Chapter 10 - Ethics, Education, and Excellence

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76 Terms

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Ethics

The systematic study of principles and concepts used to evaluate human morals.

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Ethical conduct

Behavior motivated from within the individual, transcending various dimensions of business practices.

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Training in ethics

Establishing codes of conduct and guidelines to define acceptable behavior in a profession.

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Adjuster’s model of acceptable practice

Guidelines for adjusters to respect clients' rights and provide transparent information.

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Role modelling

Demonstrating ethical behavior through visible actions rather than mere words.

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Ethical dilemmas

Situations where there may be multiple 'right' answers that conflict, making it difficult to decide on the best course of action.

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Transparency in ethical conduct

Open and clear communication of ethical standards within a workplace.

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Confidentiality

The duty to keep client information private unless authorized by the client or required by law.

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Fair treatment of customers (FTC)

Practicing ethical behavior and good faith in all customer interactions.

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Integrity

Upholding honesty and strong moral principles in professional duties.

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Code of Ethics

A formal document outlining the ethical standards and principles expected of professionals in a field.

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Professional responsibilities

Duties that a professional must fulfill to maintain trust and integrity in their profession.

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Generative AI in insurance

Technology used to assist with tasks like drafting emails and generating reports, raising ethical concerns.

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Peer pressure in ethical contexts

The influence of colleagues to conform to unethical practices in a professional setting.

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Risks associated with technology

Potential ethical issues arising from the use of AI, such as biased outputs and data privacy concerns.

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Utmost good faith

A standard of conduct requiring insurance professionals to act with honesty and integrity.

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Transparency in the insurance industry

Openly sharing information about ethical practices and ensuring accountability.

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Claims handling

The process of managing and settling insurance claims while adhering to ethical standards.

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Insurance fraud

Unethical practices aimed at deceiving insurers for financial gain.

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Stakeholders in the insurance community

Individuals or groups with an interest in the ethical practices of the insurance industry.

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Character education

Teaching right from wrong to develop good ethical habits in the workplace.

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Applications of ethics training

Programs designed to enhance ethical awareness and decision-making abilities.

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Insurance professionals' ethical obligations

The responsibilities to prioritize clients' interests and conduct business ethically.

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Trust in insurance transactions

The expectation that all parties will act honestly and fulfill their obligations.

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Balancing personal and professional ethics

Recognizing and navigating between personal moral values and professional behavior.

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Challenges in ethical decision-making

Difficulties encountered when trying to determine the right course of action in complex situations.

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Long-term ethical practices in professions

Consistent application of ethical values over time within a professional context.

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Risk management planning

The process of identifying and mitigating potential losses or risks in operations.

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Legal compliance in insurance

Adhering to laws and regulations governing the insurance profession.

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Handling ethical dilemmas effectively

Using critical thinking to analyze and resolve situations involving conflicting values.

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The role of mentorship in ethics

Guidance from experienced professionals to foster ethical decision-making in newcomers.

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Creating ethical environments in workplaces

Establishing a culture that promotes ethical behavior and accountability.

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Continuous professional development

Ongoing education and training to maintain competency and ethical standards.

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Documentation in ethical practices

Maintaining accurate records as evidence of compliance with ethical guidelines.

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The importance of role clarity

Clearly defining responsibilities to prevent ethical ambiguities in professional settings.

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Results of ethical misconduct

Consequences such as loss of reputation, legal repercussions, and financial penalties.

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Networking in insurance

Building professional relationships that can enhance ethical standards across the industry.

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The impact of technology on ethics

The consequences of new technologies on ethical behavior and decision-making.

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Understanding client needs ethically

Truly recognizing and fulfilling the best interests of clients without personal bias.

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Ethical conflict resolution

Strategies employed to navigate and resolve ethical disputes in a professional environment.

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Social and emotional learning in ethics

Programs aimed at improving interpersonal skills and ethical reasoning.

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Communication in ethical contexts

Maintaining clear and honest communication to uphold ethical standards.

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Industry evaluations of ethical practices

Assessments conducted to measure the ethical integrity of industries and professions.

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Peer accountability in ethics

Encouraging colleagues to uphold and report ethical behavior.

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Professional development and ethics

The correlation between ongoing training and a stronger adherence to ethical standards.

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Addressing ethical concerns in technology use

Implementing guidelines to mitigate risks associated with the use of AI and data analytics.

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Client confidentiality in insurance

The foundational principle of protecting sensitive client information in all transactions.

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Value reinforcement in ethical practices

Emphasizing core values that promote ethical behavior within organizations.

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Ethical leadership

Leading by example to establish high ethical standards and expectations.

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Crisis management in ethical dilemmas

Strategies for handling situations that threaten ethical integrity.

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Industry codes as ethical frameworks

Formal guidelines that outline expectations for ethical behavior in business.

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The evolution of ethics in business

The changing nature of ethical standards and practices over time.

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Principle of good faith in insurance

The expectation that insurance professionals will act honestly and fairly.

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Consequences of ethical negligence

Repercussions faced by professionals for failing to adhere to ethical standards.

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Training models for ethics

Frameworks used to educate individuals on ethical behavior and decision-making.

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Collaborative ethics in teams

Leveraging group dynamics to foster ethical discussions and solutions.

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Evaluating business risks ethically

Analyzing risks associated with business decisions through an ethical lens.

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Innovation in ethical practices

Developing new methods and strategies to enhance ethical behavior in industries.

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Strengthening ethical frameworks in organizations

Creating robust structures that support and encourage ethical actions.

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Assessing ethical implications of decisions

Evaluating the effects of business choices on stakeholders and communities.

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Transparency in insurance practices

Promoting openness about policies and decisions affecting clients and the public.

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Enhancing communication for ethical clarity

Increasing dialogue to ensure common understanding of ethical standards.

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Q&A strategies for ethical discussions

Techniques used to facilitate productive conversations about ethics.

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Professional accountability in ethics

The obligation of individuals to uphold ethical standards in their professional conduct.

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Cross-training for ethical resilience

Training employees in multiple areas to enhance adaptability in ethical scenarios.

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Long-term planning for ethical governance

Strategizing to ensure sustained ethical practices in organizations.

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Maintaining client relationships ethically

Ensuring that interactions with clients are governed by principles of fairness and honesty.

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Consequences of unethical behavior

Repercussions such as loss of trust, financial penalties, and damage to reputations.

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Frameworks for ethical decision-making

Guidelines that assist professionals in making ethically sound choices.

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Integrating ethics into corporate culture

Embedding ethical principles into the fabric of an organization's operations.

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Educating clients about ethical standards

Informing customers on the ethical practices that govern insurance transactions.

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External factors influencing ethics

The impact of societal, legal, and technological changes on ethical conduct.

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Feedback loops in ethical practices

Mechanisms for assessing and improving adherence to ethical standards in organizations.

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Peer-led training in ethics

Programs where colleagues teach each other about ethical practices and responsibilities.

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Standards of ethical behavior

Established measures that define acceptable conduct within professions.

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Evaluating the effectiveness of ethics training

Assessing the outcomes of ethical education programs on behavior and decision-making.