Table of Contents
Chapter 1 - Introduction to Ethics1
| Conducting Business Ethically in a Diverse Society | 1 |
| Course Learning Objectives | 1 |
| Important Lesson Points | 2 |
| The Changing Role of Selling | 2 |
| Ethics | 3 |
| The Ethical System in Society | 3 |
| Values | 4 |
| Principles | 4 |
| Laws, Rules and Standards | 5 |
| Norms | 5 |
| Ethical Systems | 6 |
| Natural Law | 6 |
| Consequentialism | 7 |
| Social Contract | 7 |
| Ethical Decision Making | 7 |
| Fundamental Challenges for Ethics | 9 |
| Client Benefit | 9 |
| Business Success | 10 |
| Determining Ethical Actions | 10 |
| Freedom to Choose—The Critical Ethical Ingredient | 10 |
| Limitations on Freedom | 11 |
| Determinism | 12 |
| Reductionism | 12 |
| Evaluating Actions | 13 |
| Summary | 14 |
| Test your Comprehension | 15 |
Chapter 2 - Developing a System of Professional Ethics16
| Professional Ethics | 16 |
| Important Lesson Points | 16 |
| Professionalism & the Industry's Public Image | 16 |
| The Professional Standard | 17 |
| The Dilemma of Professionalism | 17 |
| Cornerstone Principles of Professional Ethics | 18 |
| Honesty | 18 |
| Advertising and Sales Literature | 19 |
| Communications | 20 |
| Recommendations | 21 |
| Seeking Other Professional Resources | 21 |
| Fairness | 22 |
| Disclosure | 22 |
| Professional Fees | 23 |
| Loyalty | 23 |
| Confidentiality | 23 |
| Professional Competence | 24 |
| Skill Level | 24 |
| Holding Out | 24 |
| Diligence | 25 |
| Specific Ethical Issues in the Professional's Tools & Methods | 25 |
| Sales Tools | 25 |
| Stationery and Business Cards | 26 |
| Advertising and Other Communications | 27 |
| Personal Brochures | 28 |
| Sales Methods Used by the Professional | 29 |
| The Approach | 29 |
| Opening & Fact-Finding Interviews | 31 |
| Presentations & Illustrations | 33 |
| Supporting Materials | 35 |
| Implementation | 37 |
| Summary | 37 |
| Test your Comprehension | 38 |
Chapter 3 - Ethical Sales Concerns1
| Introduction | 1 |
| Important Lesson Points | 1 |
| Breach of Duty | 1 |
| Duties to the Client | 1 |
| Balanced Presentation | 2 |
| Confidentiality | 2 |
| Avoidance of Conflicts of Interest | 2 |
| Performance with Skill and Care | 3 |
| Full Disclosure of Material Information | 3 |
| Transaction Completion | 3 |
| Duties to an Employer or Principal | 4 |
| Careful Solicitation | 4 |
| Loyalty and Full Disclosure | 4 |
| Accounting for Funds | 4 |
| Unethical Acts | 4 |
| Misleading Terms | 5 |
| Reasonable Client Expectations | 7 |
| Special Issues in Insurance Replacement | 7 |
| Special Concerns when Working with the Impaired Client | 9 |
| Obtaining Information from the Impaired Client | 9 |
| Making Recommendations to the Impaired Client | 10 |
| Implementing Plans for the Impaired Client | 11 |
| Identifying Buyer Competence Concerns | 12 |
| Summary | 13 |
| Test your Comprehension | 13 |
Chapter 4 - Modifying Sales Tools and Methods to Meet Senior Market Needs15
| Introduction | 15 |
| Important Lesson Points | 15 |
| The Need to Modify Tools and Methods | 16 |
| Sales Tools Revisited | 17 |
| Sales Methods in the Senior Market | 18 |
| Summary | 22 |
| Test your Comprehension | 22 |
Chapter 5 - Exercises in Ethical Reasoning24
| Introduction | 24 |
| Scenario #1 | 24 |
| Your Analysis of Scenario #1 | 25 |
| Suggested Solution to Scenario #1 | 25 |
| Scenario #2 | 26 |
| Your Analysis of Scenario #2 | 26 |
| Suggested Solution to Scenario #2 | 27 |
| Scenario #3 | 27 |
| Your Analysis of Scenario #3 | 28 |
| Suggested Solution to Scenario #3 | 28 |
| Scenario #4 | 29 |
| Your Analysis of Scenario #4 | 29 |
| Suggested Solution to Scenario #4 | 29 |
| Summary | 30 |
Glossary33
Answers to Chapter Quizzes35
Course Details
Author: Paul J. Winn CLU ChFC
Paul J. Winn CLU ChFC — Financial Writer, Editor & Trainer.
Education: B.A., St. John’s University (1961–1964); Law School, University of Virginia (1964–1965); MBA program Binghamton University (1986–1989); CLU (1985); ChFC (1987).
Experience: Thirty years in the life insurance and investment industry (1965–1995). Thirty-one years as a financial writer, editor and trainer (1995–2026).
Paul held positions at Mutual Life Insurance Company of New York as product developer and compensation officer; at Security Mutual Life Insurance Company as general agent, marketing vice president, and agency vice president; at Principal Financial Group as agency manager; and as president of Maryland Financial Corporation, managing a financial adviser corporation providing tax, investment and financial planning.
As a writer and editor, Paul is a published book author whose books include Tax Planning from the Heart, Business Succession Planning, and Dominating Obamacare. He served as writer and editor of a major mutual life insurance company’s agent training university, created more than 200 insurance, securities and tax training courses in online, print and scripted classroom formats, and is the founder and CEO of Winn Publications LLC, a tax and insurance continuing education course licensor.
Publication/Revision Date: 3/12/2026
Course Exam Questions (online): 35 (multiple-choice)
Program Delivery Method: Self-Study
Available Formats of Course Text: Downloadable PDF, Printed/Mailed
Course Level, Prerequisites, and Advance Preparation Requirements
| License | Course Level | Prerequisites | Advance Preparation Requirements |
|---|
| IAR | Basic | None | None |
Sponsor ID Numbers
NASAA Sponsor I.D.: S17460 — Course I.D.: C80768
Learning Objectives
As a result of studying the course material, you should be able to meet the objectives listed below:
- Understand the fundamental principles underlying ethical systems
- Discuss the foundations of professional ethics
- Modify the tools and methods you use in the sales process to meet heightened ethical requirements
- Identify specific ethical sales concerns and unethical sales conduct
- Replace in your sales vocabulary those terms that have a high probability of misleading clients
- Recognize the special issues concerning product replacement
- Identify the special requirements involved when working with impaired clients
- Implement a system for ethical decision making.
