Also referred to as an unconditional receipt, issuance of a binding receipt means that coverage becomes effective as soon as the premium is collected by the producer.

A set of official standards of conduct that the members of a group are expected to uphold.

The payment a producer receives from an insurer for selling an insurance policy.

commissioner of insurance

The person in charge of administering and enforcing the laws and rules related to insurance in a state.

Documenting that you are doing the right things.

conflicts of interest

Involve the abuse, actual or potential, of the trust placed in you as a professional.

Courses that must be taken by a producer as part of their license renewal. These courses ensure that the producer continually increases their knowledge for the benefit of the customer.

the moral obligation to diligently act in accordance with the laws, standards and recognized customs of society

errors and omissions insurance

Covers the malpractice or negligence of producers.

Moral principles that govern a person’s behavior.

Following established and accepted standards, and avoiding personal judgments on others.

A person or organization who acts on behalf of another person. A fiduciary puts their clients’ interest ahead of their own.

To be straightforward and sincere.

insruance transaction

The act of selling, soliciting, or negotiating contracts of insurance.

The ability of the insurer to convert assets quickly to cash for any purpose including the payment of losses and other expenses.

the national association of insurance commissioners

the amount an insurer charges for insurance coverage

the assets of an insurer being greater than its liabilities

suitability of product

Means that the producer and insurer must make sure that the purchase of certain insurance policies are beneficial for the purchaser.

being dependable and reliable to do the right thing

what is the ethical process :

knowing what is right and what is wrong, and an individual must have the personal discipline, integrity and motivation to do what he or she knows is right

what is it called when a producer has made an unintentional error or honest mistake?

committed tort also known as error and omission

suitability of product means

the purchase of certain insurance policies is suitable for the purchaser

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part two ethics

Question	Answer
binding receipt	Also referred to as an unconditional receipt, issuance of a binding receipt means that coverage becomes effective as soon as the premium is collected by the producer.
code of ethics	A set of official standards of conduct that the members of a group are expected to uphold.
commission	The payment a producer receives from an insurer for selling an insurance policy.
commissioner of insurance	The person in charge of administering and enforcing the laws and rules related to insurance in a state.
compliance	Documenting that you are doing the right things.
conflicts of interest	Involve the abuse, actual or potential, of the trust placed in you as a professional.
continuing education	Courses that must be taken by a producer as part of their license renewal. These courses ensure that the producer continually increases their knowledge for the benefit of the customer.
duty	the moral obligation to diligently act in accordance with the laws, standards and recognized customs of society
errors and omissions insurance	Covers the malpractice or negligence of producers.
ethics	Moral principles that govern a person’s behavior.
fairness	Following established and accepted standards, and avoiding personal judgments on others.
fiduciary	A person or organization who acts on behalf of another person. A fiduciary puts their clients’ interest ahead of their own.
honesty	To be straightforward and sincere.
insruance transaction	The act of selling, soliciting, or negotiating contracts of insurance.
liquidity	The ability of the insurer to convert assets quickly to cash for any purpose including the payment of losses and other expenses.
NAIC	the national association of insurance commissioners
premium	the amount an insurer charges for insurance coverage
solvency	the assets of an insurer being greater than its liabilities
suitability of product	Means that the producer and insurer must make sure that the purchase of certain insurance policies are beneficial for the purchaser.
trustworthy	being dependable and reliable to do the right thing
what is the ethical process :	knowing what is right and what is wrong, and an individual must have the personal discipline, integrity and motivation to do what he or she knows is right
an action that is against the law, or illegal	will be considered unethical
what is it called when a producer has made an unintentional error or honest mistake?	committed tort also known as error and omission
suitability of product means	the purchase of certain insurance policies is suitable for the purchaser

Created by: Lupe12

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