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NAIC: Slump Hits Policy Ownership

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The economic slowdown may be having some effect on consumers’ ability to keep life and health insurance policies.

Officials at the National Association of Insurance Commissioners, Kansas City, Mo., have published statistics concerning the effects of the economy on insurance ownership in a summary of results from a survey of 682 U.S. consumers.

About 22% of the participating consumers said they have reduced the number of times they see the doctor as a result of economic conditions, officials report.

The NAIC found that 5% of consumers said they have experienced health insurance coverage changes as a result of the economy, and 6% said they have experienced life insurance coverage changes.

About 2% of the consumers have reduced their health coverage, 1% have fallen behind on health coverage payments, and 2% have canceled health coverage policies.

Only 1% of the consumers have reduced their life insurance, but 2% have fallen behind on life insurance payments, and 3% have canceled life insurance policies, officials report.


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