What is the law of insurance?

The law of insurance in Washington states that insurance contracts must be in writing and should provide fair and equitable terms and conditions. Insurance contracts must clearly state the terms of coverage and must meet the standards of good faith and fair dealing. Insurance policies cannot deny coverage to those who are eligible, and any exclusions must be explicitly stated. Insurance companies are also required to provide coverage for losses that occur within the risk assumed by the policy. Insurance companies must also act in good faith when handling claims, meaning they must make an honest and reasonable effort to investigate and resolve claims. They must also refrain from taking any action that would result in unfair treatment of the insured. Furthermore, insurance companies must provide notification of any changes in coverage or terms as soon as reasonably possible. In general, the law is intended to protect policyholders from unfair or deceptive practices by insurance companies. People in Washington are entitled to be treated fairly and accurately when dealing with their insurance company. Understanding the law of insurance can help consumers make informed decisions when purchasing insurance and ensure they are protected in the event of a claim.

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What is the law of insurance?

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