reglab/statecodes huggingface dataset:
2023 Revised Code of Washington › Title 48 - Insurance › Chapter 48.23 - Life Insurance and Annuities. › 48.23.120 - Reinstatement.

RCW 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 of insurability satisfactory to the insurer and the payment of all overdue premiums, and payment (or, within the limits permitted by the then cash values of the policy, reinstatement) of any other indebtedness to the insurer upon the policy with interest as to premiums at a rate not exceeding six percent per annum compounded annually.
[ 1981 c 247 § 4; 1947 c 79 § .23.12; Rem. Supp. 1947 § 45.23.12.]
NOTES:
Purpose—Effective date—1981 c 247: See notes following RCW 48.23.085.
2023 Revised Code of Washington › Title 48 - Insurance › Chapter 48.23 - Life Insurance and Annuities. › 48.23.130 - Settlement on proof of death.

RCW 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 due proof of death and surrender of the policy.
[1947 c 79 § .23.13; Rem. Supp. 1947 § 45.23.13.]
2023 Revised Code of Washington › Title 48 - Insurance › Chapter 48.23 - Life Insurance and Annuities. › 48.23.140 - Standard provisions—Annuities, pure endowment contracts.

RCW 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 state unless it contains in substance each of the provisions specified in RCW 48.23.150 to 48.23.210 inclusive. Any of such provisions not applicable to single premium annuities or single premium pure endowment contracts shall not, to that extent, be incorporated therein.
This section shall not apply to contracts for deferred annuities included in, or upon the lives of beneficiaries under, life insurance policies.
[1947 c 79 § .23.14; Rem. Supp. 1947 § 45.23.14.]
2023 Revised Code of Washington › Title 48 - Insurance › Chapter 48.23 - Life Insurance and Annuities. › 48.23.150 - Grace period—Annuities, pure endowments.

RCW 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, within which any stipulated payment to the insurer falling due after the first may be made, subject at the option of the insurer, to an interest charge thereon at a rate to be specified in the contract but not exceeding six percent per annum for the number of days of grace elapsing before such payment, during which period of grace, the contract shall continue in full force; but in case a claim arises under the contract on account of death prior to expiration of the period of grace before the overdue payment to the insurer of the deferred payments of the current contract year, if any, are made, the amount of such payments, with interest on any overdue payments, may be deducted from any amount payable under the contract in settlement.
[1947 c 79 § .23.15; Rem. Supp. 1947 § 45.23.15.]
2023 Revised Code of Washington › Title 48 - Insurance › Chapter 48.23 - Life Insurance and Annuities. › 48.23.160 - Incontestability—Annuities, pure endowments.

RCW 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 contract, and subject to RCW 48.23.180, there shall be a provision that the contract shall be incontestable after it has been in force during the lifetime of the person or of each of the persons as to whom such statements are required, for a period of two years from its date of issue, except for nonpayment of stipulated payments to the insurer; and at the option of the insurer, such contract may also except any provisions relative to benefits in the event of total and permanent disability and any provisions which grant insurance specifically against death by accident.
[1947 c 79 § .23.16; Rem. Supp. 1947 § 45.23.16.]
2023 Revised Code of Washington › Title 48 - Insurance › Chapter 48.23 - Life Insurance and Annuities. › 48.23.170 - Entire contract—Annuities, pure endowments.

RCW 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 application is endorsed upon or attached to the contract when issued, a provision that the contract and the application therefor shall constitute the entire contract between the parties.
[1947 c 79 § .23.17; Rem. Supp. 1947 § 45.23.17.]
2023 Revised Code of Washington › Title 48 - Insurance › Chapter 48.23 - Life Insurance and Annuities. › 48.23.180 - Misstatement of age or sex—Annuities, pure endowments.

RCW 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 contract is made, or if any of them has been misstated, the amount payable or benefit accruing under the contract shall be such as the stipulated payment or payments to the insurer would have purchased according to the correct age or sex; and that if the insurer shall make or has made any underpayment or underpayments or any overpayment or overpayments on account of any such misstatement, the amount thereof, with interest at the rate to be specified in the contract but not exceeding six percent per annum, shall, in the case of underpayment, be paid the insured or, in the case of overpayment, may be charged against the current or next succeeding payment or payments to be made by the insurer under the contract.
[ 1982 c 181 § 12; 1947 c 79 § .23.18; Rem. Supp. 1947 § 45.23.18.]
NOTES:
Severability—1982 c 181: See note following RCW 48.03.010.
2023 Revised Code of Washington › Title 48 - Insurance › Chapter 48.23 - Life Insurance and Annuities. › 48.23.190 - Dividends—Annuities, pure endowments.

