Ethics at work

higher premiums for E&O insurance and hurts the customers (also legal trouble possibly)

more successful career and clients like dealing with people that they trust!

objective

letter and spirit

• terms are drawn by insurer
• insureds do not have much say so courts will interpret and unclear wording in policy

insurance comp. relies on integrity of applicant when issuing policy.. in return insured relies on company to provide coverage to future claims

when loss takes place individual should be returned to the approximate financial condition that he or she was in before the loss ** no more no less **

yes! woman gives policy that cost little more and gives her commission... still legal just not ehtical

insurance laws!

• telling the truth
• make sure that others get what entitled to and do not accept things that they are not entitled to

doing the right thing regardless of situation! take risk for being honest

• reliable and trustworthy
• customers rely on us to determine best policy, obtain right coverage at best price, and interpret policies to ensure that claims are paid. we have specialized knowledge that is not accessible to or understandable to many costumers

enables us to act in best interest of insured. our work helps protect people from disasters. we treat people the way that we want to be treated.

need to stand up to people to make ethical decisions. a party may be at minor loss due to ethical stance

being outstanding. gains made in ethical manner gain respect from all people. will be more successful in career as well

socioeconomic

public interest

that prospering companies also have the best services for its customers fitting their needs at best price.

• complex nature of insurance 
• long-term nature of insurance

• coverage misinterpreted
• entitled coverage is denied
• policy lingo deliberately obscure so people dont know what they are buying
• polices may be priced too high or too low

abuses can go on for years undetected -> may be many years paying insurance before asked to pay a claim. act of faith by customer. even if policy is clear still need to trust that the company will fulfill policy

money taken in is used to pay potential claims. if does not take enough it cannot pay the claims when they do take place. since claims may take while to build companys poor financial situation may not be present for years.. when catch up its stressing on 3rd party claimants and first party insureds