NAIC Survey: 1-in-4 Gen Z Adults Can Define ‘Deductible’ and ‘Co-Pay’
Just 27% of Gen Z adults could correctly identify the insurance terms “deductible” and 29% knew how to define “copay,” a new survey shows.
The survey from the National Association of Insurance Commissioners also found 22% of Gen Z respondents have little or no awareness of the importance of auto insurance, and 14% have little or no awareness of the importance of health insurance.
The NAIC commissioned Atomik Research to conduct an online survey of 1,003 adults throughout the U.S. The sample consists of adults ages 18 to 27 between June 24 and June 26.
They survey shows 36% said they could identify “out of pocket,” while only 19% said they could define “out of network.”
The NAIC survey also found that 35% of Gen Z adults currently pay for a cellphone protection plan, while only 21% have renters insurance.
More than half of respondents (54%) said they feel “overwhelmed or anxious” at “the thought of dealing with insurance.” One-in-three (34%) said they were “going to try to wait as long as possible” to get their own life insurance, and 28% said the same for health insurance.
- Golden Gate Sued Over Insurer’s $2.2 Billion Capital Shortfall
- Slips, Trips And Falls: Why It’s Important to Get Ahead of An Incident
- Warren, Hawley Press Insurers Over Closed, Unpaid Claims
- Google Faces $3.2 Billion Damage Claims on Ad-Tech Monopoly
- The Nation’s Insurance Laboratory: What Liability Trends in California Mean for the Rest of the Country
- The Great Hemp Reset: How the Federal Ban on Intoxicating Hemp Products Will Reshape Risk and Coverage
- Apollo’s Rowan Blasts Regulators for Handling of Walter Insurers
- Are We Training Claims Adjusters or Claims Processors?