The Highly Troubled Ethical Environment of the Life Insurance Industry: Has it Changed Significantly from the Last Decade and if so, why? |
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Authors: | Robert W Cooper Garry L Frank |
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Institution: | (1) Employers Mutual Distinguished Professor of Insurance, Drake University, 2389 NW 162nd Lane, Clive, IA 50325, USA;(2) Professor of Public Administration, College of Business and Public Administration, Drake University, 2507 University Avenue, Des Moines, IA 50311-4505, USA |
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Abstract: | This paper presents the findings of two surveys conducted in April 2003 of Chartered Life Underwriters (CLUs) and Chartered
Financial Consultants (ChFCs) who are members of the Society of Financial Service Professionals. The first survey of 3000
CLUs and ChFCs – the life insurance industry’s most highly regarded professionals – was aimed at identifying the key ethical
issues faced by professionals working in the life insurance industry today. A comparison of these findings with those of earlier
studies conducted in 1990 and 1995 suggests that while the key ethical issues facing those working in the life insurance business
today are essentially the same as those encountered during industry’s highly troubled ethical environment of the early 1990s,
these issues are perceived as presenting somewhat less serious problems than in the past. The second survey of 3000 CLUs and
ChFCs was aimed at determining the extent to which these professionals perceive the industry created Insurance Marketplace
Standards Association (IMSA) as having contributed to any change in the ethical environment that has taken place. The findings
suggest that IMSA has played an important role in influencing senior managers to more strongly encourage and support ethical
market conduct, a critical step in improving the industry’s ethical environment. |
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Keywords: | Ethical market conduct ethics issues life insurance professional ethics |
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