The Iowa example he refers to appeared in my November 2004 AAB column. Due to an outpouring of questions such as his, I did a follow-up article in January 2005, which presented essentially the same conclusion as my response above. This is one case where it would seem the facts are clear, the answer obvious. Yet almost four years later, the debate apparently continues. (Doesn't everyone read my column?) I love “I'm guessing the answer is yes.” Guessing? Given the policy language, the answer is definitely yes, and the policy also has a clear audit provision allowing the carrier to go back and collect all the proper premiums due.
So what's the problem? This: There are more than a few folks out there who look at these facts and basically dismiss them along the lines of “that just doesn't make sense,” or “I know what it says, but I'm not sure I believe it.” (To which I say, “Welcome to insurance!”) And if they're unhappy with certain insurance facts, they're certainly entitled to their opinion.
But the danger arises when folks go on to present those opinions as if they were facts. Conjecture and opinion–using your brain–are admirable skills, but Shaara has the key: Clearly separate the facts from the conjecture, and label them accordingly. Just a simple “of course, I may be wrong” when presenting personal beliefs would go a long way toward putting the listener or reader on notice that the preceding was a judgment or conjecture, not biblical truth. Until that day, unsuspecting readers and students can certainly be forgiven for getting confused and continuing to waste valuable time and effort, while increasing their risk of E&O, acting on mistaken beliefs in areas that should be a done deal.
An old compatriot of mine named Preston Matthews dubbed this acceptance of opinion as fact “knowledge by folklore.” I love it! Next time a coworker or industry pundit states a guessed-at possibility as gospel truth, ask where this gem of wisdom was acquired. Don't be surprised when few give a factual response, such as “I read it in the policy.” You're far more likely to hear one of the following folklorish responses: “Oh, I heard it in a class.” “A guy I used to work with told me.” “Everybody knows that!” “I read it in an article somewhere.” Or one I'm personally extremely sensitive to, “The instructor said so–I have it in my notes.”
There's more than enough complicated and confusing material in insurance to keep us busy the rest of our lives. Can't we lighten the load a bit by putting the easy and clear stuff to rest? If not, eventually the facts and opinions begin to meld and blur until everything seems negotiable and nothing is certain. While that may be fine in the world of fiction, in an industry that supposedly exists to increase the level of certainty perhaps Bruce Springsteen best described the inevitable, heartbreaking result: “God have mercy on the man who doubts what he's sure of.”
Speaking of great rock guitarists, check out Eric Clapton's autobiography, “Clapton.” It's an incredible read of an incredible life. Of course, I may be wrong.
But I'm not.
Chris Amrhein is an insurance educator and speaker with more than 30 years in the industry. He is also chief fun officer of www.insuranceisfun.com, where his newest book of insurance musings, “Yes, Virginia, There is Insurance,” is now available. Readers may contact Chris at chris@insuranceisfun.com.

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Policy Issues: Of course, I may be wrong (but I'm not)

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