Most Consumers Flunk An Insurance Test, NAIC Says

“Consumers today are being forced to make difficult decisions about their insurance coverage, decisions that could have a very profound impact on their financial future,” says NAIC CEO Therese Vaughan.

“At the same time, they are being overwhelmed with new and sometimes conflicting information about changes to our nation’s health care policies,” she adds. “By doing their homework and brushing up on the facts, they can improve their Insurance IQ, which will ultimately enable them to make the best decisions for themselves and their families.”

The NAIC recommends that consumers take an Insurance IQ quiz, found at www.InsureUonline.org, to test themselves and gauge their knowledge.

Furthermore, the NAIC says consumers should shop around for coverage and gather information from reliable sources such as state insurance departments and the NAIC’s “Insure U” consumer education Web site.

Consumers should also call their insurance department if they are unsure about an insurer or agent and review policies to understand the scope of their coverages.