NAIP and D.C. lawmakers establish the nation’s first “Insurance Literacy Month”
Because insurance is among the most complex financial products that many consumers will purchase in their lifetime, uninformed consumers may buy policies on unfavorable terms. To help increase insurance literacy of consumer in Metro DC, NAIP and D.C. lawmakers worked together to establish the nation’s first “Insurance Literacy Month”.
ACR 20-240, The Insurance Literacy Month Recognition Resolution of 2014
A CEREMONIAL RESOLUTION 20-240
IN THE COUNCIL OF THE DISTRICT OF COLUMBIA
September 23, 2014
To recognize the importance of insurance literacy and to establish the month of October as “Insurance Literacy Month” in the District of Columbia.
WHEREAS, October will commence a series of events and activities seeking to educate the public on the importance of insurance literacy, and unbiased policy reviews that are available to District Residents;
WHEREAS, insurance products and services make up a significant fraction of the national economy and are important in household budgeting and financial planning;
WHEREAS, insurance is among the most complex financial products that many consumers will purchase in their lifetimes and some policyholders may not understand all the fees and coverages included in a policy;
WHEREAS, uninformed residents may buy policies on unfavorable terms;
WHEREAS, nearly a fifth of adult residents of the District of Columbia lack basic literacy skills and more than 60,000 are without a high school credential; and
WHEREAS, informed insurance consumption decisions require consumers to choose an appropriate level of coverage, to understand policy terms and contractual features, to compare services and financial soundness of competing insurers, and to understand their rights and responsibilities under the contracts.
IT IS HEREBY RESOLVED, BY THE COUNCIL OF THE DISTRICT OF COLUMBIA, that the Council of the District of Columbia hereby declares October to be Insurance Literacy Month and encourages District residents to increase insurance literacy, to review their existing policies, and to ensure they have adequate coverage to meet their needs.
Sec. 2. This resolution may be cited as the “The Insurance Literacy Month Recognition Resolution of 2014”.
Sec. 3. This resolution shall take effect immediately upon the first date of publication in the District of Columbia Register.
National Association of Insurance Professionals, Inc.
6234 Georgia Avenue, NW
Washington, DC 20011