No more jargon that none of us understands. Starting in March 2012, insurance companies have to describe their policies in clear, standard terminology, using a chart and definitions that are the same across the industry. This will make it easier for consumers to shop for insurance and know what they're getting.
The National Association of Insurance Commissioners is finishing up its work on draft rules for how insurers talk about their products. They will submit their recommendations to the federal government, which will issue regulations based on those recommendations.
Educated consumers will make better choices, and will know what they're buying. Power to the people, people! Jennifer