Exam (elaborations)
CPCU - Ethics 311 exam questions (solved & updated).
- Course
- Institution
CPCU - Ethics 311 exam questions (solved & updated).
[Show more]
Content preview
CPCU - Ethics311 exam
questions
(solved &
updated)
Morals/Laws/Ethics
3 elements of ethical behavior
morals
- personal principles of right and wrong
- defined or influenced by religion, society,
governmental entities, and other individuals
laws
codified legal tenets of what is/isn't acceptable
Ethics
- Rules of conduct/guidelines provided by a
professional/social system
- entails following guidelines established to
,provide a course of action when law is not
applicable, and more than one course of action
could be considered "right" from a moral or legal
perspective
High Ethical Standards
- A professional's work should always reflect
integrity. This is how a professional earns
consumers' trust. In the insurance industry, a
"doctrine of utmost good faith" exists to ensure
the ethical nature of the relationship between
insured and insurers.
- This standard extends beyond the insurer to
agents, brokers, claims representatives, loss
control representatives, and other practitioners
who perform work on behalf of the insurer.
- insurance practitioners must act with integrity,
be honest and trustworthy, communicate openly,
have a sense of equity and fairness, and accept
personal accountability
- high ethical standards
- professional competence
- altruism
- commitment to continuing education
- participation in an association of a society
- ability to think and act independently
- recognition as a professional
Traits of Professionalism: What it Takes
Doctrine of Utmost Good Faith
, It's a standard, or guiding principle, that obligates
all parties in a contractual agreement to act
honestly and share all critical information related
to the transaction. It applies to insurance, real
estate, and other business markets.
Professional Competence
- insurance practitioners must know how different
coverages apply in particular situations,
understand the implications of risk and its effect
on individuals and society, and apply that
knowledge to help customers protect themselves
from risk exposures
- aware of their abilities as well as their limitations
and sometimes require us to admit that we "don't
know what we don't know" and seek help from
others
Altruism
unselfish concern to for the welfare of others
(examples include)
- leaving home (even late at night) to help a
customer who suffered a devastating loss
- working long hours in the wake of a catastrophe
to help insureds recover
- educating the public on loss control techniques
Commitment to Continuing Education
- each area of insurance demands specific,
specialized knowledge that must be built on a
broad educational foundation
- insurance professionals must continually update
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller GUARANTEEDSUCCESS. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $15.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
80364 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now