Glossary of terms  

A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z

A:

Admitted date (for companies):
When a company was authorized to sell insurance in Washington state.

Affiliations:
An agreement in which an insurance agent agrees to do business on behalf of an insurance agency. Example: Agent John Doe agrees to do business on behalf of ABC Insurance Agency in sales presentations to potential clients.

Appointment (individual agent):
An agreement in which an insurance agent agrees to do business of behalf of an insurance company. Example: Insurance agent John Doe agrees to sell policies for XYZ Insurance Company in sales presentations to potential clients.

Appointment (business entity):
An agreement in which an insurance company appoints an insurance agency to do business on its behalf.

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B:

Business Entity:
Any sole proprietor, general partnership, limited partnership, limited liability partnership, corporation or limited liability company.

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C:

Cancel Date:
The date an agent or broker (insurance producer) license was canceled at the licensee’s request or revoked by our office.

Company Complaint:
Any written communication consumers submit to our office expressing discontent with a specific insurance company. Companies must provide us with a written response to any complaint within 15 business days.

Corporate family group:
A group of companies owned or controlled by the same company.  For example: Yum! Brands owns KFC, Pizza Hut and Taco Bell, so these companies are all part of the Yum! corporate family.

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D:

Disciplinary orders:
A legal order our office issues for violations of the state’s Insurance Code.

Doing Business As (DBA):
A DBA -- short for "doing business as" -- is a business name that’s different than the personal name or business name officially registered with the Washington Secretary of State.  Example: Fred Smith is a sole proprietor of an insurance agency. Fred wants to name his business “Mountain View Insurance” instead of “Fred Smith Insurance.” So Fred must register “Mountain View Insurance” as a DBA with our office.

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E:

Effective Date:
The date a license of appointment for an agent or business took effect.

Expiration Date:
The date a license, appointment, or affiliation will expire if not renewed.

 

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I:

Insurer:
An authorized insurance company, licensed by our office, that sells insurance and promises to pay for losses, provide benefits or provide services to the insured. An insurer can also be a health carrier registered by our office.

Investigation:
An investigation by our office includes reviewing a complaint against an insurance agent or agency.

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L:

License Types (agents and brokers):

Past License Types (New license types took effect July 1, 2009):

Line of Authority (Descriptions):
A line of authority determines the type of insurance a producer (agent or broker) sells and services.

Past Historical Lines of Authority:

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M:

Moved date:
The date an agent broker license was converted to a producer license.

Moved to insurance producer:
On July 1, 2009 our office moved from a dual-license system (agents and brokers) to a single-license system (producers). Agent and broker licenses were converted automatically to a producer license. The “producer model,” used in most states, is based on guidelines from the National Association of Insurance Commissioners.

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N:

NAIC Number:
A nationwide ID number issued to insurers by the National Association of Insurance Commissioners. It’s different than the license number our office gives to companies authorized to sell insurance in Washington state.

NPN Number:
A nationwide ID number the National Insurance Producer Registry (NIPR) issues to insurance agents. It’s different than the license number our office gives to agents authorized to sell insurance in Washington state. 

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O:

Organization type (for companies):

Ownership type (for companies):

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S:

Status (Descriptions):

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W:

WAOIC Number:
The state license number that our office issues to agents and companies authorizing them to sell insurance in Washington state.

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See also