Insurance - Knowledge regarding state insurance laws

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david9
09-12-05, 05:29 AM
Could anyone have any idea about the statistics of the percentage of people those having no/little knowledge regarding state insurance laws?

slumlordfrank
09-14-05, 02:31 PM
I would say the percentage approaches 100%, and the insurance companies and their state oversight commissions (assuming there is one) want to keep it that way. If people actually KNEW and UNDERSTOOD, what they were paying for, versus what kind of benefits they can expect to receive, NO ONE would buy insurance.

Cynical, yes, but I live in TX, where the legislature is firmly in control of large (oil, gas, insurance, banking) business. Our homeowner's insurance is NOT REGULATED, and the viewing galleries in the State Capitol building are referred to as "owner's boxes". Not the way the founding fathers, who risked their "lives, fortunes and sacred honor", had envisioned things.

frank