RCW 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 c 79 § .23.19; Rem. Supp. 1947 § 45.23.19.]
2023 Revised Code of Washington › Title 48 - Insurance › Chapter 48.23 - Life Insurance and Annuities. › 48.23.200 - Nonforfeiture benefits—Annuities, pure endowments.

RCW 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 contain:
(1) A provision that in the event of default in any stipulated payment, the insurer will grant a paid-up nonforfeiture benefit on a plan stipulated in the contract, effective as of such date, of such value as is hereinafter specified.
(2) A statement of the mortality table and interest rate used in calculating the paid-up nonforfeiture benefit available under the contract.
(3) An explanation of the manner in which the paid-up nonforfeiture benefits are altered by the existence of any paid-up additions credited to the contract or any indebtedness to the insurer on the contract.
[ 1982 1st ex.s. c 9 § 34; 1979 c 157 § 3; 1947 c 79 § .23.20; Rem. Supp. 1947 § 45.23.20.]
NOTES:
*Reviser's note: RCW 48.23.520 was decodified pursuant to 2017 3rd sp.s. c 25 § 13.
2023 Revised Code of Washington › Title 48 - Insurance › Chapter 48.23 - Life Insurance and Annuities. › 48.23.210 - Reinstatement—Annuities, pure endowments.

RCW 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 in making stipulated payments to the insurer, unless the cash surrender value has been paid, but all overdue stipulated payments and any indebtedness to the insurer on the contract shall be paid or reinstated, with interest thereon at a rate to be specified in the contract but not exceeding six percent per annum payable annually, and in cases where applicable, the insurer may also include a requirement of evidence of insurability satisfactory to the insurer.
[1947 c 79 § .23.21; Rem. Supp. 1947 § 45.23.21.]
2023 Revised Code of Washington › Title 48 - Insurance › Chapter 48.23 - Life Insurance and Annuities. › 48.23.220 - Standard provisions—Reversionary annuities.

RCW 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 specified in RCW 48.23.230 and 48.23.240. Any of such provisions not applicable to single premium annuities shall not, to that extent, be incorporated therein.
This section shall not apply to group annuities or to annuities included in life insurance policies.
[1947 c 79 § .23.22; Rem. Supp. 1947 § 45.23.22.]
2023 Revised Code of Washington › Title 48 - Insurance › Chapter 48.23 - Life Insurance and Annuities. › 48.23.230 - Sections applicable.

RCW 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 its option provide for an equitable reduction of the amount of the annuity payments in settlement of an overdue or deferred payment in lieu of providing for a deduction of such payments from an amount payable upon a settlement under the contract.
[1947 c 79 § .23.23; Rem. Supp. 1947 § 45.23.23.]
2023 Revised Code of Washington › Title 48 - Insurance › Chapter 48.23 - Life Insurance and Annuities. › 48.23.240 - Reinstatement—Reversionary annuities.

RCW 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 of default in making stipulated payments to the insurer, upon production of evidence of insurability satisfactory to the insurer, and upon condition that all overdue payments and any indebtedness to the insurer on account of the contract be paid, or, within the limits permitted by the then cash values of the contract, reinstated, with interest as to both payments and indebtedness at a rate to be specified in the contract but not exceeding six percent per annum compounded annually.
[1947 c 79 § .23.24; Rem. Supp. 1947 § 45.23.24.]
2023 Revised Code of Washington › Title 48 - Insurance › Chapter 48.23 - Life Insurance and Annuities. › 48.23.250 - Supplemental benefits.

RCW 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 event the insured becomes totally and permanently disabled, which are a part of or supplemental to life insurance contracts.
[1947 c 79 § .23.25; Rem. Supp. 1947 § 45.23.25.]
2023 Revised Code of Washington › Title 48 - Insurance › Chapter 48.23 - Life Insurance and Annuities. › 48.23.260 - Limitation of liability.

RCW 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 the full reserve of the policy and of dividend additions thereto in event only of death occurring:
(a) As a result of war, or any act of war, declared or undeclared, or of service in the military, naval or air forces or in civilian forces auxiliary thereto, or from any cause while a member of any such military, naval or air forces of any country at war, declared or undeclared.
(b) As a result of suicide of the insured, whether sane or insane, within two years from date of issue of the policy.
(c) As a result of aviation under conditions specified in the policy.
(2) An insurer may specify conditions pertaining to the items of subsection (1) of this section which in the commissioner's opinion are more favorable to the policyholder.
[1947 c 79 § .23.26; Rem. Supp. 1947 § 45.23.26.]
2023 Revised Code of Washington › Title 48 - Insurance › Chapter 48.23 - Life Insurance and Annuities. › 48.23.270 - Incontestability after reinstatement.

