Improving Financial Education and Awareness on Insurance and by Bernan

By Bernan

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However, such issues are sometimes addressed in connection with related subjects (such as mathematics, economics or social sciences). As a rule, insurance is often included in broader programmes on financial issues. g. foundations, institutes and associations) to sensitise and train teachers on risk and insurance mechanisms and to provide them with materials and textbooks for this purpose. In Australia, in 2005 a National Consumer and Financial Literacy Framework7 has been developed by the Ministerial Council on Education, Employment, Training and Youth Affairs to clarify the learning needed to fulfil the national goals of schooling in the 21st century.

4. On this subject, see for example, S. Parente, D. Salkever and J. Da Vanzo (2003). Source: Verzone, Ronald D. (2002). See for example OECD (2004b) and OECD (2005d). , Berger A. , (2002). between 27% and 81% of consumers are underinsured by 10% or more against current rebuilding costs. More precise assessments of the appropriateness of flood coverage undertaken in several countries3 reveal similar results. 4 Surveys are also conducted into the appropriateness and adequacy of coverage of long-term risks such as ageing through life insurance policies.

In Japan, non-life insurance providers organise conferences and round-tables to measure consumers and media opinion of the selling and management of policies. Feedback is then used by association members to improve their practices. In most jurisdictions, consumer associations also take part in such monitoring, conducting covert surveys of insurance providers, with the aim of sensitising public opinion to any problems encountered. In Poland, under the insurance code, the ombudsman is responsible for carrying out research into the insurance market and preparing reports on the general conditions for the provision of insurance policies.

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