Chapter 6

<body topmargin=0 leftmargin=0 marginheight=0 marginwidth=0> <table cellpadding=0 cellspacing=0 border=0><tr> <td valign="top" colspan=2 height=90 BGCOLOR="#006699" TEXT="#080000" bgproperties="fixed" background="122285a1erlcgo.gif"> <div> <FONT SIZE="5" COLOR="#FFCC66" FACE="Arial" ><B>Florida Agent Ethics</B></FONT><B>     |     </B><A HREF="index.htm" TARGET="_top" TITLE="Florida Agent Ethics"><U><B>home</B></U></A><B>            </B><A HREF="id15.htm" TARGET="_top" TITLE="TABLE OF CONTENTS"><U>TABLE OF CONTENTS</U></A>   |   <A HREF="id55.htm" TARGET="_top" TITLE="FINAL EXAMINATION"><U>FINAL EXAMINATION</U></A></div> <div> <B>Chapter 6 </B>   |   <A HREF="id46.htm" TARGET="_top" TITLE="Collecting Information"><U>Collecting Information</U></A>   |   <A HREF="id47.htm" TARGET="_top" TITLE="Evaluating Agency Practices"><U>Evaluating Agency Practices</U></A>   |   <A HREF="id48.htm" TARGET="_top" TITLE="Reforming Unethical Practices"><U>Reforming Unethical Practices</U></A>   |   <A HREF="id49.htm" TARGET="_top" TITLE="Marketing Advantages"><U>Marketing Advantages</U></A>   |   <A HREF="id50.htm" TARGET="_top" TITLE="Chapter 6 Review Questions"><U>Chapter 6 Review Questions</U></A>   |   <A HREF="id52.htm" TARGET="_top" TITLE="Ethical Review Form"><U>Ethical Review Form</U></A></div> <div> </div> </td> </tr><tr> <td valign="top" width=210 BGCOLOR="#FFCC66" TEXT="#080000" background="121d2c00dkelyh.gif"> <div> <A HREF="mailto:instructor@wallstreetinstructors.com" TARGET="_top" TITLE="mailto:instructor@wallstreetinstructors."><U><IMG SRC="12caf630.gif" border=0 width="175" height="99" ALIGN="BOTTOM" HSPACE="0" VSPACE="0"></U></A></div> <div> <I><B>You can contact an instructor by clicking the Wall Street Instructors logo on any page.</B></I><FONT SIZE="3" COLOR="#003399" FACE="Arial" > </FONT></div> <bR> <div> Copyright ©2007 Wall Street Instructors, Inc. All rights reserved. No portion of this publication may be reproduced, stored in a retrieval system, or transmitted in any form by any means electronic, mechanical, photocopying, recording or otherwise without prior written permission of Wall Street Instructors, Inc.</div> <bR> </td> <td valign="top" height=390 BGCOLOR="#FFFFFF" TEXT="#080000"> <div> <I>Chapter 6 </I></div> <div> <B>Conducting an Ethical Review of Your Practice</B></div> <bR> <div> The important points addressed in this lesson are:</div> <bR> <div> <IMG BORDER="0" SRC="Symb075c00b700f000000000.gif" HEIGHT="16" WIDTH="24" ALIGN="bottom" HSPACE="0" VSPACE="0">An ethics and compliance audit of the agent's practice is designed to review sales practices and tools in order to ensure that they meet ethical requirements.</div> <div> <IMG BORDER="0" SRC="Symb075c00b700f000000000.gif" HEIGHT="16" WIDTH="24" ALIGN="bottom" HSPACE="0" VSPACE="0">The ethical review consists of inventorying and reviewing sales tools and practices, and changing anything that is unethical or non-compliant.</div> <div> <IMG BORDER="0" SRC="Symb075c00b700f000000000.gif" HEIGHT="16" WIDTH="24" ALIGN="bottom" HSPACE="0" VSPACE="0">The guiding ethical principle in conducting a practice review is that all communication with a customer must be honest, convey information fairly and not mislead.</div> <div> <IMG BORDER="0" SRC="Symb075c00b700f000000000.gif" HEIGHT="16" WIDTH="24" ALIGN="bottom" HSPACE="0" VSPACE="0">The financial services agent that maintains a highly ethical practice may find that it provides a marketing advantage.</div> <bR> <bR> <div> For many people, the word "audit" conjures up visions of IRS agents reviewing business expenses or corporate auditors evaluating procedures.  In an ethical review, we audit our sales tools and practices as the key step in becoming more ethically centered and ensuring compliance as a professional insurance agent.</div> <bR> <div> The ethical review permits the agent to develop a complete picture of the materials that are used in each step of the sales process from the pre-approach to the sending of post-sale correspondence.  More importantly, the ethical audit allows the agent to evaluate his or her tools and practices to determine whether or not they promote an ethical practice and are in compliance.  To the extent that they fail to meet these criteria, the agent can take any needed steps to bring them into compliance.</div> <bR> <div>  <A NAME="3_step_audit"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="1" ALIGN="bottom" WIDTH="1" HSPACE="0" VSPACE="0" ></A>The ethical review consists of 3 steps:</div> <bR> <div> <IMG BORDER="0" SRC="Symb075c00b700f000000000.gif" HEIGHT="16" WIDTH="24" ALIGN="bottom" HSPACE="0" VSPACE="0">pulling together the sales tools and practices used by the agent</div> <div> <IMG BORDER="0" SRC="Symb075c00b700f000000000.gif" HEIGHT="16" WIDTH="24" ALIGN="bottom" HSPACE="0" VSPACE="0">evaluating those tools and practices in relation to ethical and compliance guidelines, and</div> <div> <IMG BORDER="0" SRC="Symb075c00b700f000000000.gif" HEIGHT="16" WIDTH="24" ALIGN="bottom" HSPACE="0" VSPACE="0">changing any unethical or non-compliant elements.</div> <bR> <bR> <div> <B>Chapter 6 </B></div> <div> <A HREF="id46.htm" TARGET="_top" TITLE="Collecting Information"><U>Collecting Information</U></A></div> <div> <A HREF="id47.htm" TARGET="_top" TITLE="Evaluating Agency Practices"><U>Evaluating Agency Practices</U></A></div> <div> <A HREF="id48.htm" TARGET="_top" TITLE="Reforming Unethical Practices"><U>Reforming Unethical Practices</U></A></div> <div> <A HREF="id49.htm" TARGET="_top" TITLE="Marketing Advantages"><U>Marketing Advantages</U></A></div> <div> <A HREF="id50.htm" TARGET="_top" TITLE="Chapter 6 Review Questions"><U>Chapter 6 Review Questions</U></A></div> <div> <A HREF="id52.htm" TARGET="_top" TITLE="Ethical Review Form"><U>Ethical Review Form</U></A></div> <bR> <bR> <div> <TABLE BORDER="2" CELLPADDING="1" CELLSPACING="1" WIDTH="97" BORDERCOLORLIGHT="#C0C0C0" BORDERCOLORDARK="#808080" FRAME="BOX" RULES="ALL" ALIGN="BOTTOM" HSPACE="0" VSPACE="0" BGCOLOR=#FFCC66 > <tR> <tD VALIGN=CENTER HEIGHT= 38 WIDTH="87"><div> <A HREF="id46.htm" TARGET="_top" TITLE="Collecting Information"><U><B><U>NEXT</U></B></U></A></div> </tD> </tR> </TABLE></div> <bR> <bR> </td> </tr></table></body>