RCW 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 account of fraud or misrepresentation of facts material to the reinstatement only for the same period following reinstatement as the policy provides with respect to contestability after original issuance.
[1947 c 79 § .23.27; Rem. Supp. 1947 § 45.23.27.]
2023 Revised Code of Washington › Title 48 - Insurance › Chapter 48.23 - Life Insurance and Annuities. › 48.23.290 - Premium deposits.

RCW 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 accept premium deposits in addition to the regular premiums specified in the policy, for the purpose of paying future premiums, or to facilitate conversion of the policy, or to increase the benefits thereof.
(2) The unused accumulation from such deposits shall be held and accounted for as a premium deposit fund, and the policy or agreement shall provide for the manner of application of the premium deposit fund to the payment of premiums otherwise in default and for the disposition of the fund if it is not sufficient to pay the next premium.
(3) Such fund shall:
(a) Be available upon surrender of the policy, in addition to the cash surrender value; and
(b) be payable upon the insured's death or upon maturity of the policy; and
(c) be paid to the insured whenever the cash surrender value together with the premium deposit fund equals or exceeds the amount of insurance provided by the policy, unless the amount of the deposit does not exceed that which may be required to facilitate conversion of the policy to another plan in accordance with its terms.
(4) No part of the premium deposit fund shall be paid to the insured during the continuance of the policy except at such times and in such amounts as is specified in the policy or in the deposit agreement.
[1947 c 79 § .23.29; Rem. Supp. 1947 § 45.23.29.]
2023 Revised Code of Washington › Title 48 - Insurance › Chapter 48.23 - Life Insurance and Annuities. › 48.23.300 - Policy settlements—Interest.

RCW 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 to revocation by the policyholder and control by beneficiaries, and with such exemptions from the claims of creditors of beneficiaries other than the policyholder as set forth in the policy or as agreed to in writing by the insurer and the policyholder. Upon maturity of a policy in the event the policyholder has made no such agreement, the insurer shall have the power to hold the proceeds of the policy under an agreement with the beneficiaries. The insurer shall not be required to segregate funds so held but may hold them as part of its general assets.
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 withdrawable policy proceeds left with the company, but not less than eight percent. Benefits payable that have not been tendered to the beneficiary within ninety days of the receipt of proof of death shall accrue interest, commencing on the ninety-first day, at the aforementioned rate plus three percent. This section applies to death of insureds that occur on or after September 1, 1985.
[ 1985 c 264 § 23; 1983 1st ex.s. c 32 § 21; 1947 c 79 § .23.30; Rem. Supp. 1947 § 45.23.30.]
2023 Revised Code of Washington › Title 48 - Insurance › Chapter 48.23 - Life Insurance and Annuities. › 48.23.310 - Deduction of indebtedness.

RCW 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 thereof for the current policy year due under the terms of the policy, and of
(2) the amount of principal and accrued interest of any policy loan or other indebtedness against the policy then remaining unpaid, such principal increased by unpaid interest and compounded as provided in this chapter.
[1947 c 79 § .23.31; Rem. Supp. 1947 § 45.23.31.]
2023 Revised Code of Washington › Title 48 - Insurance › Chapter 48.23 - Life Insurance and Annuities. › 48.23.320 - Miscellaneous proceeds.

RCW 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 to the surviving spouse, children, beneficiary, or other person other than the insured's estate, appearing to the insurer to be equitably entitled thereto, sums held by it and comprising:
(1) Premiums paid in advance, and which premiums did not fall due prior to such death, or funds held on deposit for the payment of future premiums.
(2) Dividends theretofore declared on the policy and held by the insurer under the insured's option.
(3) Dividends becoming payable on or after the death of the insured.
[1947 c 79 § .23.32; Rem. Supp. 1947 § 45.23.32.]
2023 Revised Code of Washington › Title 48 - Insurance › Chapter 48.23 - Life Insurance and Annuities. › 48.23.330 - Trafficking in dividend rights.

RCW 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 deal or traffic in any rights to dividends existing under participating life insurance policies issued by the insurer.
[1947 c 79 § .23.33; Rem. Supp. 1947 § 45.23.33.]
2023 Revised Code of Washington › Title 48 - Insurance › Chapter 48.23 - Life Insurance and Annuities. › 48.23.340 - Prohibited policy plans.

