ETHICS 311: ETHICAL DECISION MAKING IN RISK AND
INSURANCE STUDY GUIDE
Morals - Answers - Making distinction between right and wrong
Laws - Answers - Legal tenants
Ethics - Answers - Knowing what to do when a situation presents more than one "right"
answer
Supporting Professionalism - Answers - 1. High Ethical Standards
2. Professional Competence
3. Sense of Altruism
4. Commitment to Continuing Education
5. Participation in an Association or a Society
6. Ability to Think and Act Independently
7. Public recognition as a Professional
High Ethical Standards - Answers - Standard of "utmost good faith" to ensure ethical
nature of relationship between insureds and insurers
Professional Competence - Answers - Ability to apply knowledge to risk and insurance
circumstances is acquired through professional training and job experience
Altriusm - Answers - Unselfish concern for the welfare of others
Maintaining High Ethical Standards - Answers - 1. Regulatory Requirements
2. Social Responsibility
3. Economic Outcomes
Regulatory Requirements - Answers - Fiduciary Duty = Enhanced level of trust, arising
from statutory rules and regulations or be impacted by rulings and interpretations of the
courts
Social Responsibility - Answers - Expectations that compel organizations to focus on
goals and objectives on long term survival and sustained growth
Economic Outcomes - Answers - Better reputations - better recruiting and skilled
employees
Ethical Responsibility to Groups - Answers - 1. Insurers
2. Policyholders
3. The Public
INSURANCE STUDY GUIDE
Morals - Answers - Making distinction between right and wrong
Laws - Answers - Legal tenants
Ethics - Answers - Knowing what to do when a situation presents more than one "right"
answer
Supporting Professionalism - Answers - 1. High Ethical Standards
2. Professional Competence
3. Sense of Altruism
4. Commitment to Continuing Education
5. Participation in an Association or a Society
6. Ability to Think and Act Independently
7. Public recognition as a Professional
High Ethical Standards - Answers - Standard of "utmost good faith" to ensure ethical
nature of relationship between insureds and insurers
Professional Competence - Answers - Ability to apply knowledge to risk and insurance
circumstances is acquired through professional training and job experience
Altriusm - Answers - Unselfish concern for the welfare of others
Maintaining High Ethical Standards - Answers - 1. Regulatory Requirements
2. Social Responsibility
3. Economic Outcomes
Regulatory Requirements - Answers - Fiduciary Duty = Enhanced level of trust, arising
from statutory rules and regulations or be impacted by rulings and interpretations of the
courts
Social Responsibility - Answers - Expectations that compel organizations to focus on
goals and objectives on long term survival and sustained growth
Economic Outcomes - Answers - Better reputations - better recruiting and skilled
employees
Ethical Responsibility to Groups - Answers - 1. Insurers
2. Policyholders
3. The Public
