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

FAQs

Types of insurance | Washington state Office of the Insurance Commissioner? ›

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 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.

Insurance Handbook

There are three main insurance sectors: property/casualty (P/C), mainly auto, home and commercial insurance; life/annuity, mainly life insurance and annuity products; and private health insurance, written by insurers whose main business is health insurance.

Duties and powers of insurance commissioners

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.

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. They encourage the insurance industry to be fair and they insist the the insurance industry follow the rules.

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

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

The most common types of insurance coverage include auto insurance, life insurance and homeowners insurance.

What types of insurance are not recommended? ›

As you hit certain life milestones, some policies, including health insurance and auto insurance, are virtually required, while others like life insurance and disability insurance are strongly encouraged.

The most important types of insurance are auto, home, renters, umbrella, health, long-term care, disability and life.

What are the 3 types of insurance? There are more than just 3 types of insurance in India. At the highest level, insurance can be classified as life insurance and general insurance. Then, we have different types of life insurance, such as term insurance, endowment plans, ULIPs, child insurance plans and more.

Insurance is a contract under which the insurer undertakes the responsibility to indemnify the insured against any damage for which it has taken insurance. The insured needs to pay a certain amount of premium to the insurer to avail insurance.

A state insurance commissioner is the person responsible for regulating insurance, ensuring market sustainability and solvency, and protecting consumers for any given state or jurisdiction. State insurance commissioners are public servants, and may not always be titled in their state as an insurance commissioner.

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

The Washington state Office of the Insurance Commissioner, led by Commissioner Mike Kreidler, 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.