RCW 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 of policyholders into mathematical groups and providing benefits for a surviving policyholder of a group arising out of the death of another policyholder of such group, or under any other similar plan.
(2) Providing benefits or values for surviving or continuing policyholders contingent upon the lapse or termination of the policies of other policyholders, whether by death or otherwise.
[1947 c 79 § .23.34; Rem. Supp. 1947 § 45.23.34.]
2023 Revised Code of Washington › Title 48 - Insurance › Chapter 48.23 - Life Insurance and Annuities. › 48.23.345 - Juvenile life insurance—Speculative or fraudulent purposes.

RCW 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 purposes. These standards and procedures shall be made available for review by the commissioner.
Life insurers shall maintain records of underwriting rejections of applications for life insurance on juvenile lives for a period of ten years.
[ 2001 c 197 § 1.]
NOTES:
Effective date—2001 c 197: "This act takes effect August 1, 2001." [ 2001 c 197 § 2.]
2023 Revised Code of Washington › Title 48 - Insurance › Chapter 48.23 - Life Insurance and Annuities. › 48.23.370 - Duties of insurer issuing both participating and nonparticipating policies—Rules.

RCW 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 profits and losses upon each such category of business.
(2) For the purposes of such accounting the insurer shall make a reasonable allocation as between the respective such categories of the expenses of such general operations or functions as are jointly shared. Any allocation of expense as between the respective categories shall be made upon a reasonable basis, to the end that each category shall bear a just portion of joint expense involved in the administration of the business of such category.
(3) No policy hereafter delivered or issued for delivery in this state shall provide for, and no life insurer or representative shall hereafter knowingly offer or promise payment, credit or distribution of participating "dividends," "earnings," "profits," or "savings," by whatever name called, to participating policies out of such profits, earnings or savings on nonparticipating policies.
(4) The commissioner may promulgate rules for the purpose of assuring the equitable treatment of all policyholders so that one group of policyholders shall not support or be supported by another group of policyholders.
[ 1982 c 181 § 13; 1965 ex.s. c 70 § 22.]
NOTES:
Severability—1982 c 181: See note following RCW 48.03.010.
2023 Revised Code of Washington › Title 48 - Insurance › Chapter 48.23 - Life Insurance and Annuities. › 48.23.380 - Return of policy and refund of premium—Grace period—Notice—Effect.

RCW 48.23.380
Return of policy and refund of premium—Grace period—Notice—Effect.
(1) 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 the policy owner shall be permitted to return the policy within ten days after it is received by the policy owner and to have the premium paid refunded if, after examination of the policy, the policy owner is not satisfied with it for any reason. An additional ten percent penalty shall be added to any premium refund due which is not paid within thirty days of return of the policy to the insurer or insurance producer. If a policy owner pursuant to such notice, returns the policy to the insurer at its home or branch office or to the insurance producer through whom it was purchased, it shall be void from the beginning and the parties shall be in the same position as if no policy had been issued.
(2) This section shall not apply to individual life insurance policies issued in connection with a credit transaction or issued under a contractual policy change or conversion privilege provision contained in a policy.
(3) No later than January 1, 2010, or when the insurer has used all of its existing paper individual life insurance policy forms which were in its possession on July 1, 2009, whichever is earlier, the notice required by subsection (1) of this section shall use the term insurance producer in place of agent.
[ 2008 c 217 § 26; 1983 1st ex.s. c 32 § 10; 1977 c 60 § 1.]
NOTES:
Severability—Effective date—2008 c 217: See notes following RCW 48.03.020.
2023 Revised Code of Washington › Title 48 - Insurance › Chapter 48.23 - Life Insurance and Annuities. › 48.23.410 - Short title.

RCW 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.]
NOTES:
*Reviser's note: RCW 48.23.520 was decodified pursuant to 2017 3rd sp.s. c 25 § 13.
2023 Revised Code of Washington › Title 48 - Insurance › Chapter 48.23 - Life Insurance and Annuities. › 48.23.420 - Inapplicability of enumerated sections to certain policies.

RCW 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 by an employer (including a partnership or sole proprietorship) or by an employee organization, or by both, other than a plan providing individual retirement accounts or individual retirement annuities under Section 408 of the Internal Revenue Code, as now or hereafter amended; premium deposit fund; variable annuity; investment annuity; immediate annuity; any deferred annuity contract after annuity payments have commenced; or reversionary annuity; nor to any contract which is delivered outside this state through an insurance producer or other representative of the company issuing the contract.
[ 2008 c 217 § 27; 1982 1st ex.s. c 9 § 22.]
NOTES:
*Reviser's note: RCW 48.23.520 was decodified pursuant to 2017 3rd sp.s. c 25 § 13.
Severability—Effective date—2008 c 217: See notes following RCW 48.03.020.
2023 Revised Code of Washington › Title 48 - Insurance › Chapter 48.23 - Life Insurance and Annuities. › 48.23.450 - Minimum present value of paid-up annuity benefit.

