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.

8213 – 352nd Street East

Eatonville, WA  98328

 

(253) 846-1155