The latest Question Of Ethics we posed to readers of National Underwriter involved an insured calling to report a loss that appears to be questionable. What are the ethical responsibilities of an agent for this type of claim? Do the responsibilities differ if the producer is a broker? There were no differences noted for agents and brokers if the questionability of the claim related to coverage. However, there were differing opinions as to how to handle a claim if it appears the claim is questionable because of fraud. Read on and weigh in.
NU Ethics Columnist Peter R. Kensicki--professor of insurance at Eastern Kentucky University in Richmond, Ky., as well as a member of the Ethics Committee of the CPCU Society in Malvern, Pa.--found that in general, differences in responses on an agent's ethical responsibilities can be summarized as follows:
If a claim appears to be questionable, the producer should:
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