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Is Transparency Clear?

NAIC Transparency/Readability Working Group to investigate policy transparency

By Robert Detlefsen | Updated on January 31, 2012

Regulators have long sought to make it easier for consumers to comprehend the terms of insurance contracts by insisting that policy forms be written in language that most consumers can understand. They typically do this by requiring that policy language meet certain quantitative “readability” standards.

But if readability standards measure the degree to which policy forms are intellectually accessible to consumers, what standards address the physical accessibility of policy forms to consumers?

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