The notion that insurance (the industry and its products) is sorely misunderstood is an important one, and proving so with the number of varied responses my original post on the subject has garnered—especially among INN's Twitter followers.
This started with a Knowledge at Wharton blog that featured comments about a new book titled, "Insurance and Behavioral Economics: Improving Decisions in the Most Misunderstood Industry," wherein Wharton Professors Howard Kunreuther and Mark Pauly join Urban Institute researcher Stacey McMorrow in a study of consumers, insurance leaders and policymakers. Their conclusion was that all three groups illustrate an “overall failure to grasp how insurance can fulfill the roles it is designed to play: reducing future losses and financially protecting those at risk.”
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