What are the minimum requirements for an insurance policy?

In Washington, the minimum requirements for an insurance policy are outlined by the state insurance commission. A policy must meet certain criteria in order to be approved for sale. The Insurance Regulation Law states that the policy must provide coverage for specific losses, contingencies, and risks. The policy must contain a provision that details the insurer’s rights to cancel or non-renew the policy. This provision must also explain the notice requirements associated with a cancellation or non-renewal. The policy must include details of the insurance company’s rights and duties relating to claims, including the insurer’s right to investigate, settle, or deny the claim. Coverage limits must also be specified in the policy, as well as any deductibles or exclusions associated with the coverage. The policy must also include the insurance company’s obligations to the policyholder. These obligations include providing notice of any changes to the policy and providing an explanation of the policy’s terms, conditions, and coverage limits. The policy must also contain mandatory provisions that advise the policyholder of his or her rights and duties and of the legal remedies available to them if the insurance company does not fulfill its obligations. Lastly, the policy must clearly state the insurer’s liability for any losses incurred by the policyholder.

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What are the minimum requirements for an insurance policy?

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