Prof. Schwarcz's Research Featured in Wall Street Journal

Professor Daniel Schwarcz's article, "Reevaluating Standardized Insurance Policies" (forthcoming in the University of Chicago Law Review), was featured in a Wall Street Journal article. Schwarcz's article shows that the conventional wisdom that insurance policies in property casualty markets are homogeneous commodities is wrong: different carriers' policies differ dramatically in terms of the scope of coverage they provide. Despite this, it is impossible for even a vigilant and informed consumer to discern these differences, as both regulators and markets have failed to promote transparency because of their outdated assumption that insurance policies are homogenous.