| Ethics: Responsibilities, Obligations, and Codes | ||
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Agents' Responsibilities Agents are Liable Under the agency relationship, agents are liable to their principals for violations of their duties and may sometimes even be liable to certain third parties. Agents frequently purchase errors and omissions insurance in order to provide coverage for defense and indemnification against injury or loss sustained by third parties due to their mistakes, negligence, or failure to take appropriate action in the rendering of professional services. Errors and omissions policies do not offer protection against an agent's intentional misconduct. Agent Public Obligations In the conduct of his or her professional practice, the ethical agent will never knowingly violate the law nor engage in any fraudulent practice or act, such as deception, bribes, collusion, misrepresentation, or any other conduct which would affect the public trust or infringe upon the rights of others. Nor will the ethical agent discriminate in his or her professional activity on the basis of race, religion, gender, age, national origin, or sexual orientation. Agents have an obligation to the public in general and to the communities within which they undertake their business. This obligation requires that agents abide by the spirit and the letter of the law governing their professional activities and the products and services they provide. Additionally, whenever any agent becomes aware of fraudulent, illegal, or unsafe activity by another agent of his or her principal or by a client, the agent should promptly remedy the situation or report the improper activity to the appropriate authority. The ethical agent will never assist any client in conduct that the agent knows or believes to be fraudulent or illegal. |
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| Not only are policy forms, clauses, rules and court decisions constantly changing, but forms vary from company to company and state to state. This material is intended as a general guideline and might not apply to a specific situation. The authors, LunchTimeCE, Inc., CEfreedom, and InsuranceEthics101.com, and any organization for whom this course is administered will have neither liability nor responsibility to any person or entity with respect to any loss or damage alleged to be caused directly or indirectly as a result of information contained in this course. |
