Insurance Policies are already written on an 8th grade level. They already include a statement that informs the policyholder to read their policy. This new requirement will cause premiums to increase as there will be added costs to provide summaries of all coverages and exclusions. Each policy is tailored to the specific needs of the insured so no boilerplate summary will address all insureds.
Wouldn’t it be nice if these legislators read the bills before voting on them too! What about a one page summary of Obamacare, see if they can do that.
On the other-hand, this isn’t entirely a bad thing either. Cost on a per insured basis will likely be pretty minimal as they’re not altering the policy in anyway, and the addendum to keep the lawyers off will help.
Another document no one will read
Read? Foreign concept.
Insurance Policies are already written on an 8th grade level. They already include a statement that informs the policyholder to read their policy. This new requirement will cause premiums to increase as there will be added costs to provide summaries of all coverages and exclusions. Each policy is tailored to the specific needs of the insured so no boilerplate summary will address all insureds.
I guess they have to make it so easy a caveman can read the policy!
Wouldn’t it be nice if these legislators read the bills before voting on them too! What about a one page summary of Obamacare, see if they can do that.
On the other-hand, this isn’t entirely a bad thing either. Cost on a per insured basis will likely be pretty minimal as they’re not altering the policy in anyway, and the addendum to keep the lawyers off will help.