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New Survey Details Need for Knowledgeable Insurance Professionals
A new survey by the National Association of Insurance Commissioners (NAIC) highlights the continuing need for knowledgeable insurance professionals.
According to the survey, less than 50 percent of Americans feel confident making insurance decisions, and more than 60 percent failed to correctly answer basic questions about insurance coverages.
The NAIC survey also found some consumers don’t understand the basics of auto insurance, even though it’s one of the most commonly purchased types of coverage.
- 63 percent of Americans don’t understand that property stolen from their car is not covered by their auto insurance, but could be covered by homeowners or renter’s insurance.
- 54 percent don’t realize that, depending on state of residence, credit history can affect insurance premiums.
- 86 percent of Americans don’t understand that if their liability coverage is 100/300/100, the last figure represents the maximum amount their insurance company will pay for property damage in an accident.
At a time when it’s never been more important to have a solid grasp of insurance options and coverages, consumers lack of knowledge about insurance options and coverages leaves them at risk for being uninsured or underinsured.
As an agent with Farm Bureau Financial Services, you have the knowledge and resources to help clients understand the products and services available to help them reach their goals – whether their goal is protection for themselves, their family or their business; to fund a child’s education; or to accumulate retirement income. You can bridge the gap between consumer’s knowledge of insurance and helping ensure they get the best coverage for their needs.
Source: National Association of Insurance Commissioners, New NAIC Insurance IQ Study Reveals Americans Lacking In Confidence, Knowledge of Insurance Choices, www.naic.org, visited June 30, 2010.
