Revised Code of Washington - RCW Title 48 Insurance - Chapter 48.23 Life Insurance And Annuities

48.23.010 Scope of chapter
This chapter applies to contracts of life insurance and annuities other than group life insurance, group annuities, and, except for RCW 48.23.260, 48.23.270, and 48.23.340, ...

48.23.020 Standard provisions required -- Life insurance
(1) No policy of life insurance other than industrial, group and pure endowments with or without return of premiums or of premiums and interest, shall ...

48.23.030 Grace period
There shall be a provision that the insured is entitled to a grace period of one month, but not less than thirty days, within which ...

48.23.040 Entire contract -- Representations
In all such policies other than those containing a clause making the policy incontestable from date of issue, there shall be a provision that the ...

48.23.050 Incontestability
There shall be a provision that the policy shall be incontestable after it has been in force during the lifetime of the insured for a ...

48.23.060 Misstatement of age
There shall be a provision that if it is found that the age of the insured (or the age of any other individual considered in ...

48.23.070 Participation in surplus
(1) In all policies which provide for participation in the insurer's surplus, there shall be a provision that the policy shall so participate annually in ...

48.23.075 Participation in surplus -- Requirements for forms
(1) Life insurance and annuity policy forms of the following types shall be defined and designated as participating forms of insurance only if they contain ...

48.23.080 Policy loan
(1) There shall be a provision that after three full years' premiums have been paid thereon, the insurer at any time, while the policy is ...

48.23.085 Policy loan interest rates
(1) As used in this section, "published monthly average" means: (a) The "Moody's Corporate Bond Yield Average - Monthly Average Corporates" as published by Moody's ...

48.23.090 Table of values and options
There shall be a table showing in figures the loan value, if any, and any options available under the policy each year upon default in ...

48.23.100 Nonforfeiture options
There shall be a provision specifying the option to which the policyholder is automatically entitled in the absence of the election of other nonforfeiture options ...

48.23.110 Table of installments
If the policy provides for payment of its proceeds in installments or as an annuity, a table showing the amount and period of such installments ...

48.23.120 Reinstatement
There shall be a provision that the policy may be reinstated at any time within three years after the date of default in the payment ...

48.23.130 Settlement on proof of death
There shall be a provision that when a policy becomes a claim by the death of the insured, settlement shall be made upon receipt of ...

48.23.140 Standard provisions -- Annuities, pure endowment contracts
No annuity or pure endowment contract, other than reversionary annuities, or survivorship annuities, or group annuities, shall be delivered or issued for delivery in this ...

48.23.150 Grace period -- Annuities, pure endowments
In such contracts, there shall be a provision that there shall be a period of grace of one month, but not less than thirty days, ...

48.23.160 Incontestability -- Annuities, pure endowments
If any statements, other than those relating to age, sex, and identity, are required as a condition to issuing such an annuity or pure endowment ...

48.23.170 Entire contract -- Annuities, pure endowments
In such contracts there shall be a provision that the contract shall constitute the entire contract between the parties, or, if a copy of the ...

48.23.180 Misstatement of age or sex -- Annuities, pure endowments
In such contracts there shall be a provision that if the age or sex of the person or persons upon whose life or lives the ...

48.23.190 Dividends -- Annuities, pure endowments
If such contract is participating, there shall be a provision that the insurer shall annually ascertain and apportion any divisible surplus accruing on the contract.[1947 ...

48.23.200 Nonforfeiture benefits -- Annuities, pure endowments
Such contracts issued after the operative date of RCW 48.23.360 and individual deferred annuities issued before the operative date of RCW 48.23.420 through 48.23.520 shall ...

48.23.210 Reinstatement -- Annuities, pure endowments
In such contracts there shall be a provision that the contract may be reinstated at any time within one year from the date of default ...

48.23.220 Standard provisions -- Reversionary annuities
No contract for a reversionary annuity shall be delivered or issued for delivery in this state unless it contains in substance each of the provisions ...

48.23.230 Sections applicable
Any such reversionary annuity contract shall contain the provisions specified in RCW 48.23.150 to 48.23.190, inclusive, except that under RCW 48.23.150 the insurer may at ...

48.23.240 Reinstatement -- Reversionary annuities
In such reversionary annuity contracts there shall be a provision that the contract may be reinstated at any time within three years from the date ...

48.23.250 Supplemental benefits
The commissioner may make reasonable rules and regulations concerning the conditions in provisions granting additional benefits in event of the insured's accidental death, or in ...

