Insurance contracts are complicated documents, especially for the average consumer. Consequently, most states require insurers to draft policy language to comply with readability standards to make it easier for consumers to understand complex coverage terms. Recently, regulators have focused on the extent to which policy forms are physically accessible to...

Top pros on both the P&C and Life sides convened in Times Square to network, discuss emerging global risks and opportunities and hear executive panelists weigh in on pressing issues facing the insurance industry during the 23rd Annual Insurance Executive Conference, sponsored by Ernst & Young LLP.

While homeowners-insurance policy exclusions can burden consumers with significant out-of-pocket expenses, expanding policies to fill coverage gaps creates a new set of challenges, such as affordability issues, lower consumer demand as rates rise and regulatory approval for risk-based rates, the GAO says.