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

FAQs

What does the Insurance Commissioner of Washington state do? ›

The Washington Commissioner of Insurance is an elected state executive position in the Washington state government. The commissioner is responsible for overseeing the state insurance industry.

Main Types of Insurance Companies

Among the largest categories of insurance companies are accident and health insurers; property and casualty insurers; and financial guarantors. The most common types of personal insurance policies are auto, health, homeowners, and life.

Washington Apple Health (Medicaid) is free or low-cost health care coverage for individuals who meet the eligibility requirements. Apple Health covers physical and behavioral health services, including mental health and substance use disorder treatment services.

The three key types of car insurance are liability insurance, collision coverage and comprehensive insurance. Liability insurance covers damages caused to other people, while collision and comprehensive coverage take care of repairs that must be done for your car.

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.

Washington state Office of the Insurance Commissioner.

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

Although there are many insurance policy types, some of the most common are life, health, homeowners, and auto.

It's illegal to drive a car in Washington without having liability insurance or another way to assume financial responsibility for damages.

What is LTC insurance Washington State? ›

Long-term care (LTC) insurance, according to Washington state law, is an insurance policy, contract or rider that provides coverage for at least 12 consecutive months to an insured person if they experience a debilitating prolonged illness or disability.

Drivers in Washington are required to carry at least $10,000 of property damage liability coverage. This coverage helps pay for damages you cause to another vehicle or property destroyed in an accident.

Basic car insurance is often known as liability insurance. Requirements vary by state, but basic auto insurance can be broken down into two main types of liability insurance: personal injury and property damage.

The most basic type of car insurance coverage, liability, covers another driver's injuries or property damage if you're found liable for an accident, up to the limits of your policy. Comprehensive and collision coverage, which are optional, can help cover costs to repair or replace your car, regardless of fault.

Executive Branch: 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.

Insurance commissioners act as advocates for consumer protection, regulators of insurance, and educators who are able to provide consumers with information that pertains to the insurance system within a particular state.

The Office of the Insurance Commissioner (OIC) is the Washington State agency in charge of protecting insurance consumers and overseeing the insurance industry. They do a good job regulating insurance.

The Commissioner and the DOI are responsible for regulating the conduct of agents and insurers.