Japan has a reputation for being a shoppers paradise, but while Japanese consumers are considered savvy and discriminating, they aren't necessarily safe from those who would want to take advantage of them.
It's the government's job to protect consumers from improper business practices, but it's the media's job to educate them on how not to fall victim to such practices. One of the frustrating aspects of the recent Meiji Yasuda Life Insurance scandal is how little practical advice it yielded for people who are thinking about buying insurance.
On Oct. 21, three Meiji Yasuda executives resigned to take responsibility for their company's failure to pay insurance claims totaling 5.2 billion yen between 2000 and 2004. Prior to its consolidation with Yasuda, Meiji Life Insurance devised a 3.9 billion yen "action plan" whose main component was maximizing shisaeki, a term that describes the "profit" realized when the amount of benefits paid on life insurance policies in a given year is less than the amount projected.