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Ethics 311 Exam Questions And 100% Correct
Answers Latest Update
Ethics - Answer Involve making the choice between right and wrong. Suggest behavior
that is based upon virtue, which includes integrity, honesty, and the need to do the
honorable thing. Moral principles along with rules of conduct impose the correct
response when a choice needs to be made between right and wrong. Normally, the
decision made involves what "feels" like the right thing to do or what one was taught to
do.
Principles that Govern an individual's actions. A sense of morality suggests a
mechanism through which choices are made and actions are controlled. Morality is the
way in which those descriptions are translated into practice. Though some would link
morality with organized religion or religious convictions, it is, as a matter of fact,
universal and fundamental to human relationships.
Moral values derive from-Answer Several sources and are defined or influenced by
society, religion, governmental entities, and individuals. The expectations of society
generally serve to enforce the moral values that are defined for both individuals and
groups. Individuals who fail to uphold the moral values may become ostracized or
otherwise shunned. As the morals of a society evolve, so too do expectations for the
behavior of its individual members.
Morals are learned - Answer The development of moral values they get from learned
experiences and discipline imposed by others. The moral behavior one manifests comes
from applying what he has learned about what is acceptable behavior. Therefore,
morality in general is ultimately owned by the person.
Moral values of government bodies - Answer Are expressed in laws and regulations. The
business of insurance is highly regulated. These regulations are meant to define what is
right and wrong regarding the business of insurance, including products offered and
rights afforded to insurance consumers.
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Ethics compliance-Answer Enforcement of laws through fines and /or sanctions, as
needed and applicable. Insurance professionals who fail to act in a matter consistent
with applicable law or regulation face fines, lost business, and loss of licensure. They
may even lose their livelihood. Over the long run, ethical conduct promotes sustained
success.
Laws - Answer Are legal principles. Laws made by a ruling body are supposed to serve
to safeguard society. Basically, they make acceptable or necessary behaviors concrete.
Laws embody a sense of civic morality and order. They are in place in order to
safeguard individuals and property and to establish the code of acceptable conduct.
Specific laws and regulations - Answer Affect the actions and decisions of those
working in the insurance industry every day. These laws are intended to maintain viable
insurance markets, to protect consumers, and to regulate insurer solvency so that
insurers remain financially able to fulfill the promises made in their insurance policies.
Laws govern - Answer Which products insurers may offer, who may represent the
insurer, where and to whom products may be offered, prices charged, contract
provisions, and settlement practices. For an insurance transaction to be considered
ethical, it first must be legal. Sometimes, however, difficulties arise in situations where
following the law does not appear to be in the best interest of the consumer.
Laws specify - Answer Right and wrong behavior are important to the orderly behavior
of individuals and groups. But laws alone are not enough to dictate moral behavior.
Laws can't cover the entire spectrum of moral behavior, define each situation, or
describe the moral response to each conflict. They are, however, an essential part of
ethical decision making.
Ethics - Answer Entail knowing what to do when a situation presents more than one
"right" answer. They provide guidance in situations where a law is not applicable or
more than one course of action could be considered "right." A set of standards held by a
profession or group may be considered a code of ethics.
Ethics involves - Answer Consideration of duty and of what is the right response when a
conflict arises. They are, in essence, codes of expected behaviour that apply in the
absence of laws. However, we face circumstances each day to which laws may apply,
but the corresponding choices are not cut-and-dried. In these situations, there may be
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more than one "right" choice.
Ethics are derived from - Answer Morals and are applied when a purely moral response
might not be wholly appropriate. Contradicting laws or societal norms set up conflicts
that must be resolved in an ethical manner. Individual values significantly influence
ethical behavior. Values are what one believes. Ethics are how one behaves. Values
define what is important to an individual, a strong factor that influences which "right"
answer one chooses.
Business ethics-Answer Are, in fact applied ethics, which simply means the practical
application of ethics to specific business situations. The insurance and risk
management professional must adopt some moral values; must be aware of the
pertinent laws, rules and regulations; and then go ahead and apply those values and
rules to a given situation. Business ethics involve the best decisions within the
workplace and making the right thing regarding products and services, as well as
regarding stakeholders. Business ethics are fundamental in a situation when the
organization is seriously threatened or undergoes a fundamental change, such as
during a merger or acquisition, or faces new and significant challenges.
Business ethics study - Answer Sensitizes professionals to conflicts that may arise. May
result in more profound knowledge about the values held by the organizations to which
they belong and provide them with guidelines for resolving conflicts. Regarding
stakeholders, ethics make one aware of the rights of all stakeholders. Conflicts arise
very frequently because of the inherent needs of different parties.
When developing new products and services -Answer Underwriters must consider the
exposures faced by consumers and provide the broadest coverage possible.
Conversely, they must make sure that the product can be sold in a manner and for a
price that will create a profit for the insurer. Decisions have to be made on elements of
cover that will never be profitable, no matter how badly the consumer might need them.
They must stay loyal to their own values and the values of the business, yet be cognisant
of the due debt of care to the consuming public and society as a whole.
Carmen is an adjuster and has evaluated a claim for a specific dollar amount. She calls
the claimant and starts to review the special damages. She recognizes right away that
the claimant has not accounted for a fairly substantial expense, for which there is other
insurance.
Carmen is now faced with a dilemma of whether to expose the additional covered
