According to the survey by National Association of Insurance Commissioners (NAIC), Americans are lacking basic knowledge about Insurance. Honestly, I am surprised. I thought that most Americans know these things. Apparently not.

“Now more than ever, consumers need to be mindful of the impact their insurance decisions can have on their financial future,” said Terri Vaughan, NAIC’s chief executive. “By arming themselves with the facts — and improving their insurance IQ — consumers can make sure they are adequately protected, without paying more than they should for that coverage.”

More details about this survey and the results are here. NAIC sponsored InsureUOnline.org also provides useful resources to understand more about insurance policies and the ways to save on insurance.