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This essay explores a major ethical variable in personal sales: trust. By analyzing data drawn from life insurance sales, the essay supports the thesis that the role of the agent and the exigencies of personal sales create certain antinomies of trust that compromise the sales process. As a result, trust occupies a problematic and apparently paradoxical position in the sales process. On the one hand, success in personal sales is held to depend upon trust. On the other hand, because the (...) |
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Couched in positive agency theory, it is shown that the straight-commission compensation system (SCCS) creates a conflict of interest between the agent''s and the client''s self-interests. Based on this, it is hypothesized that the SCCS will encourage agents to intend to act unethically towards their clients. Two hundred and forty five insurance agents in the U.S. were surveyed, with 59% responding. The results suggest that the SCCS does not significantly affect agents'' ethical intentions, positively or negatively. This lack of empirical (...) |
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This paper examines the role of the straight-commissioned salesperson in the context of agency theory and asserts that because the agent acts to benefit two principals, potential conflicts of interest arise. Temporal differences in receipt of rewards create a major conflict, while the firm's exhibition of both espoused and actual behaviors and information asymmetries intensify this conflict. Finally, in light of these inconsistencies, the ethical implications of the straight-commission compensation system are examined. |
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This paper argues that current accountability mechanisms are inadequate to ensure that straight-commissioned agents meet their fiduciary obligations to their clients. In doing so, using agency theory, it revisits how the straight-commission compensation system creates agents’ dueling loyalties and recommends mechanisms of accountability organizations, agents, and/or clients can recognize and employ to ensure agents’ fiduciary obligations to their clients. |
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This paper considers the level of ethics for insurance professionals for professional situations (measured with three insurance scenarios) compared to personal (consumer) situations (measured by Muncy and Vitell's 1992 Consumer Ethics Scale). The results of the study illustrate that there are significant differences in the ethical behavior of insurance professionals in professional versus personal situations. The authors found that insurance professionals are more likely to actively engage in unethical behavior in order to benefit professionally than in a personal setting. In (...) |
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