Consumers’ Insurance Literacy

Networks Financial Institute Policy Brief No. 2011-PB-06

20 Pages Posted: 27 Jul 2011 Last revised: 28 Jul 2011

See all articles by Sharon L. Tennyson

Sharon L. Tennyson

Cornell University - Department of Policy Analysis & Management (PAM)

Date Written: July 27, 2011

Abstract

Research seeking to understand financial literacy and to enhance it through training or education is receiving greater attention and emphasis from policymakers. Unfortunately, relatively little of this research has focused on insurance products and consumers. This policy brief reviews what is known about consumer knowledge, understanding and capability in insurance markets, focusing on two surveys of consumers’ understanding of insurance policies, terms, and concepts. Insurance disclosures and policy language are discussed in light of this evidence, and suggestions for future insurance literacy research and education are provided.

Keywords: Financial Literacy, Insurance

Suggested Citation

Tennyson, Sharon L., Consumers’ Insurance Literacy (July 27, 2011). Networks Financial Institute Policy Brief No. 2011-PB-06, Available at SSRN: https://ssrn.com/abstract=1896316

Sharon L. Tennyson (Contact Author)

Cornell University - Department of Policy Analysis & Management (PAM) ( email )

252 MVR Hall
Ithaca, NY 14853
United States
607-255-2619 (Phone)
607-255-4071 (Fax)

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