A regulators’ survey has found that most Americans are unable to correctly answer 4 of 10 basic questions about insurance coverages.
The survey, called the “Insurance IQ Study” and conducted from March 2-12 by the National Association of Insurance Commissioners (NAIC), Washington, found that respondents did not demonstrate a comprehensive understanding of health and auto insurance.
On the auto side, more than 6 in 10 respondents did not understand that property stolen from the car is covered by a homeowners/renters policy, not an auto policy.
Fifty-four percent did not realize that credit history is a rating factor in many states.
On the health side, the NAIC said 86% of respondents did not understand all of the terms being used during the health care reform discussions.