Code of Ethics

• A code of ethics can help the Adamsson Associate to define his or her professional goals: it can articulate ethical goals in specific terms; it can establish a guide against which to make decisions; it can provide a written guideline of business expectations for those working under or with the Adamsson Associate; and it can provide a benchmark of periodic review and self-evaluation.
• The practical steps to building one's code of ethics include:determining those tenets that are critical to the professionidentifying any personal obstacles to a strong moral codedetermining strengths, recognizing limitations, and agreeing to take personal responsibility for living up to one's codedefining the code in specific termscommunicating the code to others
• A code of ethics should be written down or recorded so that it may be easily accessible for use as a decision-making tool.
• The utilitarian theory of ethics calls for one to act in such a way as to provide the greatest amount of good to the greatest number of people.
• The deontology theory is based on the view that the individual should act for duty's sake.
• The moral rights theory is based on the principle that all individuals have the right to be treated with dignity and respect.
• The individualism theory supports doing what is best for the individual in the long run.
• Protecting one's personal integrity means staying true to ethical principles even when pressured to do otherwise.

Unethical Practices Defined

Laws provide clear minimum legal requirements that must be followed; acting ethically means choosing the best option when there is more than one legal option possible.
• Twisting occurs when a producer misleads the insured into cancelling existing coverage and purchasing a new policywith another company when it is clearly not in the client's best interests to do so.

• Churning is similar to twisting except that the insurance policy is replaced by another policy written by the same insurance company for the purpose of earning additional premiums, fees, commissions, or other compensation.

• Sliding means adding ancillary coverage to a policy and implying to the client that the coverage is required by law or included at no extra charge; it also includes charging for additional coverage without the consent of the applicant or client.

• Rebating means that something of value, which is not part of the policy, is given as an inducement to purchase a policy.

• Unfair discrimination occurs when applicants or insureds are treated differently than other applicants or insureds who share the same risk characteristics.

• Advertisements for life insurance and annuities must be truthful and not misleading and may not imply that the client will receive something other than a policy. Terms may not be used to imply that the producer has an area of expertise that he or she does not.

• Advertisements may not include incomplete or unfair comparisons of products of other insurers and may not disparage other insurers, producers, policies, or marketing methods.

• An agency relationship is a legal relationship under which one individual (the agent) is authorized to act on behalf of another (the principal). Insurance agents are agents of the company or companies they represent. Insurance brokers are agents of their clients.

• A fiduciary relationship is a type of agency relationship recognized under common law that requires a higher duty of care than that required under an ordinary relationship. A fiduciary has the duties of utmost good faith, trust, and loyalty.

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Professionalism Defined

• The expectation of professional and appropriate conduct is, in a broad sense, the intent of a code of ethics. Acting with professional and appropriate conduct means to act in compliance with laws, regulations, and contractual agreements, and to show professional respect for others.

• Integrity and trustworthiness are shown through a commitment to honest dealings and a strong moral code.

• Consistency means showing constancy and uniformity in action.

• Fairness means that the Adamsson Associate acts in the best interests of all clients and provides complete information to all qualified applicants.

• Adamsson Associates should strive to stay current on issues in their area of expertise and to seek continuing education opportunities. Associatess should also be aware of their limitations and work with more experienced producers as needed, including referring clients to others when appropriate.

• Adamsson Associates should hold clients' personal and sensitive information in the strictest confidence and should only release information as required by the company and with the consent of the client.

Adamsson Associates walk a fine line between providing expert advice and the unauthorized practice of law. It is highly unethical for an Adamsson Associate to imply that he or she is trained to act as legal counsel on behalf of the client. State laws permit producers to:

• solicit, negotiate, or place insurance or annuities on behalf of an insurer or a person seeking insurance or annuities
• advise other persons about insurance needs and coverages
• advise clients about their needs and coverages (which implies explaining and interpreting insurance contract provisions)

However, unless they are also lawyers, an Adamsson Associate should not:

• conduct any legal research on behalf of the client
• draft any contracts or legal documents for the client
• define the client's insurance needs couched in legal terms

Adamsson Associates should also avoid providing any tax advice or investment advice (unless certified to do so). When Adamsson Associates work with clients on issues relating to estate planning, retirement planning, or business planning, it's very important to avoid giving unqualified advice and to avoid the perception of having expertise that the Associate does not have—both actions are considered highly unethical. Adamsson Associates should encourage clients to work with their tax advisors, attorneys, or other appropriately qualified professionals to ensure that they receive qualified opinions or advice.

Addressing the client's rights

National Association of Insurance and Financial Advisors (NAIFA)

CODE OF ETHICS

PREAMBLE: Helping my clients protect their assets and establish financial security, independence and economic freedom for themselves and those they care about is a noble endeavor and deserves my promise to support high standards of integrity, trust and professionalism throughout my career as an insurance and financial professional. With these principles as a foundation, I freely accept the following obligations:

• To help maintain my clients’ confidences and protect their right to privacy.
• To work diligently to satisfy the needs of my clients.
• To present, accurately and honestly, all facts essential to my clients’ financial decisions.
• To render timely and proper service to my clients and ultimately their beneficiaries.
• To continually enhance professionalism by developing my skills and increasing my knowledge through education.
• To obey the letter and spirit of all laws and regulations which govern my profession.
• To conduct all business dealings in a manner which would reflect favorably on NAIFA and my profession.
• To cooperate with others whose services best promote the interests of my clients.
• To protect the financial interests of my clients, their financial products and my profession, through political advocacy.

Disclaimer Regarding Medicare Advantage Plans 

We are multi-state licensed, and headquartered in Minnesota.  Here, in MN, we represent 7 organizations which offer 45 Medicare Advantage products. You can always contact Medicare.gov, 1-800-MEDICARE, or your local State Health Insurance Program for help with plan choices.

Disclaimer Regarding Medicare Supplements 

We are multi-state licensed, and headquartered in Minnesota. we do not offer every Medicare supplement available in Every area. Currently we represent 10 out of 13 organizations which offer Medicare supplements in MN.  Please contact Medicare.gov, 1-800-MEDICARE, or your local State Health Insurance Program to get information on all of your options.

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