Three new courses have been approved by the Life Insurance Council of Saskatchewan as ethics CE training.
Resident Life and Accident & Sickness; and Accident & Sickness Licensees are required to complete a Council approved ethics CE course totaling at least three hours in duration.
The following new courses are now available to all ILScorp Life/A&S subscribers and are council approved for Ethics CE as follows:
Ethical Theory & Conduct in the Insurance Industry: Ethics Defined & Practical Foundations
Approved for 1 ethic hour
Ethical Theory & Conduct in the Insurance Industry: The Ethical Agent
Approved for 2 ethic hours
Ethical Theory & Conduct in the Insurance Industry: The Ethical Agent Case Examples
Approved for 1 ethic hour
Why Ethics Training?
Most industries promote or require compliance with a code of ethical behavior. When an person becomes a life agent, they have joined a trust-based occupation that carries with it the explicit or assumed acceptance of an ethical code.
The public will expect the life agent, at a minimum, to use the code as a significant determinant of his or her individual behavior. Codes do not take the place of individual accountability but, rather, help to provide professional guidance.
A society or culture is formed when individuals exhibit like behavior and agree with basic theories on how to live and work together.
Whether one defines ethical behavior as moral, religious, cultural (i.e., an American principle) or professional, it is generally agreed that it begins with an unwritten group of ideas that define “right behavior” in various circumstances.
Ethics refers to the rules that govern “good, correct, accountable, and prudent conduct” – concurrent with the pursuit of self-choice, self-expression, personal happiness and professional development.
Ethics includes several important human traits:
• Holding and practicing empathy and respect
• Demonstrating integrity and honesty
• Working to satisfy the needs of clients
An individual’s code of ethics – influenced by belief systems – describes the moral, intellectual and emotional attitudes they hold towards their environment and circumstances.
Ones set of morals shows itself in how the individual behaves both professionally and personally. Those holding a strong sense of self-respect, self-acceptance, and positive regard for others will act in the best interest of others.
Everyone remains a product of their environment, encompassing social, personal, spiritual, economic, political, and professional spheres. However, intellectual, emotional, and experiential development equip people to maximize their individual growth potentials and capabilities within the context of a positive ethical framework.
Looking for RIBO Ethics CE?Let’s have a closer look at the first course in the series, Ethical Theory & Conduct in the Insurance Industry: Ethics Defined & Practical Foundations.
Ethical Theory & Conduct in the Insurance Industry: Ethics Defined & Practical Foundations, explores the sources of variation in ethical standards among individuals and looks at the question of whether those differences are innate or are environmentally shaped.
The course also presents a definition of ethics in the context of the insurance business, including the benefits to clients of having an insurance representative and dealing with a quality firm.
Participants will cover details regarding the purposes and workings of regulatory and industry bodies, including the responsibilities of life agents and how insurance companies generate a profit.
Finally, the course describes an effective life insurance business model which identifies the needs of clients and assumes the highest level of responsibility for the manner in which it deals with those clients.
Topics covered:
Theoretical Foundations of “Ethics” and Introductory Concepts
Regulatory & Industry Guidance for the Life Agents and Agent Responsibilities
Ethics and the Professional Insurance Agent/Broker
Marketing Life Insurance
The Agent’s Attitude
The Advisor and the Counselor
Quality Business / Cost and the profit factor
Government Regulation / Industry Regulation
Provincial Insurance Councils
Advocis: The Financial Advisors Association of Canada
Certified Financial Planner (CFP®) Board
Discovering Insurance Needs / Know Your Client Principle
Example: Breach of Duty of Care
Professionalism – Business Practices
Criteria for a Vocation to Qualify as a “Profession”
