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Insurance IQ
Bulletin – Monday, June 8, 2009
INSURANCE IQ FOUND LACKING
According to the NAIC, Americans are ill-informed when it comes to many of the important things to know about insurance coverage. Here are a few of the results from the NAIC's online survey:
- Less than ½ (49%) know that they have to pay the full premium cost under COBRA
- 19% know that the requirement for private mortgage insurance depends on the size of the down payment
- 14% know that the amount of life insurance (per the NAIC) should be five to seven times annual salary
- 62% of Americans were unaware that accident history, vehicle safety features and geography influence auto premium rates.
- 41% knew that auto insurance does not automatically include rental car expenses