Estimating the Effects of Improving a Key Features Document of Variable Life Insurance (보험상품의 핵심상품설명서 개선효과 추정-변액보험을 중심으로-)

황진태; Hae Won Byun (변혜원); 김해식

Estimating the Effects of Improving a Key Features Document of Variable Life Insurance

Journal of Insurance and Finance
2014, 25(1), pp.3-27
Publisher : Korea Insurance Research Institute
Research Area : Social Science > Business Management

황진태 ¹, Hae Won Byun ¹, 김해식 ¹

¹보험연구원

Accredited

ABSTRACT

In this paper, we demonstrate that more consumer-friendly manuals are likely to help consumers better understand insurance products. In a social experiment, two groups of participants read two different versions of insurance manuals – the current version and the consumer-friendlily revised version - for a variable annuity product, which was followed by the assessment of their understanding of the product. Together with the OLS and the propensity score matching estimation, our results suggest that, in terms of the four questions where the two groups differed significantly, the percentage of correct answers from our consumer-friendly manual group is, on average, 18-23 percentage points higher than that from the current manual group.

KEYWORDS

Variable Annuity, Key Features Document, Propensity Score Matching

Citation status

* References for papers published after 2023 are currently being built.

[journal] 김경자 / 1998 / 소비자의 금융지식과 금융정보 요구에 관한 연구 / 대한가정학회지 36(3) : 105~116

[report] 김해식 / 2013 / 소비자 신뢰제고와 보험상품 정보공시 개선방안 / 보험연구원

[journal] 박세민 / 2013 / A Study on Problems of Current Medical Insurance for Actual Expense and Analysis on Improvement Plan to Raise Possibility of Consumers' Understanding of Coverage and Exclusion Clauses in the General Insurance Policy / 경영법률 / 한국경영법률학회 23(3) : 235~282

[journal] 박세민 / 2013 / A Study on Improvement Plan to Raise Possibility of Consumers' Understanding of Variable Insurance Policy -In the aspects of readjustment and enhancement of understanding with regard to insurance policy clauses- / 보험학회지 / 한국보험학회 (94) : 39~75

[journal] 배순영 / 1996 / 보험소비자의 약관에 대한 지식과 관련요인 / 대한가정학회지 34(1) : 281~294

[report] 송민규 / 2011 / 금융소비자에 대한 금융상품 정보제공의 개선방향 : 비교공시를 중심으로 / 한국금융연구원

[journal] 원승연 / 2011 / Financial Consumer Protection in Financial Investment Product Markets - Concentrated on Concept of Bounded Rationality - / 소비자학연구 / 한국소비자학회 22(1) : 35~67

[report] 지범하 / 2012 / 보험소비자 가용정보 현황과 과제 / 한국금융연구원

[journal] 천규승 / 2010 / 우리나라 고등학생의 금융이해력 모의테스트 결과 / 한국경제포럼 3(4) : 73~92

[journal] 최현자 / 2011 / A Study on the Effects of Financial Education and Financial Experiences on the Financial Literacy of Undergraduate Students / 소비자학연구 / 한국소비자학회 22(4) : 55~75

[report] Caliendo, M. / 2005 / Some Practical Guidance for the Implementation of Propensity Score Matching / IZA

[book] Douglas, J. I. / 2012 / What Do They Know, Anyway?: Consumer Understanding of Life Insurance / LIMRA

[confproc] Elan, Seth / 2011 / Financial Literacy among Retail Investors in the United States / Federal Research Division, Library of Congress

[report] FINRA Investor Education Foundation / 2009 / Financial Capability in the Unite States:National Survey - Executive Summary / FINRA Investor Education Foundation

[report] FSA / 2003 / Informing Consumers: Product Disclosure at the Point of Sale

[report] FSA / 2003 / The Development of More Effective Product Disclosure

[journal] Heckman, J. / 1997 / Matching as an Econometric Evaluation Estimator: Evidence from Evaluating a Job Training Program / Review of Economic Studies 64 : 605~654

[confproc] Heckman, J. / 1996 / Sources of Selection Bias in Evaluating Social Programs: An Interpretation of Conventional Measures and Evidence on the Effectiveness of Matching as a Program Evaluation Method / Proceedings of the National Academy of Sciences of the United States of America 93 : 13416~13420

[other] IAIS / 2011 / ICP 19: Conduct of Business

[other] OECD / 2011 / G20 High Level Principles on Financial Consumer Protection

[journal] Papke, L. E. / 1998 / Econometric Methods for Fractional Response Variables with an Application to 401(K) Plan Participation Rates / Journal of Applied Econometrics 11 : 619~632

[journal] Rogenbaum, P. / 1983 / The Central Role of the Propensity Score in Observational Studies for Causal Effects / Biometrika 70(1) : 41~55

KJCKorea
Journal Central

Journal of Insurance and Finance 2023 KCI Impact Factor : 0.59