Cost disclosure versus concept disclosure: a personal perspective

Article Abstract:

Cost disclosure is generally considered the way to present insurance policies to consumers, allowing them to make cost comparisons. However, this approach leads to consumer misunderstandings over aspects such as limited terms and vanishing premiums and fails to meet consumer needs. A better approach is concept disclosure where costs, possibilities, promises and policy purposes are presented together, including essential aspects such as whether permanent or temporary coverage is needed and what duration is needed for temporary coverage.

Insurance Agencies and Brokerages, Insurance agents, brokers, & service, Insurance Agents & Brokers, Management, Insurance industry

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Informed consent

Article Abstract:

Insurance agents are highly specialized professionals who should act in the best interests of their clients by providing them with enough information to make an 'informed consent.' Concise and simple explanations of complex insurance issues should be provided to even the most sophisticated consumers. Agents should make disclosures in writing and encourage clients to consult with lawyers or other professionals to enhance the information provided in the disclosures.

Practice, Insurance agents

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Measuring human life value from the courtroom to the living room

Article Abstract:

The value of human life is determined partly by every court verdict in wrongful death litigation, but the financial services and life insurance industries traditionally do not explore this concept. The industries have generally concentrated on insuring needs, creating a population that widely believes itself to be over-insured and therefore accepts higher levels of risk than it understands.

Evaluation, Cases, Wrongful death

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