Checklists that describe insurance policies in simple terms may seem a good method to provide an understanding of policy contents, but their use creates minefields of misunderstanding, underwriters warned regulators.
At the spring meeting of the National Association of Insurance Commissioners the pitfalls of checklists came up in two separate arenas. In both cases, the message from insurance industry critics was the same: Keeping it simple is sometimes stupid.
The leadership of the Catastrophe Insurance Working Group put the checklist back into the catastrophe insurance coverage plan the group is working on after committee members rejected it last year.
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