Ethical Theory & Conduct in the Insurance Industry: Ethics Defined & Practical Foundations

This course 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”

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