Monday, June 27, 2011

Americans average 40% on insurance IQ test

Americans average 40% on insurance IQ test Tube. Duration : 1.57 Mins.

With the state of the economy, health care reforms and 24 hour news networks passing on information, youd think Americans would have picked up some insurance knowledge somewhere along the way. But according to a new survey by the National Association of Insurance Commissioners (NAIC), only 45 percent of Americans feel confident making insurance decisions and more than 60 percent failed to correctly answer basic questions about insurance coverage, including: • Does auto insurance cover personal property stolen from your car? • At what age do most people become eligible for Medicare? • Can credit scores affect your auto insurance premium? The answers—no, 65 and yes—eluded the majority of the 1000 American adults who took the survey, which was comprised of two sections—one section gauging broader consumer perceptions on insurance and a second 10-question IQ component that tested specific knowledge. In fact, most respondents only answered four out of 10 questions correctly on the IQ component. That's an average score of only 40 percent—a failing grade by most US educational grading standards. How do you think Canadian consumers are fairing with their insurance knowledge? What, if anything, can the industry do to ensure that there are educated consumers? Call our toll-free phone line at 1-877-703-2713 or email us at to let us know what you think. Also troubling is the fact that 86 percent of respondents said they do not understand all of the terms being used ...

Keywords: pricewaterhousecoopers, study, pwc, insurance, executive, CEO, industry, climate change

No comments:

Post a Comment