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CPCU - Ethics 311 Exam With Complete Solutions 100% Correct Latest Update
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CPCU - Ethics 311 Exam With Complete Solutions 100% Correct Latest Update...
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CPCU - Ethics 311 Exam With Complete Solutions 100%Correct Latest Update
Morals/Laws/Ethics
3 elements of ethical behavior
morals
- personal convictions of what is right/wrong
- created or shaped by religion, culture, state/federal organizations and everyone else
laws
documented legal guidelines of what is/what is not acceptable
Ethics
- Code of conduct/principles provided by a professional/social organization
Involves following set rules developed for guiding where the law is not applicable and
yet there are more courses of actions that might be right morally or legally speaking
High Ethical Standards
A professional always practices with integrity. This is how a professional gains the trust
of consumers. In the insurance industry, there is something called "doctrine of utmost
good faith," which ensures that the relationship between insured and insurers is an
ethical one.
This principle applies not just to the insurer but also to agents, brokers, claims
representatives, loss control representatives, and all other practitioners performing
services on behalf of the insurer.
- insurance practitioners must be resolute on the use of integrity, undertaking to be
forthright and candid, open in every way feasible, sense equitable and even handed and
accept responsibility
, high ethical standards
professional competence
altruism
commitment to continuing education
participation in an association of a society
ability to think and act independently
recognition as a professional
Qualities of Professionals: What it Takes
Legal Concept
Doctrine of Utmost Good Faith
It is a rule or a duty that requires parties to a contract to be honest and open in
disclosing all fundamental facts pertinent to the transaction. It does relate to insurance,
real estate, and other business financial markets.
Professional Competence
- The insurance practitioners should be aware of how various coverages apply in
specific circumstances, know what the consequences of risk and its impact on
individual and society are, and apply such knowledge to assist customers in protecting
themselves from risk exposures
- Conscious of their competence as well as their limitations and at times require us to
admit that we "don't know what we don't know" and seek help from others
Thriftiness
Altruism
unselfish concern to for the welfare of others
(examples include)
- leaving home (even late at night) to help a customer who suffered a devastating loss
- working long hours in the wake of a catastrophe to help insureds recover
- educating the public on loss control techniques
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