Figure A1.
Figure A2.
Characteristics of Survey Respondents
| Category | Division | Responses (N) | Percent (%) |
|---|---|---|---|
| Gender | Man | 239 | 52.9 |
| Woman | 213 | 47.1 | |
| University | Gyeongnam National Univ. | 35 | 7.7 |
| Daegu Univ. | 51 | 11.3 | |
| Dong-eui Univ. | 51 | 11.3 | |
| Seowon Univ. | 36 | 8.0 | |
| Sungkyunkwan Univ. | 73 | 16.2 | |
| Jeonju Univ. | 27 | 6.0 | |
| Hyupsung Univ. | 37 | 8.2 | |
| Hongik Univ. | 95 | 21.0 | |
| Hongik Univ. (Sejong) | 47 | 10.4 | |
| Grade level | 1st year | 66 | 14.6 |
| 2nd year | 125 | 27.7 | |
| 3rd year | 142 | 31.4 | |
| 4th year | 119 | 26.3 | |
| Previous insurance course registration | Yes | 234 | 51.8 |
| No | 215 | 47.6 | |
| Experience with insurance company compensation services | Yes | 291 | 64.4 |
| No | 154 | 34.1 | |
| Family in insurance industry | Yes | 95 | 21.0 |
| No | 356 | 78.8 | |
Correct Answer Rates for Insurance Knowledge Questions
| No. | Knowledge Item | Before % | After % | Change (%p) | Change (%) |
|---|---|---|---|---|---|
| 1 | Hazard refers to a condition that increases the probability or occurrence of loss. (o) | 69.0 | 87.2 | 18.1 | 26.3 |
| 2 | Insurance is a representative risk management method, a contract in which an insurance premium is paid in exchange for transferring the exposed risk to an insurance company. (o) | 84.5 | 92.5 | 8.0 | 9.4 |
| 3 | The distinction between static and dynamic risks is based on whether the nature or frequency of occurrence of the risk changes over time. (o) | 61.3 | 69.0 | 7.7 | 12.6 |
| 4 | Savings insurance is a type of insurance product that has a risk protection function and allows you to save a fixed amount each month and receive a lump sum upon maturity. (o) | 73.2 | 73.2 | 0.0 | 0.0 |
| 5 | A person who enters into a contract with an insurance company and provides insurance is called an insurer. (x) | 61.9 | 72.8 | 10.8 | 17.5 |
| 6 | If retired parents do not enroll in local health insurance, their children will not be covered. (o) | 14.2 | 17.3 | 3.1 | 21.9 |
| 7 | Life (death) insurance is more necessary for people with children than for those without. (o) | 71.2 | 81.9 | 10.6 | 14.9 |
| 8 | Personal insurance products are protected from insolvency by the depositor protection system. (o) | 52.4 | 59.3 | 6.9 | 13.1 |
| 9 | To receive compensation for damage to your car in a traffic accident, you must subscribe to comprehensive insurance. (o) | 24.1 | 37.6 | 13.5 | 56.0 |
| 10 | Individuals can choose from a variety of options regarding benefit levels and amounts paid under the National Pension. (x) | 33.6 | 42.3 | 8.6 | 25.7 |
| 11 | A high deductible in an insurance contract is disadvantageous to the policyholder because the insurance company compensates only a small amount of the damage incurred. (x) | 42.5 | 46.9 | 4.4 | 10.4 |
| 12 | Variable annuity insurance has a higher investment return than general annuity insurance, so it is advantageous from a long-term perspective (x) | 21.2 | 33.0 | 11.7 | 55.2 |
| 13 | In non-life insurance, the principle of compensation for actual loss is established. (o) | 74.3 | 88.9 | 14.6 | 19.6 |
| 14 | Insurance premiums are the money paid by the insurance company to the policyholder in the event of an accident. (o) | 65.5 | 74.8 | 9.3 | 14.2 |
| 15 | After the initial payment of the insurance premium, the insurance contract cannot be cancelled. (x) | 56.9 | 62.8 | 6.0 | 10.5 |
| 16 | Insurance is a risk management method used for risks with a high frequency of loss and small scale of loss. (x) | 68.1 | 69.7 | 1.5 | 2.3 |
| 17 | A life table shows how the number of people living from birth decreases each year, assuming they are alive at beginning of year. It is also called a death table. (o) | 31.9 | 53.3 | 21.5 | 67.4 |
| 18 | Insurable risks are generally speculative risks with unlimited loss and are often static risks. (x) | 51.5 | 61.9 | 10.4 | 20.2 |
| 19 | Even if the damage amount includes only mental or personal values that cannot be objectively quantified in economic terms, it is still covered by insurance. (x) | 51.3 | 52.4 | 1.1 | 2.2 |
| 20 | Risk consists of the magnitude and likelihood of loss. (o) | 71.5 | 74.3 | 2.9 | 4.0 |
Direct, Indirect, and Total effects in the Structural Model
| Hypothesis channel | Direct Effect | Indirect Effect | Total Effect | |||
|---|---|---|---|---|---|---|
| Standardized coefficient | p-value | Standardized coefficient | p-value | Standardized coefficient | p-value | |
| Student characteristics → Insurance literacy | .196 | .045 | .000 | .000 | .196 | .045 |
| faculty characteristics → Student characteristics | .663 | .000 | .000 | .000 | .663 | .000 |
| Faculty characteristics → Insurance literacy | .429 | .005 | .130 | .059 | .559 | .010 |
| Educational environment → faculty characteristics | .717 | .000 | .000 | .000 | .717 | .000 |
| Educational environment → student characteristics | −.139 | .186 | .475 | .002 | .336 | .003 |
| Educational environment → Insurance literacy | −.237 | .101 | .374 | .011 | .137 | .148 |
Composition of Measurement Tools
| Latent Variable | Observed Variable | No. of Items | Source |
|---|---|---|---|
| Student Characteristics | Self-efficacy | 8 | Kim & Park (2001), Ha (2005) |
| Achievement motivation | 7 | Ha (2005), Yu & Yang (1994), Yoo (1996) | |
| Faculty Characteristics | Professionalism | 7 | Kwon (2006), Feldman (2007) |
| Passionate attitude | 6 | Kwon (2006), Saunders (1999), Marsh & Ware (1982), Kunter et al. (2008) | |
| Interaction | 6 | Kwon (2006), Feldman (2007) | |
| Education and Environment Characteristics | Educational system | 4 | Hwang (2004) |
| Physical environment | 2 | Shin & Lee (2008), Kim (2009) | |
| Insurance Literacy | Attitudes | 4 | Kim (2011), Cheon (2011) |
| Knowledge | 20 | Kim (2011), Cheon (2011), Tennyson (2011) | |
| Behavior | 6 | Kim (2011), Cheon (2011) | |