Do you know what your ethical principles are? March is National Ethical Awareness Month and is the perfect time to take a beat and assess where your ethics stand. Here we will give you insights into what ethics are at the foundation and why it’s important to have ethical principles within the Insurance and Temporary Housing Industries.
"Even the most rational approach to ethics is defenseless if there isn't the will to do what is right."
Foundation of Ethics; Defining, Understanding, & Progressing
Translated from the Greek word “Ethikos”, meaning ‘character’ in English, Ethics has developed in society as a complex behavior that is often mingled with morality, however the two are opposing sides of the same coin. Ethics can be unique to the occupation or external perspective of an individual. At its core we can define the standard basis to be doing the right thing, a choice arising in our everyday actions and behaviors.
As a society, we understand ethics to be more than just a one-answer-fits-all-type notion. There are many complexities to circumstances and people involved. With morals inter-lapping so frequently, it can be a challenge at first to fully grasp the differences and nuances of what doing the right thing might even look like in the ever-changing world of insurance.
Learning the foundation of ethics is the first step in making an ethical choice—you’re already ahead of the curve.
"Ethical living is the indispensable condition of all that is most worthwhile in the world."
Legal Requirement for Claims Adjusters
Education in Ethics is a mandatory legal requirement for an insurance producer licensure. To hold an insurance license, the individual is required to pass a good moral character standing. This benefits not just in legal parameters but offers a chance for personal growth, expanded knowledge, and further understanding of the ethical course of action a person can take.
The importance of ethical choices does not stop at affecting your own moral compass. It affects the people around you daily. The Insurance Industry is highly regulated and upholds many standards—in part, because an insurers actions can directly and greatly impact the lives of individuals and families they promise to aid.
Relying on Good Faith
Insurance contracts are oftentimes considered contracts of good faith—a promise that’s expected to be upheld with full honesty and disclosure of all relevant facts from both parties. It’s an obligation for the insurer to act ethically in all cases and the insured has their own right to rely on them to fulfill their contract in such a manner.
"Integrity is doing the right thing, even if nobody is watching."
Are you tuned in to the values of Ethics in Insurance?
An insurer has a responsibility to act and behave ethically in their working exchange with a policyholder(s) and their carrier. Policyholders go through a tremendous amount of stress during a devastating experience, so it is crucial that an insurer maintain most if not all the key values in insurance ethics: honesty, professional competence, courteous, care, diligence, respect of confidentiality and information, and objectivity in professional judgment, opinions, and statements.
Knowledge is Key
Ethics plays a tremendous role in the insurance world as well as our personal lives, and its importance should be a reminder we take with us in a professional aspect as much as into our every day. Learning about ethics — especially in regards to insurance — can be truly beneficial, and you might find brings about positive change to your life and others’ in more ways than one.
At CRS, we understand your requirement to fulfill CE Credits in Ethics. With our 54+ years of experience in Temporary Housing, we’ve developed a 1-hour 1-credit Ethics course, “Ethics in Temporary Housing”, with you as the Adjuster in mind.
To register for one of our virtual Continuing Education webinars, visit our CE Course Registration List page, and enroll in the next available class. If you have any questions or need additional assistance, please send an e-mail to [email protected].
Citation of Sources: Documentation | Ethical Behavior | Northeast News & Media
