Required Life & Health Ethics

Table of Contents

 

Defining Ethics

1

Formal Code of Ethics

1

Philosophically Speaking

1

Insurance Ethics

2

Suitability

3

Conflicts of Interest

3

Prioritizing the Needs of the Client

3

Canadian Council of Insurance Regulators (CCIR)

3

Face-to-Face Presentations

4

Adequate Communication Skills

4

Internet Shopping

4

Insurance Elements

5

Obligations and Morality

6

Legal Issues

7

Mandated Ethics

9

Principles versus Rules

11

The Covenant or Promise of Good Faith

11

Product Suitability

12

     Insurance Suitability Worksheet

12

Recognizing Investment Risk

14

Identifying Suitability Issues

18

Recognizing and Addressing a Conflict of Interest

18

IPRC Examines Conflicts of Interest

19

Disclosing Potential Conflicts

20

Placing the Client’s Interests First

21

CCIR Considers Issues in the U.S.

22

January 2015 “The Approach”

23

Principle and Supporting Elements

26

Disclosure

27

Expectations

27

Fact Finding

28

Needs Assessment and the Resulting Recommendations

28

Product Information

31

Complaints

31

Collecting Information

32

Advocis

32

Agent Responsibilities and Sales Practices

33

The Role of Agents and Brokers

34

Appropriate Communication and Product Selection

35

Insurance Applications

35

Product Replacement

36

Education must be a Priority

37

Holding the Client’s Needs above those of the Agent

37

Full Disclosure

38

Product Knowledge

38

Practical Ethics

38

Establishing Insurance Ethics

39

Linking Risk Management and Ethics

42

Adequate Underwriting is an Ethical Duty

43

Due Diligence

44

Insurance Dilemma

46

Confidentiality

47

Simultaneous Representation

48

Common Sense

48

Promoting Ethical Conduct

48

Presenting Insurance Benefits

49

The Ethical Path

50

Ethical Perceptions

50

Integrity

51

Objectivity

51

Competence

52

     Fairness

53

     Confidentiality

53

     Professionalism

54

     Diligence

54

Express and Ostensible Authority

54

Ethics and Risk Control

55

Agent Liability

56

Company Insolvencies

56

Third Party Liability

56

Hidden Costs of Litigation

56

Documenting Procedures for Self-Protection

56

Honesty – A Moral and Legal Obligation

57

A Personal Choice

58

The Exceptional Man

59

Taking the Moral Path

59

Developing a Work Ethic

60

Acting in the Best Interest of the Majority

61

Listening Our Way to Success

61

Fulfilling Our Obligation to the Client

62

Duty to Represent Insurers Fairly

63

Acknowledging Our Moral Obligations

63

Is It Too Good To Be True?

64

 

United Insurance Educators, Inc.

8213 – 352nd Street East

Eatonville, WA  98328

(253) 846-1155