Ethics in the Insurance Industry

Ethics in the Insurance Industry

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Over the past decade, a lot of attention has been focused on what some people are calling an "ethics crisis” in the financial and insurance world. Breaches in ethical and moral behavior have become and all too common story in the business, financial, accounting and insurance world. The list of examples of dishonest dealings ranges from disgraced financier Bernard Madoff, who has been accused of fleecing investors out of $50 billion in what may be the largest Ponzi scheme ever, to the bailout of one of the world’s largest insurers, American International Group (AIG). In surveys asking Americans which professionals they trust, insurance agents and company officials regularly wind up near the bottom of the list, sandwiched between lawyers and politicians. Although the public's mistrust may be fueled by the fact that the insurance industry is held to a higher standard than other industries, the fact is that large numbers of consumers do not identify high ethics with the business of insurance.

In recognition of this "ethics crisis” and mistrust of the insurance industry by many consumers across the country, many state lawmakers have taken a proactive approach to mandate that specific training on ethics and state rules and regulations become part of the insurance professional’s on-going continuing education requirements. This course has been written to meet those state requirements and has been submitted to all 50 states and the District of Columbia for continuing education credits.
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