| | Identify and define each of the three dominant ethical theories in Western philosophy. The three dominant ethical theories in Western philosophy are: Utilitarianism, Deontology, and Virtue ethics. The “utilitarianism” theory is based on the fundamental principle that given a choice, the act that yields the best outcomes for the greater good of everyone is the correct choice. The “deontology” theory states that as a rule, duty and obligation is the reason for the course of action of the principles mentioned above (the greater good of all). “Virtue ethics” is not an action like “utilitarian & deontology.” It is a trait characterized by moral compass. Someone who can distinguishes right/wrong and portrays virtuous personalities. Taxation can be used as an example of all three ethical theories. Whether we like it or not, the federal and state withholdings of our income are for the benefit of the local and national level as a whole. As a socialistic nation it is our duty/obligation to pay taxes for our infrastructure, civil servants, and social welfare programs. A virtuous/moral person would not have a problem withholding their taxes and would go above and beyond by contributing further to those in need. Describe a situation that you have faced recently that presented an ethical dilemma. In my field as an insurance broker, I deal with ethical concerns quit often. Sales is a numbers game, the more the quantity of sales the more profits you will yield. A company I once worked for as an agent requested that we add supplemental (gap) insurance as a package for our clients. They were great policies, but they just weren’t for everyone. The ethical concern is the clients budget. Do I sell a low premium policy with higher out of pocket cost and a supplemental policy or do I sell her a higher premium plan with lower out of pocket cost and no supplemental policy? In the end, I sold her a package that was just a little above her budget. It would be the right choice 6 month down the road, as she told me her family had a history of cancer. She was diagnosed with cervical cancer. She had a high deductible plan which she is responsible for $6500 of the medical bill, even though she can make payments, it was still a large amount of money she did not have. However, she purchased a $60,000 benefit critical illness policy along with her health plan. Which covered her deductible, her lost income, and to fly her son home to stay with her during her treatment. How would you evaluate your actions in this situation to determine whether or not they were good or virtuous? As I mentioned before regarding the supplemental plan, “it’s not for everyone.” There is a list of questions we ask to see if they are a fit for theses policies and we always take into account their budget. Though it was out of her budget, she agreed it made sense, as the reward outweighed the risk. Do I feel good or virtuous? It’s hard to say, in our job, we believe in what we sell are for the benefits of our clients. At first it was about the sell, in that sense, “I did not feel virtuous.” Though cancer is not a reward. Not having to worry about bills or putting undue stress on my clients made me feel good in the end. - Tuan Pham |
