Key ethics issues facing the industry: the views of other life insurance professionals

Article Abstract:

A comparison of the ethics surveys performed by the Fellows of the Society of Actuaries and the American Society of CLU and ChFC reveals that insurance agents and actuaries recognize many of the same ethical problems in the insurance industry. The top ranked problems are misleading product or service representation, ignoring customers' needs, conflicts between personal gain and responsibilities, providing low quality products and misrepresenting of agents' limitations. The two groups should work together to form ethical and professional standards for the insurance industry.

Actuaries

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The ethical environment facing life insurance professionals: views of MDRT members

Article Abstract:

A 1995 survey of Million Dollar Round Table (MDRT) insurance producers' views on ethical issues indicated agents were most concerned about false product representation, failure to identify customer needs, personal ethical conflicts, negative comments about competitors, and lack of proper job skills. Earlier surveys of underwriters and financial consultants yielded similar results. MDRT members listed the biggest challenges to ethical behavior as industry and business-related competition, performance quotas, evaluation methods, and personal ambition.

Million Dollar Round Table

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IMSA: an industry effort to restore ethical market conduct

Article Abstract:

The Insurance Marketing Standards Assn (IMSA) was instituted to help to ameliorate real and perceived ethical problems in insurance markets through voluntary means. Insurance companies which improve their market conduct will increase the life insurance industry's overall public standing and long-term profitability. Criticisms of the operations and efficacy of IMSA should be addressed.

Insurance Agencies and Brokerages, Insurance agents, brokers, & service, Insurance Agents & Brokers, Standards, Practice, Insurance Marketplace Standards Association

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