48.23.260 Limitation of liability
(1) The insurer may in any life insurance policy or annuity or pure endowment contract limit its liability to a determinable amount not less than ...

48.23.270 Incontestability after reinstatement
The reinstatement of any policy of life insurance or contract of annuity hereafter delivered or issued for delivery in this state may be contestable on ...

48.23.290 Premium deposits
(1) A life insurer may, under such policy provisions or agreements as have been approved by the commissioner consistent with this section, contract for and ...

48.23.300 Policy settlements -- Interest
Any life insurer shall have the power to hold under agreement the proceeds of any policy issued by it, upon such terms and restrictions as ...

48.23.310 Deduction of indebtedness
In determining the amount due under any life insurance policy heretofore or hereafter issued, deduction may be made of (1) any unpaid premiums or installments ...

48.23.320 Miscellaneous proceeds
Upon the death of the insured and except as is otherwise expressly provided by the policy or premium deposit agreement, a life insurer may pay ...

48.23.330 Trafficking in dividend rights
No life insurer nor any of its representatives, agents, or affiliates, shall buy, take by assignment other than in connection with policy loans, or otherwise ...

48.23.340 Prohibited policy plans
No life insurer shall hereafter issue for delivery or deliver in this state any life insurance policy: (1) Issued under any plan for the segregation ...

48.23.345 Juvenile life insurance--Speculative or fraudulent purposes
Life insurers shall develop and implement underwriting standards and procedures designed to detect and prevent the purchase of juvenile life insurance for speculative or fraudulent ...

48.23.360 Calculation of nonforfeiture benefits under annuities
(1) Nonforfeiture benefits: Any paid-up nonforfeiture benefit available under any annuity or pure endowment contract pursuant to RCW 48.23.200, in the event of default in ...

48.23.370 Duties of insurer issuing both participating and nonparticipating policies -- Rules
(1) A life insurer issuing both participating and nonparticipating policies shall maintain records which segregate the participating from the nonparticipating business and clearly show the ...

48.23.380 Return of policy and refund of premium -- Grace period -- Notice -- Effect
Every individual life insurance policy issued after September 1, 1977, shall have printed on its face or attached thereto a notice stating in substance that ...

48.23.410 Short title
RCW 48.23.420 through 48.23.520 shall be known as the standard nonforfeiture law for individual deferred annuities.[1982 1st ex.s. c 9 § 21.] ...

48.23.420 Inapplicability of enumerated sections to certain policies
RCW 48.23.420 through 48.23.520 do not apply to any reinsurance; group annuity purchased under a retirement plan or plan of deferred compensation established or maintained ...

48.23.430 Paid-up annuity and cash surrender provisions required
In the case of contracts issued on or after the operative date of this section as defined in RCW 48.23.520, no contract of annuity, except ...

48.23.440 Minimum nonforfeiture amounts
The minimum values as specified in RCW 48.23.450, 48.23.460, 48.23.470, 48.23.480, and 48.23.500 of any paid-up annuity, cash surrender, or death benefits available under an ...

48.23.450 Minimum present value of paid-up annuity benefit
Any paid-up annuity benefit available under a contract shall be such that its present value on the date annuity payments are to commence is at ...

48.23.460 Minimum cash surrender benefits -- Death benefit
For contracts which provide cash surrender benefits, such cash surrender benefits available before maturity shall not be less than the present value as of the ...

48.23.470 Contracts without cash surrender, death benefits -- Minimum present value of paid-up annuity benefits
For contracts which do not provide cash surrender benefits, the present value of any paid-up annuity benefit available as a nonforfeiture option at any time ...

48.23.480 Optional maturity dates
For the purpose of determining the benefits calculated under RCW 48.23.460 and 48.23.470, in the case of annuity contracts under which an election may be ...

48.23.490 Statement required in contract without cash surrender or death benefits
Any contract which does not provide cash surrender benefits or does not provide death benefits at least equal to the minimum nonforfeiture amount prior to ...

48.23.500 Calculation of benefits available other than on contract anniversary
Any paid-up annuity, cash surrender, or death benefits available at any time, other than on the contract anniversary under any contract with fixed scheduled considerations, ...

48.23.510 Additional benefits
For any contract which provides, within the same contract by rider or supplemental contract provision, both annuity benefits and life insurance benefits that are in ...

48.23.520 Operative date of RCW 48.23.410 through 48.23.520
After July 10, 1982, any company may file with the commissioner a written notice of its election to comply with the provisions of RCW 48.23.410 ...