As part of your continuing education requirements, the individual states require that producers complete a certain number of hours in Ethics training. This course will provide you with three hours of ethics training approved in your state towards completing your education requirements in order to renew your license.
This course will take an in-depth look at a number of issues surrounding ethics and the producer. The course begins with a look at trust in the industry, and whether clients actually trust insurance producers compared to other professions. It continues with a comparison of ethics versus morality, and discusses how individual beliefs alter ethical choices at times. Corporate ethical behaviors are scrutinized, and the lesson explores situations in which ethics and morals collide.
There are a number of approaches to making an ethical decision, and we will take a look at a number of different methods that can be employed when faced with an ethical decision. A number of concepts and terms are explored, and the course will consider the legal ramifications associated with poor ethical choices. As an important part of ethical compliance, we will also delve into unethical and unfair trade and claims practices, which have been heavily regulated by the state insurance divisions to protect clients and others.
The course will concentrate on the producer’s ethical duties to the customer, the agency, and others in the business.
Other topics included in this course are:
- What ethics are and what ethics are not;
- The “Rights, Fairness, Common Good, and Utilitarian” approaches to decision-making;
- Accountability and related practices for the producer;
- Legal concepts, including the basic concept of ethics legality, expectations of professionalism and expertise of the producer, illegal and unethical inducements, misrepresentations, and suitability of purchase;
- Ethics for a successful business, with examples that illustrate sound ethical practices;
- How biases affect ethical decision-making, and several different methods by which a producer can rationalize a decision and whether it is proper;
- Contractual ethical duties compared to service-oriented duties to the client;
- Fiduciary responsibilities, and a discussion of whether a producer is a fiduciary;
- Ethical duties to the customer that are owed by a producer to those that rely on others;
- Accounting principles and the ethics of helping others, such as fellow employees;
- Duties to the principal, including loyalty, accounting, obeying the principal’s lawful instructions (and if they are not lawful); and
- Advertising and sales presentation ethical challenges
At the end of this course, there will be a final examination that must be passed with a score of 70% or better. The exam may be taken as many times as needed to pass.
Show Course ID: 1
- Course ID(s): 6000106881
- Approved By: Wisconsin Office of the Commissioner of Insurance
Life and Health Insurance Instructor Joel Daniels is an experienced business professional in the insurance industry, with an established track record of leadership, development, account management, relationship building, and brand integrity. In his insurance business, Joel works tirelessly with his allies and strategic partners to impact communities by providing access to affordable and usable health and wellness benefits options. Here at At Your Pace Online, Joel is a highly engaging instructor. He presents insurance continuing education to licensees so that they can grow in their knowledge of the trade with confidence, benefitting their own business growth as well as the overall well-being of their clients.