The sales team at Local Insurance Company receives periodic training on insurance laws and regulations. Which one of the following statements is correct regarding what the sales team needs to realize?

Select one:
A. Regulatory control over the business of insurance is primarily intended to protect shareholders.
B. Laws on their own are enough to dictate moral behavior.
C. Laws specify right and wrong behavior and are important to orderly behavior.
D. Laws exist outside the scope of ethical decision-making.

Question

08-08-2024
Business

Answered

The sales team at Local Insurance Company receives periodic training on insurance laws and regulations. Which one of the following statements is correct regarding what the sales team needs to realize?

Select one:
A. Regulatory control over the business of insurance is primarily intended to protect shareholders.
B. Laws on their own are enough to dictate moral behavior.
C. Laws specify right and wrong behavior and are important to orderly behavior.
D. Laws exist outside the scope of ethical decision-making.

Answer :

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GinnyAnswer GinnyAnswer · Answer 1 · 2024-08-08T13:02:06-04:00

Final answer:

Laws in insurance sales mandate correct behavior and orderly conduct. Sarbanes-Oxley Act enhances accountability. Law and ethics intersect but are not the same.

Explanation:

Laws specify right and wrong behavior and are important to orderly behavior. In the context of insurance sales, regulations are in place to ensure transparency and protect consumers in transactions. For example, truth-in-lending laws mandate clear disclosure of loan terms, highlighting the importance of legal requirements in financial dealings.

In cases of information disparities, laws can impose responsibilities on parties to provide complete and understandable information. The Sarbanes-Oxley Act, post-Enron crisis, imposes requirements on corporations to enhance accountability and reduce the risk of unethical behavior. This showcases the role of laws in promoting ethical conduct and corporate governance.

Though law and ethics intersect, they are not synonymous. Some actions may be legal but unethical, emphasizing the need for a combined emphasis on legal compliance and ethical decision-making in business practices.

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