Enact the Insurance Bill of Rights
Insurance in one form or another is a part of everyone's life. This petition will help establish clear guidelines for the insurance community on communication, customer service and paying claims.
If you feel that:
- A code of conduct is needed for the Insurance Industry like the Hippocratic Oath for Physicians;
- Insurance is complicated and insurance products should be easier to understand;
- Insurance Companies should provide a higher level of customer service with the goal of providing solutions;
- That Insurance Agents & Brokers & Online Services should act on behalf of the Consumer and provide insurance products that fit a plan;
Then sign this petition to support the Insurance Bill of Rights which would help to ensure that consumers have a better understanding of their insurance coverage and that agents and insurance companies have a set of clear guidelines in presenting and managing insurance policies.
Insurance premiums can oftentimes be the average American household's largest monthly expense even exceeding housing costs when you consider all insurance premiums: Auto, Home, Health, Life, Disability, Long Term Care and other coverages. According to the Bureau of Labor Statistics Consumer Expenditure Survey, 2014, insurance premiums are fifth behind housing, transport, food & beverage and pensions.
It's a lot of money spent for increasingly more complicated financial vehicles. Insurance at it's core is a simple concept, yet it's undergone an evolution where it's no longer always a simple to understand product.
With this complexity has come a greater amount of consumers having the wrong type of coverage, paying premiums for coverage they don't need and not having coverage that they do need. This can also make it easier for consumers to be taken advantage of.
In my 30 years in the industry, I have seen many times instances where people suffer from not having the right coverage when a claim is made, to having coverage that they don't need and to being sold coverage that is harmful.
Your support of The Insurance Bill of Rights will help Consumers to maximize their insurance coverage, minimize their premiums and to understand what they own. It would also help the Insurance Companies and Agents by having educated customers. Thank you for your consideration.
The Insurance Bill of Rights:
- The Right to Have the Agent Act in Your Best Interest
- The Right to Receive Customized Coverage Appropriate to Your Needs
- The Right To Free Choice
- The Right to Receive an Answer to Any Question
- The Right to Pay a Fair Premium
- The Right to Be Informed
- The Right to be Treated Fairly and Respectfully
- The Right to Full Disclosure and Updates
- The Right to Quality Service and Fair Handling of Claims
- The Right to Change or Cancel Your Coverage and Be Notified of Any Change
View an expanded version and learn more at www.insuranceliteracy.org.
Prepared by Tony Steuer, CLU, LA
Insurance Literacy Advocate, Founder of The Insurance Literacy Institute, Creator of The Insurance Bill of Rights and Author of The Questions and Answers on Insurance Book Series.
All rights reserved
- National Association of Insurance Commissioners
Enact the Insurance Bill of Rights to help consumers better understand and find insurance that fits their financial goals. The Insurance Bill of Rights will also provide Best Practice guidelines for the Insurance Industry to better explain insurance products, optimize insurance coverage to fit a consumers needs and to diligently monitor existing insurance policies. This would apply to insurance agents and brokers, insurance wholesalers, online insurance services and to insurance companies. Consumers don't always purchase the insurance they need and being underinsurance. And end up with coverage that is not necessary. It's time for the insurance industry to act as partners with insurance consumers. Critically, the biggest issues stir from market conduct issues during the sales process and from insurance policies not being serviced. Insurance needs change and policies remain the same. Please consider enacting an Insurance Bill of Rights to allow Insurance Consumers basic Rights and to provide Best Practice Guidelines for the Insurance Industry.
Tony Steuer started this petition with a single signature, and now has 76 supporters. Start a petition today to change something you care about.