#FinLit2013 NZ Insurance Policies not helping Financial Literacy
Despite some gestures in the direction of readability, New Zealand insurance policies are not helping the cause of financial literacy. In fact, some aspect of every insurance policy reviewed by Quality Product Research would fail to meet minimum legal standards in place in other jurisdictions. Of course, sections dealing with complex medical definitions can perhaps be excused - precision must trump readability - but even in those cases there are ways that confidence in the definitions could be enhanced. But the readability problems aren't confined to those areas - in fact they are common in areas throughout policy documents. Here is a link to the report details. Link.