Current Issues in Ethics Insurance

Abstract

To get a better sense of how far you’ve come, it’s often helpful to look back at where you started. At the turn of the century, signs barring insurance agents were not uncommon in the lobbies of American office buildings, writes Mildred F. Stone in her 1963 book, A Calling and Its College, a history of the American College. The devastating assessment of the professional standing of life insurance agents apparently was well deserved. Although there were many ethical salesman, shady practices were rampant, both by agents and management. The public outcry eventually led in 1905 to the famous Armstrong Investigation in New York, and from these hearings emerged many of the regulations that govern the industry today. Despite stringent new laws, the industry’s reputation was deeply damaged. Perhaps some of the scars are still with us. The industry has worked for nearly a century to earn the trust and respect of the American public, and, clearly, enormous progress has been made.