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Ethics 311 Questions And 100% Correct Answers
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Ethics 311 Questions And 100% Correct Answers...
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Ethics 311 Questions And 100% Correct AnswersWhich of the following could give rise to an ethical issue? - ANSWER Placing insurance
with the insurer paying the highest commission
Unselfish concern for the welfare of others is referred to as: - ANSWER Altruism.
Penny works in the marketing department for Insurance Company. Which of the
following is something that it is particularly important for her to understand? - ANSWER
Companies that try to maximize short-term profits without acting at a high level of
ethical behavior often do so at the expense of their own long-term welfare.
Oliver is a reinsurance intermediary placing reinsurance for a variety of insurers with a
variety of reinsurers. He has no contact with the public or policyholders of the insurers
for which he places reinsurance. Which one of the following best characterizes Oliver's
duties in this position? ANSWER Oliver still has significant duties to the public and
primary insurer policyholders.
Elmer is a commercial underwriter for ABC Insurance Company. Elmer and one of his
coworkers, Jeff, regularly play golf together at the local public course. One weekend,
Jeff suggests they play instead at an expensive private club. He tells Elmer that the
owner of a new commercial account Jeff recently wrote gave Jeff a membership to the
club. This case puts Elmer in a predicament because he is aware that ABC strictly
enforces the policy of not accepting present from the policy holder. Elmer faces an
ethical dilemma and divided to report to employer regarding gifting or not? The above
scenario falls under which one of the following kind of ethical conflicts?- ANSWER Truth
vs. loyalty.
Burt's young son is a member of scouting group. A fellow scout's father has volunteered
to be the group's treasurer. Burt, as a bond underwriter, knows from an application he
had rejected that the other father had been in trouble for embezzlement, but Burt's
employer has a policy against disclosing publicly that which is learned in the course of
underwriting. His problem can most likely be resolved by: - ANSWER Reviewing whether
any law, regulation, or standard applies to the situation.
, Ariel is well within an ethical dilemma at his workplace and is applying an ethical
decision-making checklist to work his way out of it. By the end of his experience, he
should: - ANSWER Internalize everything learned.
A very important decision needs to be made regarding how to defend a bad-faith claim
in regards to liability at the Insurance Company. The original underlying claim goes
many years back to a time when only a paper file existed. Those assigned to the
bad-faith claim do not have access to the original paper file because it has been lost, yet
its contents are integral to understanding the claims handling at issue. Such a restraint
or restriction to access is an example of which one of the following types of barriers to
ethical decision making? - ANSWER A physical barrier.
Don has acquired significant experience relevant to additional insured coverage. The
capability to leverage this knowledge has created significant new business for he and
his agency. To best fulfill the ethical canon entitled Maintaining and Improving
Professional Competence, Don should: - ANSWER Share his experience with other
appropriate insurance professionals.
An underwriter has learned that most of the potential insureds in the poor part of town
would not qualify for homeowners insurance due to below-standards roofing. She is
concerned and referred to an ethical dilemma decision making flow chart to decide if
there was an ethical obligation to underwrite their properties anyway. If she is
concerned with the perspective of the potential insureds, then she is at which one of the
following steps of the flow chart? - ANSWER Reviewing the dilemma from the three
decision (rules-, situation-, and people-based) perspectives.
The ability to apply knowledge to risk and insurance circumstances is acquired through:
- ANSWER Professional training and job experience.
An insurance professional is responsible for his or her thoughts, decisions, and actions.
Knowledge, skill, and expertise guide decisions and ensure the insurance professional
uses his or her: - ANSWER Professional Judgement.
Ethical behaviour is based on moral conduct which implies: - ANSWER One knows what
is right and what is wrong.
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