Applying Ethics to the Work of the Insurance Professional
When the insurance professional has a well-developed ethical compass he or she can always apply that ethical compass to his or her work and will almost always treat the insureds and claimants he or she comes in contact with fairly and in good faith. Failure to do so avoids the essence of insurance.
The insurance professional must comply with the Insurance Company’s system of internal accounting, auditing, and claims controls as well as statutes and regulations imposed on insurers by state insurance departments. No action designed to circumvent such controls, procedures, statutes and regulations should be tolerated.
When reporting to management the insurance professional must ascertain that the records reviewed and reported to management are accurate and must ensure that all business transactions are properly authorized. All records and reports must fairly and accurately reflect the transactions or occurrences to which they relate. All records and reports must fairly and accurately reflect in reasonable detail the Company’s assets, liabilities, revenues and expenses. The Company must never, with the assistance of the insurance professional, contain records or reports that contain any false or intentionally misleading entries.
© 2020 – Barry Zalma
Barry Zalma, Esq., CFE, now limits his practice to service as an insurance consultant specializing in insurance coverage, insurance claims handling, insurance bad faith and insurance fraud almost equally for insurers and policyholders. He also serves as an arbitrator or mediator for insurance related disputes. He practiced law in California for more than 44 years as an insurance coverage and claims handling lawyer and more than 52 years in the insurance business. He is available at http://www.zalma.com and email@example.com.
Mr. Zalma is the first recipient of the first annual Claims Magazine/ACE Legend Award.
Over the last 52 years Barry Zalma has dedicated his life to insurance, insurance claims and the need to defeat insurance fraud. He has created the following library of books and other materials to make it possible for insurers and their claims staff to become insurance claims professionals.
Read posts from Barry Zalma at https://parler.com/profile/Zalma/posts