RCW 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 least equal to the minimum nonforfeiture amount on that date. Such present value shall be computed using the mortality table, if any, and the interest rate specified in the contract for determining the minimum paid-up annuity benefits guaranteed in the contract.
[ 1982 1st ex.s. c 9 § 25.]
2023 Revised Code of Washington › Title 48 - Insurance › Chapter 48.23 - Life Insurance and Annuities. › 48.23.460 - Minimum cash surrender benefits—Death benefit.

RCW 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 date of surrender of that portion of the maturity value of the paid-up annuity benefit which would be provided under the contract at maturity arising from considerations paid prior to the time of cash surrender reduced by the amount appropriate to reflect any prior withdrawals from or partial surrenders of the contract, such present value being calculated on the basis of an interest rate not more than one percent higher than the interest rate specified in the contract for accumulating the net considerations to determine such maturity value, decreased by the amount of any indebtedness to the company on the contract, including interest due and accrued, and increased by any existing additional amounts credited by the company to the contract. In no event may any cash surrender benefit be less than the minimum nonforfeiture amount at that time. The death benefit under such contracts shall be at least equal to the cash surrender benefit.
[ 1982 1st ex.s. c 9 § 26.]
2023 Revised Code of Washington › Title 48 - Insurance › Chapter 48.23 - Life Insurance and Annuities. › 48.23.470 - Contracts without cash surrender, death benefits—Minimum present value of paid-up annuity benefits.

RCW 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 prior to maturity shall not be less than the present value of that portion of the maturity value of the paid-up annuity benefit provided under the contract arising from considerations paid before the time the contract is surrendered in exchange for, or changed to, a deferred paid-up annuity, such present value being calculated for the period prior to the maturity date on the basis of the interest rate specified in the contract for accumulating the net considerations to determine such maturity value, and increased by any existing additional amounts credited by the company to the contract. For contracts which do not provide any death benefits prior to the commencement of any annuity payments, such present values shall be calculated on the basis of such interest rate and the mortality table specified in the contract for determining the maturity value of the paid-up annuity benefit. However, in no event may the present value of a paid-up annuity benefit be less than the minimum nonforfeiture amount at that time.
[ 1982 1st ex.s. c 9 § 27.]
2023 Revised Code of Washington › Title 48 - Insurance › Chapter 48.23 - Life Insurance and Annuities. › 48.23.480 - Optional maturity dates.

RCW 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 made to have annuity payments commence at optional maturity dates, the maturity date shall be deemed to be the latest date for which election is permitted by the contract, but shall not be deemed to be later than the anniversary of the contract next following the annuitant's seventieth birthday or the tenth anniversary of the contract, whichever is later.
[ 1982 1st ex.s. c 9 § 28.]
2023 Revised Code of Washington › Title 48 - Insurance › Chapter 48.23 - Life Insurance and Annuities. › 48.23.490 - Statement required in contract without cash surrender or death benefits.

RCW 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 the commencement of any annuity payments shall include a statement in a prominent place in the contract that such benefits are not provided.
[ 1982 1st ex.s. c 9 § 29.]
2023 Revised Code of Washington › Title 48 - Insurance › Chapter 48.23 - Life Insurance and Annuities. › 48.23.500 - Calculation of benefits available other than on contract anniversary.

RCW 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, shall be calculated with allowance for the lapse of time and the payment of any scheduled considerations beyond the beginning of the contract year in which cessation of payment of considerations under the contract occurs.
[ 1982 1st ex.s. c 9 § 30.]
2023 Revised Code of Washington › Title 48 - Insurance › Chapter 48.23 - Life Insurance and Annuities. › 48.23.510 - Additional benefits.

