Insurance policies are hard to read, but it’s important to do so

When you buy any type of insurance policy—for auto, home, or any other type of insurance—it’s important to review it to make sure the information is accurate. Here are a few things you should check and the reasons you should check them:

• Your name, address and contact information: This seems self-explanatory. However, in addition to being sure you are the person who is covered, the company needs to be able to send you billing and policy information. If they send the bill to the wrong physical or email address and you don’t pay the bill, they will cancel your policy for nonpayment. If they send you a cancellation notice and you don’t receive it, you won’t know you aren’t covered against a loss. Avoid all of that and make sure your personal information is accurate.
• Items to be covered, covered amounts and premiums: Are the items listed in the policy the same items you sought coverage for? Is the coverage amount adequate to replace the item if it’s destroyed or stolen? Does the premium being billed the match the amount you were quoted?

You should receive a copy of your policy no later than 30 days after you purchase it. If you don’t receive one, contact your agent or insurer as soon as possible.  You can find agents, brokers and companies' contact information on our website.

It’s your responsibility as the consumer to review the information in your policy and notify your insurance company of any corrections that need to be made. Silence on your part is considered acceptance of the policy contract and all of its content. If there’s something incorrect in your policy, you may experience problems when you have a claim.

Read more about your insurance on our website. 

We are hiring a market analyst in Olympia area

We are hiring a permanent Market Analyst (Functional Program Analyst 3) in our Tumwater headquarters. This position is responsible for conducting market analysis of regulated insurance companies under the direction of our Chief Market Analyst in our Company Supervision division. The person in this position protects consumer's interests and promotes a healthy business environment in Washington by providing regulatory oversight of market interactions between consumers and companies.

The duties in this job are heavy on insurance company data gathering and analysis. We are looking for someone who has a bachelor's degree in business administration or a related field, two years' experience with life, health or property and casualty insurance company operations, and experience with data queries, project management, Internet research and auditing.

Read more about the position's duties, requirements, salary and how to apply on careers.wa.gov.

Life insurance: Do your heirs a favor and check your policies, wills from time to time

Life insurance can be a complicated topic under the best circumstances. However, things can quickly become more complicated than you bargained for. Recently, our consumer advocates received an inquiry about what happens to a life insurance policy payout if the person who is named as the beneficiary has died. 

In Washington, the life insurance payment would go to the beneficiary/ies named on the policy. If the person named as beneficiary has died, the money would go to the policyholder’s estate. The person named as the estate’s representative would distribute the money in accordance with the terms of the policyholder’s will. If there are no terms laid out in the policyholder’s will, the designated personal representative is responsible for deciding how to distribute the assets. The personal representative is obligated to act in the best interest of the estate rather than his own best interest. 

Insurance companies are not obligated to follow the terms of a policyholder’s will and typically refuse seeing a person’s will even if someone offers to share it because they don’t want the responsibility of trying to split an insurance payout among multiple parties.

However, many consumers do not have a will or don’t have enough assets to require the estate to go through probate. In that case, the life insurance company would send the money to the Washington state Department of Revenue’s unclaimed property.  

Another factor is whether the consumer was married and living in a community property state at the time s/he bought the policy. In community property state, including Washington, spouses are entitled to 50 percent of a life insurance policy’s proceeds, even if the spouse isn’t listed as a beneficiary of the policy.    

If the policy lists more than one beneficiary and one or more has died at the time of the policy’s proceeds are claimed, there’s a chance the decision will be made by a court.  

The lessons here are:

• Review your insurance policies periodically to take a look at your beneficiaries.
• Review your will periodically to take a look at the terms.
• If you don’t have a will, make one. You can use an attorney or you can find free will templates online. If you do your own will, Washington state law requires that you get it notarized or have two people witness you signing it. It doesn’t need to be filed until after you die, and it’s a good idea to give your personal representative(s) a copy along with your heirs. It’s also a good idea to keep a copy for yourself somewhere safe that is not at your home, in case of a natural disaster or fire. Do not keep the only copy of your will in a safe, because your heirs likely will need a court order to open your safe to see your will.

If you have a complicated estate or property holdings, it is best to consult an attorney to make sure your wishes are documented. 

Entry-level IT help desk position open at our headquarters

We are hiring a non-permanent Information Technology Technician 2 in our Tumwater headquarters. The position is expected to last 12 months and will support laptop and desktop computers for more than 230 employees, agency-wide. This is an entry-level position that reports to our IT Service Desk Lead.

This position requires two years of experience in information technology-related activities such as testing, installing, maintaining, supporting, and/or averting hardware/software system failures on client applications, hardware and software products, mainframe systems, network infrastructure equipment, or telecommunications software or hardware.

The job closes on June 9. To find out more or apply, visit careers.wa.gov. View all of our job openings here.

Make sure you are covered when you move

This is a popular time of year to move and it’s also National Moving Month. College students are moving for the summer and many families opt to move this time of year as well. Seattle media recently reported the theft of two fully loaded U-Hauls that contained the entirety of the consumers’ possessions. 

Here are some tips for moving, whether you hire a mover or do the move yourself:

• Inventory your belongings. If need to make a claim, you will expedite the process if you know what you lost. The National Association of Insurance Commissioners has an iPhone app, an Android app and a printable PDF form.
• Contact your insurance company to find out if your homeowner or renter insurance covers your belongings while you are in transit and to transfer your coverage from your old residence to your new residence.
• If you rent a moving trailer or vehicle, make sure your auto policy covers your use of the vehicle before you decline the rental company’s insurance. Some auto policies exclude vehicles that exceed a certain weight.

Questions? Contact our consumer advocates at 1-800-562-6900 or online. 

Olympia man gets 30 days in jail for bad claim

An Olympia man who filed a fraudulent insurance claim with State Farm was recently sentenced to 30 days in jail, one year of probation, restitution to State Farm in an amount that will be determined, and court fees.

In November 2012, Allen C. Deen, 23, filed a $3,795 claim with State Farm for damage to his 2008 Ducati motorcycle. In the claim, he said the damage occurred when he was pushing it across grass, slipped and fell with the motorcycle. State Farm found records that it had paid a $6,577 claim on the same motorcycle for the same damage in May 2012 to another customer, who previously owned the motorcycle. The previous owner had sold the damaged motorcycle to Deen “as is” in June 2012. Deen later withdrew the claim and received no money from State Farm.

Deen pleaded guilty to attempted second-degree theft, a felony, and filing a false claim, a misdemeanor, in Thurston County Superior Court.

State Farm referred the case to the Insurance Commissioner’s Special Investigations Unit (SIU), which investigates criminal insurance fraud in Washington state. Read more about SIU’s work. 

OIC has saved auto insurance consumers nearly $20 million since 2010

The Office of the Insurance Commissioner's rate decisions have saved auto insurance consumers nearly $20 million in premiums since 2010.

Personal auto insurers are required to file their proposed rates and rating plans with our office whenever there's a rate change. Our actuaries review the proposed rates, rating plans, and supporting documentation to be sure that the rates are not excessive, inadequate or discriminatory.

From 2010 through 2013, the rates we approved for the top 20 personal auto insurers in Washington saved consumers nearly $20 million in premiums.

• 2013: $8.9 million
• 2012: $5.6 million
• 2011: $2.7 million
• 2010: $2.7 million

Read more about auto insurance in Washington state.