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Ethics 311: Ethical Decision Making in Risk and
Insurance Exam questions with verified
answers | Latest Actual Version 2025
Identifying the Stakeholders - CORRECT-ANSWER-Accurate information must be
obtained, requiring scrutiny of the information for reliability and relevancy
Determine the Motivation for Actions Taken - CORRECT-ANSWER--Truth
(universal basis of morality) vs. Loyalty (fidelity to a person, thing, or concept and
exists independently of concerns related to morality)
-Individual vs. Community
-Long term vs. Short term
-Justice vs. Mercy
Ethical Perspectives - CORRECT-ANSWER-1. Rules Based Decision Making
2. Situation Based Decision Making
3. People Based Making
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Rules Based Decision Making - CORRECT-ANSWER-Takes into account whether
any established rules or laws govern an action or decision
-What SHOULD be done-
Contract Law - CORRECT-ANSWER-Governs the formation and performance of the
insurance contract
Tort Law - CORRECT-ANSWER-Applies the determining wrongdoer's negligence or
responsibility when an accident or other harmful event occurs
Situation Based Decision Making - CORRECT-ANSWER-Analyzes the potential
outcomes of possible decisions given the circumstances (group needs over
individual needs)
-"ends based"-
People Based Decision Making - CORRECT-ANSWER-Considers personal
circumstances involved in any decision end calls for a degree of empathy,
including ability to consider a decision and its outcome from someone else's
perspective
Ethics 311: Ethical Decision Making in Risk and
Insurance Exam questions with verified
answers | Latest Actual Version 2025
Identifying the Stakeholders - CORRECT-ANSWER-Accurate information must be
obtained, requiring scrutiny of the information for reliability and relevancy
Determine the Motivation for Actions Taken - CORRECT-ANSWER--Truth
(universal basis of morality) vs. Loyalty (fidelity to a person, thing, or concept and
exists independently of concerns related to morality)
-Individual vs. Community
-Long term vs. Short term
-Justice vs. Mercy
Ethical Perspectives - CORRECT-ANSWER-1. Rules Based Decision Making
2. Situation Based Decision Making
3. People Based Making
, 2|Page
Rules Based Decision Making - CORRECT-ANSWER-Takes into account whether
any established rules or laws govern an action or decision
-What SHOULD be done-
Contract Law - CORRECT-ANSWER-Governs the formation and performance of the
insurance contract
Tort Law - CORRECT-ANSWER-Applies the determining wrongdoer's negligence or
responsibility when an accident or other harmful event occurs
Situation Based Decision Making - CORRECT-ANSWER-Analyzes the potential
outcomes of possible decisions given the circumstances (group needs over
individual needs)
-"ends based"-
People Based Decision Making - CORRECT-ANSWER-Considers personal
circumstances involved in any decision end calls for a degree of empathy,
including ability to consider a decision and its outcome from someone else's
perspective
