Washington Revised Code Title 48. Insurance § 48.18.543. Single premium credit insurance--Residential mortgage loan--Restrictions--Definitions

(a) “Licensee” means every insurance producer licensed under chapter 48.17 RCW.

(b) “Residential mortgage loan” means any loan primarily for personal, family, or household use secured by a mortgage or deed of trust on residential real estate upon which is constructed or intended to be constructed a single-family dwelling or multiple-family dwelling of four or less units.

(c) “Single premium credit insurance” means credit insurance purchased with a single premium payment at inception of coverage.

(a) The term of the single premium credit insurance policy is the same as the term of the loan;

(b) The debtor is given the option to buy credit insurance paid with monthly premiums; and

(c) The single premium credit insurance policy provides for a full refund of premiums to the debtor if the credit insurance is canceled within sixty days of the date of the loan.

(a) The loan amount does not exceed ten thousand dollars, exclusive of fees;

(b) The repayment term of the loan does not exceed five years; and

(c) The term of the single premium credit insurance does not exceed the repayment term of the loan.