Industry Ethics

Table of Contents

A Consumer Issue	1
Ethics Beyond Philosophers	2
Being Ethically Responsible	3
Caring for Others	4
Can Ethics Be Taught?	7
A Legal Liability	8
Merging Past, Present & Future	8
Example	12
Mandating Behavior	13
The Importance of Ethical Conduct in Business	15
Claims Leakage (CL)	17
Increasing Competition & Investment Returns	18
IFRS Reporting	18
Insurance Fraud	23
Elements of Fraud	24
Knowingly Making a False or Misleading Statement	24
The Statement is made in connection with an expected payment from a Policy	24
It is a Material Statement	24
Penalties	25
Soft Fraud & Hard Fraud	25
Choosing our Path	26
Objectivist Ethics	26
Choosing to be Actively Ethical	27
Example	28
Amazing Grace	31
Selling Ethically	35
Education	36
Getting Education in a Timely Manner	37
Example	38
Laying out Policy Benefits & Limitations	39
Full Disclosure	40
Slow to Replace	40
Clean Sheeting	41
Policy Replacement	42
Allowing Consumer Misconceptions	43
Consumers & Premiums	44
Obtaining Legal Application & Policy Signatures	45
Providing Client Services	45
“Fast-Buck” Items	46
Commingling Funds	47
In Conclusion	48

United Insurance Educators, Inc.

PO BOX 1030

Eatonville, WA  98328

(253) 846-1155