The Ethics of Protecting the Consumer
3 hours Ethics CE credits
Instructor: Karen Fergen CLU, Mike Fergen, MSM, CPCU, CLU
- IA Course No. 104431
- NE Course No. 6000053736
Strong ethical business practices are a hallmark of a quality organization. As an agent or as an employee, the focus should be on building and maintaining high standards. Building sound business practices by setting a focus on ethical principles and creating policies plus procedures that govern the activities within an organization are a continual process. We will learn leading practices that your agency may want to consider as you develop your key business practices.
Anyone involved in insurance has to handle some form of money at some point. As the leader or an employee, it is a good idea to have a grasp of appropriate money-handling practices. Anti-money laundering (AML) is a term mainly used in the financial and insurance industries to describe the legal controls that require insurance agencies, banks, and other financial institutions to prevent, detect, and report money laundering activities. We will take a look at the Whys, What it is, How to avoid it; fundamental Federal laws and compliance considerations to provide a good understanding of the details of AML.
In 2018, the Coalition Against Insurance Fraud estimated approximately $80 billion in fraudulent claims are made annually in the United States. Health care fraud alone is estimated to cost Americans $54 billion a year. We will review and discuss what you should consider if you suspect insurance fraud as you are working with potential customers, customers making a transaction request as well as existing customers.
The final area of focus will be proper communications with potential customers as you are conducting various insurance transactions and activities.
Understanding customer best practices for insurance requires the same high standards in social media insurance disclosures. We will examine various producer practices and how to be aligned these to a standard of best practices.