RCW 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 excess of the greater of cash surrender benefits or a return of the gross considerations with interest, the minimum nonforfeiture benefits shall be equal to the sum of the minimum nonforfeiture benefits for the annuity portion and the minimum nonforfeiture benefits, if any, for the life insurance portion computed as if each portion were a separate contract. Notwithstanding the provisions of RCW 48.23.450, 48.23.460, 48.23.470, 48.23.480, and 48.23.500, additional benefits payable (1) in the event of total and permanent disability, (2) as reversionary annuity or deferred reversionary annuity benefits, or (3) as other policy benefits additional to life insurance, endowment, and annuity benefits, and considerations for all such additional benefits, shall be disregarded in ascertaining the minimum nonforfeiture amounts, paid-up annuity, or cash surrender and death benefits that may be required by RCW 48.23.410 through * 48.23.520. The inclusion of such additional benefits shall not be required in any paid-up benefits, unless such additional benefits separately would require minimum nonforfeiture amounts, paid-up annuity, or cash surrender and death benefits.
[ 1982 1st ex.s. c 9 § 31.]
NOTES:
*Reviser's note: RCW 48.23.520 was decodified pursuant to 2017 3rd sp.s. c 25 § 13.
2023 Revised Code of Washington › Title 48 - Insurance › Chapter 48.23 - Life Insurance and Annuities. › 48.23.525 - Individual life insurance—Noninsurance benefits—Rules.

RCW 48.23.525
Individual life insurance—Noninsurance benefits—Rules.
(1) A life insurer may include the following noninsurance benefits as part of a policy of individual life insurance, with the prior approval of the commissioner:
(a) Will preparation services;
(b) Financial planning and estate planning services;
(c) Probate and estate settlement services;
(d) Products or services related to any policy of individual life insurance that are intended to incent behavioral changes that improve the health and reduce the risk of death of the insured; and
(e) Such other services as the commissioner may identify by rule.
(2) For products and services referenced in subsection (1)(d) of this section, the commissioner may adopt rules that include minimum product or service standards to protect policyholder privacy rights; establish standards for ensuring that incentives, in the aggregate, are directed to sharing the benefit of improving risk experience; and implement consumer protection design and administration of such product or service.
(3) The commissioner may adopt rules to ensure disclosure of the noninsurance benefits permitted under this section, including but not limited to guidelines concerning the provision of the coverage.
(4) Those providing the services listed in subsection (1) of this section must be appropriately licensed.
(5) This section does not require the commissioner to approve any particular proposed noninsurance benefit. The commissioner may disapprove any proposed noninsurance benefit that the commissioner determines may tend to promote or facilitate the violation of any other section of this title.
(6) This section does not expand, limit, or otherwise affect the authority and ethical obligations of those who are authorized by the state supreme court to practice law in this state. This section does not limit the prohibition against the unauthorized practice of law under chapter 2.48 RCW.
(7) This section does not affect the application of chapter 21.20 RCW.
[ 2020 c 197 § 4; 2009 c 76 § 1.]
NOTES:
Effective date—2020 c 197: See note following RCW 48.30.140.
2023 Revised Code of Washington › Title 48 - Insurance › Chapter 48.23 - Life Insurance and Annuities. › 48.23.900 - Construction—Chapter applicable to state registered domestic partnerships—2009 c 521.

RCW 48.23.900
Construction—Chapter applicable to state registered domestic partnerships—2009 c 521.
For the purposes of this chapter, the terms spouse, marriage, marital, husband, wife, widow, widower, next of kin, and family shall be interpreted as applying equally to state registered domestic partnerships or individuals in state registered domestic partnerships as well as to marital relationships and married persons, and references to dissolution of marriage shall apply equally to state registered domestic partnerships that have been terminated, dissolved, or invalidated, to the extent that such interpretation does not conflict with federal law. Where necessary to implement chapter 521, Laws of 2009, gender-specific terms such as husband and wife used in any statute, rule, or other law shall be construed to be gender neutral, and applicable to individuals in state registered domestic partnerships.
[ 2009 c 521 § 119.]
2023 Revised Code of Washington › Title 48 - Insurance › Chapter 48.23A - Life Insurance Policy Illustrations. › 48.23A.005 - Purpose—Standards for life insurance policy illustrations.

RCW 48.23A.005
Purpose—Standards for life insurance policy illustrations.
The purpose of this chapter is to provide standards for life insurance policy illustrations that will protect consumers and foster consumer education by providing illustration formats, prescribing standards to be followed when illustrations are used, and specifying the disclosures that are required in connection with illustrations. The goals of these standards are to ensure that illustrations do not mislead purchasers of life insurance and to make illustrations more understandable. Insurers will, as far as possible, eliminate the use of footnotes and caveates and define terms used in the illustration in language that would be understood by a typical person within the segment of the public to which the illustration is directed.
[ 1997 c 313 § 1.]
2023 Revised Code of Washington › Title 48 - Insurance › Chapter 48.23A - Life Insurance Policy Illustrations. › 48.23A.010 - Scope of chapter—Exceptions.

