Delaware Insurance Commissioner Karen Weldin Stewart is testing state residents’ knowledge of insurance coverage and its impact on their wallets.

Spurred by a recent National Association of Insurance Commissioners survey on consumers’ perceived knowledge about the industry versus their actual knowledge, Weldin Stewart has launched “The Insurance Intelligence Quiz” on her department’s website.

Karen Weldin Stewart

“In today’s economy, it is crucial that consumers understand their insurance coverage,” the commissioner said in a statement. “With rising joblessness and falling home prices, Americans need to make sure they understand what their insurance policies cover. By making careful, informed decisions about their insurance, consumers can save money and ensure long-term protection for themselves and their loved ones.”

The NAIC survey showed that prior to taking an insurance quiz, 60% of 1,000 American adults said they feel “very confident” when making insurance decisions overall and 15% voiced insecurity about their decision-making standards.

After taking the test, however, on average, the test takers flunked it with only a 40% score, an “F” by most grading standards.

Weldin Stewart added, “Now more than ever, consumers need to be mindful of the impact their insurance decisions can have on their financial future.”

“By arming themselves with the facts – and improving their Insurance IQ – consumers can make sure they are adequately protected, without paying more than they should for that coverage,” she said.