy forms, applications, riders, or endorsements must be filed with and approved by the Commissioner before they can be used. Insurance - ANSWER a contract in which one party (the insurer) agrees, for a consideration (premiums), to pay the other (the insured) a specified amount upon determinable contingencies Insurer - ANSWER This is anyone in the business of making insurance contracts other than a fraternal benefit society Premium - ANSWER a consideration or payment for insurance coverage. Also called assessments, policy fees, or service fees policy - ANSWER this is a written contract for insurance, including all clauses, riders, endorsements, and attached papers insurance producer - ANSWER an individual who in any manner sells, solicits, or negotiates insurance on behalf of insurance companies for compensation Assumend names - ANSWER an insurance producer doing business under any name other than the producer's legal name shall notify the commissioner before using the assumed name