ETHICS 311 EXAM LATEST
Insurance and other professional organizations have developed codes of
ethics and conduct to assist their employees or members. These codes
can comprise many components, including these: - ANSWERS--A
statement of the organization's values, which professionals should
uphold in the fulfillment of their job duties.
-A description of how the values of the organization correlate with the
responsibilities of each of the stakeholders in the organization
-Confirmation that all regulatory rules and statutes should be followed
explicitly.
-Acknowledgement of the importance of each employee or member in
achieving the organization's goals and objectives.
-Descriptions of conflicts to be avoided, such as ownership of or
personal interest in a company that is a service provider to the
organization, or rules governing hiring or supervising immediate family
members.
-A process for reporting perceived conflicts that will maintain the
anonymity of the reporting party, such as an ethics hotline or an
appointed third party.
A code of ethics provides significant benefits to risk and insurance
professionals in organizations that develop and support adherence to a
code. Some ways that ethics codes can provide support for overcoming
procedural barriers include these: - ANSWERS--Introduction and
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, ETHICS 311 EXAM LATEST
reinforcement of organizational values by creating a climate of integrity
and excellence.
-Support of compliance with regulations by informing stakeholders that
the organization requires lawful behavior.
-Guidance for risk and insurance professionals in the "gray areas" by
providing examples of unethical conduct and appropriate responses to
inappropriate behavior.
-Communication of expectations to stakeholders with respect to the
influence of high ethical standards on activities and relationships.
-Reduction of the possibility of inconsistent management standards by
setting a base for oversight and leadership goals that are to be upheld by
all individuals in supervisory or management positions.
-Building of public trust and enhancement of the reputation of the
organization and its stakeholders.
-Enhancement of morale, employee loyalty, and recruitment of top talent
who want to be associated with an organization that espouses high
ethical standards.
-Promotion of constructive social change by raising awareness of ethical
issues and articulating means for dealing with ethical dilemmas.
-Promotion of market efficiency by rewarding the most ethical producers
for adhering to the code in the performance of their duties.
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PAGE
2
Insurance and other professional organizations have developed codes of
ethics and conduct to assist their employees or members. These codes
can comprise many components, including these: - ANSWERS--A
statement of the organization's values, which professionals should
uphold in the fulfillment of their job duties.
-A description of how the values of the organization correlate with the
responsibilities of each of the stakeholders in the organization
-Confirmation that all regulatory rules and statutes should be followed
explicitly.
-Acknowledgement of the importance of each employee or member in
achieving the organization's goals and objectives.
-Descriptions of conflicts to be avoided, such as ownership of or
personal interest in a company that is a service provider to the
organization, or rules governing hiring or supervising immediate family
members.
-A process for reporting perceived conflicts that will maintain the
anonymity of the reporting party, such as an ethics hotline or an
appointed third party.
A code of ethics provides significant benefits to risk and insurance
professionals in organizations that develop and support adherence to a
code. Some ways that ethics codes can provide support for overcoming
procedural barriers include these: - ANSWERS--Introduction and
END OF
PAGE
1
, ETHICS 311 EXAM LATEST
reinforcement of organizational values by creating a climate of integrity
and excellence.
-Support of compliance with regulations by informing stakeholders that
the organization requires lawful behavior.
-Guidance for risk and insurance professionals in the "gray areas" by
providing examples of unethical conduct and appropriate responses to
inappropriate behavior.
-Communication of expectations to stakeholders with respect to the
influence of high ethical standards on activities and relationships.
-Reduction of the possibility of inconsistent management standards by
setting a base for oversight and leadership goals that are to be upheld by
all individuals in supervisory or management positions.
-Building of public trust and enhancement of the reputation of the
organization and its stakeholders.
-Enhancement of morale, employee loyalty, and recruitment of top talent
who want to be associated with an organization that espouses high
ethical standards.
-Promotion of constructive social change by raising awareness of ethical
issues and articulating means for dealing with ethical dilemmas.
-Promotion of market efficiency by rewarding the most ethical producers
for adhering to the code in the performance of their duties.
END OF
PAGE
2
