Life Insurance and Annuities (standard policy provisions, incontestability, grace period, nonforfeiture, beneficiaries)

What this document is

Chapter 48.23 RCW - Life Insurance and Annuities (standard policy provisions, incontestability, grace period, nonforfeiture, beneficiaries) is a state statute published by app.leg.wa.gov. It is one of the Washington documents that insurance license exam questions are written from, including washington life & health practice questions. This page summarizes it and points to the official version, which is the text to rely on.

Sections cited in practice questions

Each practice answer shows the exact passage it comes from. These are sections of this document that questions cite, with a short excerpt from the source text.

• RCW ch. 48.23 § 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 the payment of any premium after the first may be made, subject at the option of the insurer to an interest charge not in excess of six percent per annum for the...”

• RCW ch. 48.23 § 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 period of two years from its date of issue, except for nonpayment of premiums and except, at the option of the insurer, as to provisions relative to benefits in...”

• RCW ch. 48.23 § 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 determining the premium) has been misstated, the amount payable under the policy shall be such as the premium would have purchased at the correct age or ages, according to...”

• RCW ch. 48.23 § 48.23.080(3) (Policy loan)

  “Such policy may further provide that if the interest on the loan is not paid when due, it shall be added to the existing indebtedness and shall bear interest at the same rate; and that if and when the total indebtedness on the policy, including interest due or accruing, equals or exceeds the amount...”

• RCW ch. 48.23 § 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 of any premium, unless the policy has been surrendered for its cash value, or the period of any extended insurance provided by the policy has expired, upon evidence...”

• RCW 48.23.300

  “An insurer shall pay interest on death benefits payable under the terms of a life insurance policy insuring the life of any person who was a resident of this state at the time of death. Such interest shall accrue commencing on the date of death at the rate then paid by the insurer on other...”

• RCW 48.23.345

  “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 purposes. These standards and procedures shall be made available for review by the commissioner. Life insurers shall...”

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Questions about this source

More Washington sources

• RCW Title 48, Chapter 48.30 - Unfair Practices and Frauds (selected sections 48.30.010-48.30.155)State statute
• RCW Title 48, Chapter 48.17 - Insurance Producers, Title Insurance Agents and Adjusters (selected sections 48.17.060-48.17.600)State statute
• Chapter 48.05 RCW - Authorization of Insurers and General Requirements (certificate of authority, admission, deposits, discipline)State statute
• Chapter 48.22 RCW - Casualty Insurance (personal injury protection, underinsured and hit-and-run motorist coverage, assigned risk plans)State statute
• Chapter 48.02 RCW - Insurance Commissioner (broad powers, rule-making, orders, hearings and enforcement)State statute
• Chapter 48.20 RCW - Disability Insurance (individual accident and health policy provisions, required and optional provisions)State statute
• Chapter 48.03 RCW - Examinations (examination of the affairs and records of insurers and licensees)State statute
• Chapter 48.01 RCW - General Provisions (scope, and the definitions of insurance, insurer, insurance transaction and the public interest)State statute