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A Question Of Ethics: Should You Get Coverage From Your Own Company?

The questions posed to readers in NU's latest "Question Of Ethics" were: (1) Is this ethical concern warranted, and (2) How can any ethical concerns be addressed?

By Peter R. Kensicki | Updated on March 22, 2009
Peter R. KensickiThe president of a major insurance company was quoted as saying: “I don’t have insurance with my company from a conflict perspective. I just think it’s not right for me to be insured by my own company.” The questions posed to readers were: (1) Is this ethical concern warranted, and (2) How can any ethical concerns be addressed?

Not one respondent felt it was outright unethical to buy insurance from a carrier you work for, or from one you represent as an agent or broker. However, there was a strong 70-30 split as to the advisability of doing so.

The majority believes it is not a good idea to buy from one’s own company, while a significant minority sees absolutely nothing wrong with the practice. A few cited situations where ethics may be involved.

The majority view will be presented first.

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