One-in-five Canadians under 35 admit to lying when applying for insurance: TD survey

One-in-five Canadians under the age of 35 admit they have purposely lied or omitted important facts when filling out an insurance application, according to a study by TD Insurance.
TD Insurance commissioned Environics Research Group to conduct a custom online survey of 1,000 Canadian adults.
The report is the first of a two-part series, TD Insurance 2011 State of Insurance Report, which identifies Canadians’ understanding of and attitudes towards insurance. Part 2, to be released in 2011 Q3, will delve into Canadians’ habits and knowledge of specific insurance products.
Part 1 of the report found that about one-quarter of Canadians aren’t sure about what their insurance policies actually cover. Roughly half (51%) of Canadians admit they only skim the fine print of their policies and one third (31%) haven’t read them at all.
Those who only file away their policy are more likely to say they’re not sure of everything for which they’re covered (40%). Conversely, those who reviewed the details are more likely to say they know exactly what is included (38%).
When it comes to learning the outcome of their claim, the report found those who know exactly what they are covered for (60%) and those who are confident in what they are covered for (51%) are more likely to say they were not surprised by anything unexpected.