Chapter 10 Flashcards
(17 cards)
Define ethics
The systematic critical study of the basic underlying principles and concepts that we use to think about and to evaluate our human morals
Define code of conduct
A formally adopted statement of applied ethics, standards, or a statement of what is expected in practice from the members of a company, organization, or association that has formally declared its operating values and principles.
Most codes of conduct begin with a description of principles and values to which the organization aspires. The code may also prohibit specific behaviours or actions by those it covers
What is a moral code?
The standard of current acceptance personal behaviour in society
What are the Adjusters model of acceptable practices?
Identify themselves to claimants and insureds and, if asked, identify their principles fully
Provide a copy of any written statement without change to any statement maker
Explain relevant insurance coverage to the insured
Not provide legal advice to or otherwise deal with claimants represented by legal counsel, unless permission by their counsel has been given
Ethics training leads to what?
Creation of formal framework to generate, nurture, and sustain transparent conduct, processes, and procedures
Encouragement of open and critical discussion of the insurance industry, including its ethical rules and obligations
Demonstration of an overall commitment to good governance
What characteristics of ethics are involved in the workplace?
Attention to clients interests
Integrity
Awareness of ethical dilemmas
Quality of service
Confidentially
Proper conduct towards others
Competency
Fair treatment
How does ethics play a part in technology?
Useful and powerful tools to support business processes
Helps insurance professionals by:
Drafting emails
Marketing campaigns
Reports
Submissions
Pros and cons of quotations
Reviewing policy wordings
Define utmost good faith
Refers to a superior standard of conduct required of all participants to insurance contractual obligations (except in Quebec where good faith is a standard).
It exacts a high level of honest and disclosure relating to the risks of insurance
Define altruism
The act of an individual placing the needs of others before their own, and helping others before themselves
What are the codes of ethics for CIP and FCIP professionals?
Subordinate personal interests
No violation of law
Not misrepresent material facts
No false reports
Confidential information
Due diligence for client needs
Use full knowledge
Act with dignity
What are responsibilities of insurance professionals
Encourage education within the industry
Learning various frameworks
Contribute to the profession
Build on the best of the past
Performance of brokers-know products that they market, advise members of the insuring public as to their best interests
Broker conflict of interest
Protection against future financial loss
Responsibilities of adjusters-honest, impartial, and continue to improve knowledge
Insurer must behave ethically to market their product and to deliver on claims
Insurers must honour claims
Adopt ethical professional way
What are essential workplace skills?
Collaboration
Active listening
Critical thinking
Asking effective questions
Delivering difficult messages
Delivering presentations
Explain the essential skill collaboration
Agreement on roles
Clear expectations
Establish protocols
Creative objectives
Identify obstacles and challenges
Address issues
Give credit to others
Be open to conflict
Explain the essential skill active listening
Listen to what is being said and show that he or she is doing so
Interpret how the message is being conveyed, including processing non-verbal cues
Ask for clarification and confirm that the adjuster understood correctly
Two key components: listening and engaging
First step is to understand another persons perspective
Explain the essential skill critical thinking
Explain how this works with each insurance providers job
Analyzing information and data and then using the analysis to form objective, rational, unbiased judgement
Actuaries- analyze historical data to determine pricing and products
Agents- analyze demographic and marketing data
Underwriters- assesses a risk
Adjusters- investigate
Ask effective questions
Explain the essential skill delivering bad news how to
Timely and specific
Honest and fact focus
Staying positive-before conversation
Anticipate reaction
Plan for the conversation
Frame the conversation
State the decision
Provide context and facts
What happens next
Explain the essential skill delivering presentation 3 key components
Planning- create a schedule from the start of the preparation time to the presentation itself
Preparation- consider the message, what the audience wants and needs to know
Practice- record the presentation and play it back
