Defining the producer/client relationship

Article Abstract:

Insurance agents have a duty of care for their clients that involves legal, civil and ethical obligations. Failure to meet legal duties can result in criminal sanctions and failure of civil obligations can result in civil liability suits while ethical failures are not penalized but the Code of Ethics gives a standard for guiding insurance agents. A complicated scenario explores interpretations of an agent's obligations to a client's wife who may also be considered the agent's client as far as the moral, legal and civil implications of the agent's actions are concerned.

Insurance Agencies and Brokerages, Insurance agents, brokers, & service, Insurance Agents & Brokers, United States, Analysis, Insurance industry, Duty of care (Law)

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Professional ethics and corporate business practices

Article Abstract:

The American Society of CLU and ChFC surveyed its members to determine how many of their corporations had business ethics policies and how many policies were actively promoted. The survey found that 53% of corporations had written policies and were more active promoters than the 24% without, while 23% of the respondents did not know whether or not their corporations had ethics policies. Insurance agents are rapidly becoming financial advisers for their clients and so ethical and quality standards for their advice is essential.

Standards, Surveys, Business ethics, American Society of Chartered Life Underwriters and Chartered Financial Consultants

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Strictly speaking

Article Abstract:

Responses to ten situations involving possible ethical dilemmas presented in the Jul 1991 issue are discussed. Issues discussed include how to respond to a client's request to recommend the 'best' policy, what should be disclosed, contractual relationships with insurance companies, designations on business cards and kickbacks.

Disclosure (Insurance)

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