RCW 48.23A.010
Scope of chapter—Exceptions.
This chapter applies to all group and individual life insurance policies and certificates except:
(1) Variable life insurance;
(2) Individual and group annuity contracts;
(3) Credit life insurance; or
(4) Life insurance policies with no illustrated death benefits on any individual exceeding ten thousand dollars.
[ 1997 c 313 § 2.]
2023 Revised Code of Washington › Title 48 - Insurance › Chapter 48.23A - Life Insurance Policy Illustrations. › 48.23A.020 - Marketing with or without an illustration—Notice to commissioner—Conditions—Availability.

RCW 48.23A.020
Marketing with or without an illustration—Notice to commissioner—Conditions—Availability.
(1) Each insurer marketing policies to which this chapter is applicable shall notify the commissioner whether a policy form is to be marketed with or without an illustration. For all policy forms being actively marketed on January 1, 1998, the insurer shall identify in writing those forms and whether or not an illustration will be used with them. For policy forms filed after January 1, 1998, the identification shall be made at the time of filing. Any previous identification may be changed by notice to the commissioner.
(2) If the insurer identifies a policy form as one to be marketed without an illustration, any use of an illustration for any policy using that form prior to the first policy anniversary is prohibited.
(3) If a policy form is identified by the insurer as one to be marketed with an illustration, a basic illustration prepared and delivered in accordance with this chapter is required, except that a basic illustration need not be provided to individual members of a group or to individuals insured under multiple lives coverage issued to a single applicant unless the coverage is marketed to these individuals. The illustration furnished an applicant for a group life insurance policy or policies issued to a single applicant on multiple lives may be either an individual or composite illustration representative of the coverage on the lives of members of the group or the multiple lives covered.
(4) Potential enrollees of nonterm group life subject to this chapter shall be furnished a quotation with the enrollment materials. The quotation shall show potential policy values for sample ages and policy years on a guaranteed and nonguaranteed basis appropriate to the group and the coverage. This quotation is not considered an illustration for purposes of this chapter, but all information provided shall be consistent with the illustrated scale. A basic illustration shall be provided at delivery of the certificate to enrollees for nonterm group life who enroll for more than the minimum premium necessary to provide pure death benefit protection. In addition, the insurer shall make a basic illustration available to any nonterm group life enrollee who requests it.
[ 1997 c 313 § 4.]
2023 Revised Code of Washington › Title 48 - Insurance › Chapter 48.23A - Life Insurance Policy Illustrations. › 48.23A.030 - Illustration used in sale—Label—Required basic information—Prohibitions—Use of interest rate.

RCW 48.23A.030
Illustration used in sale—Label—Required basic information—Prohibitions—Use of interest rate.
(1) An illustration used in the sale of a life insurance policy shall satisfy the applicable requirements of this chapter, be clearly labeled "life insurance illustration," and contain the following basic information:
(a) Name of insurer;
(b) Name and business address of producer or insurer's authorized representative, if any;
(c) Name, age, and sex of proposed insured, except where a composite illustration is permitted under this chapter;
(d) Underwriting or rating classification upon which the illustration is based;
(e) Generic name of policy, the company product name, if different, and form number;
(f) Initial death benefit; and
(g) Dividend option election or application of nonguaranteed elements, if applicable.
(2) When using an illustration in the sale of a life insurance policy, an insurer or its producers or other authorized representatives shall not:
(a) Represent the policy as anything other than life insurance policy;
(b) Use or describe nonguaranteed elements in a manner that is misleading or has the capacity or tendency to mislead;
(c) State or imply that the payment or amount of nonguaranteed elements is guaranteed;
(d) Use an illustration that does not comply with the requirements of this chapter;
(e) Use an illustration that at any policy duration depicts policy performance more favorable to the policy owner than that produced by the illustrated scale of the insurer whose policy is being illustrated;
(f) Provide an applicant with an incomplete illustration;
(g) Represent in any way that premium payments will not be required for each year of the policy in order to maintain the illustrated death benefits, unless that is the fact;
(h) Use the term "vanish" or "vanishing premium," or a similar term that implies the policy becomes paid up, to describe a plan for using nonguaranteed elements to pay a portion of future premiums;
(i) Except for policies that can never develop nonforfeiture values, use an illustration that is "lapse-supported"; or
(j) Use an illustration that is not "self-supporting."
(3) If an interest rate used to determine the illustrated nonguaranteed elements is shown, it shall not be greater than the earned interest rate underlying the disciplined current scale.
[ 1997 c 313 § 5.]
2023 Revised Code of Washington › Title 48 - Insurance › Chapter 48.23A - Life Insurance Policy Illustrations. › 48.23A.050 - Supplemental illustration—Conditions for use—Reference to basic illustration.

RCW 48.23A.050
Supplemental illustration—Conditions for use—Reference to basic illustration.
(1) A supplemental illustration may be provided so long as:
(a) It is appended to, accompanied by, or preceded by a basic illustration that complies with this chapter;
(b) The nonguaranteed elements shown are not more favorable to the policy owner than the corresponding elements based on the scale used in the basic illustration;
(c) It contains the same statement required of a basic illustration that nonguaranteed elements are not guaranteed; and
(d) For a policy that has a contract premium, the contract premium underlying the supplemental illustration is equal to the contract premium shown in the basic illustration. For policies that do not require a contract premium, the premium outlay underlying the supplemental illustration shall be equal to the premium outlay shown in the basic illustration.
(2) The supplemental illustration shall include a notice referring to the basic illustration for guaranteed elements and other important information.
[ 1997 c 313 § 7.]
2023 Revised Code of Washington › Title 48 - Insurance › Chapter 48.23A - Life Insurance Policy Illustrations. › 48.23A.090 - Violations—RCW 48.30.010(1).

RCW 48.23A.090
Violations—RCW 48.30.010(1).
In addition to any other penalties provided by law, an insurer or producer that violates a requirement of this chapter is guilty of a violation of RCW 48.30.010(1).
[ 1997 c 313 § 11.]
2023 Revised Code of Washington › Title 48 - Insurance › Chapter 48.23A - Life Insurance Policy Illustrations. › 48.23A.901 - Effective date—Application—1997 c 313.

RCW 48.23A.901
Effective date—Application—1997 c 313.
This act takes effect January 1, 1998, and applies to policies sold on or after January 1, 1998.
[ 1997 c 313 § 13.]
2023 Revised Code of Washington › Title 48 - Insurance › Chapter 48.24 - Group Life and Annuities. › 48.24.010 - Group requirements.

RCW 48.24.010
Group requirements.
(1) No contract of life insurance shall hereafter be delivered or issued for delivery in this state insuring the lives of more than one individual unless to one of the groups as provided for in this chapter, and unless in compliance with the other provisions of this chapter.
(2) Subsection (1) of this section shall not apply to contracts of life insurance
(a) insuring only individuals related by marriage, by blood, or by legal adoption; or
(b) insuring only individuals having a common interest through ownership of a business enterprise, or of a substantial legal interest or equity therein, and who are actively engaged in the management thereof; or
(c) insuring the lives of employees and retirees under contracts executed with the state health care authority under the provisions of chapter 41.05 RCW.
[ 1988 c 107 § 22; 1973 1st ex.s. c 147 § 11; 1947 c 79 § .24.01; Rem. Supp. 1947 § 45.24.01.]
NOTES:
Implementation—Effective dates—1988 c 107: See RCW 41.05.901.
Effective date—Effect of veto—Savings—Severability—1973 1st ex.s. c 147: See notes following RCW 41.05.050.
2023 Revised Code of Washington › Title 48 - Insurance › Chapter 48.24 - Group Life and Annuities. › 48.24.020 - Employee groups.

RCW 48.24.020
Employee groups.
The lives of a group of individuals may be insured under a policy issued to an employer, or to the trustees of a fund established by an employer, which employer or trustee is deemed the policyholder, insuring employees of the employer for the benefit of persons other than the employer, subject to the following requirements:
(1) The employees eligible for insurance under the policy shall be all of the employees of the employer, or all of any class or classes thereof determined by conditions pertaining to their employment. The policy may provide that the term "employees" shall include the employees of one or more subsidiary corporations, and the employees, individual proprietors, and partners of one or more affiliated corporations, proprietors or partnerships if the business of the employer and of such affiliated corporations, proprietors or partnerships is under common control through stock ownership, contract or otherwise. The policy may provide that the term "employees" shall include the individual proprietor or partners if the employer is an individual proprietor or a partnership. The policy may provide that the term "employees" shall include retired employees.
(2) The premium for the policy shall be paid by the policyholder, either wholly from the employer's funds or funds contributed by him or her, or partly from such funds and partly from funds contributed by the insured employees, or from funds contributed entirely by the insured employees. A policy on which no part of the premium is to be derived from funds contributed by the insured employees must insure all eligible employees, or all except any as to whom evidence of individual insurability is not satisfactory to the insurer.
(3) The policy must cover at least two employees at date of issue.
(4) The amounts of insurance under the policy must be based upon some plan precluding individual selection either by the employees or by the employer or trustees.
[ 2005 c 222 § 1; 1955 c 303 § 29; 1947 c 79 § .24.02; Rem. Supp. 1947 § 45.24.02.]