Premium Rebates to Policy Holders - Are They Ethical
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Case Code: INS017 Case Length: 03 Pages Period: 2003 Pub Date: 2003 Teaching Note: Available |
Price: Rs.100 Organization: Varied Industry: Insurance Countries: India Themes: - |
Abstract Case Intro
Krupa Life Insurance Company was established by an experienced businessman, Shyam Lal, who was the Chairman of the firm. Shyam Lal was particular about business ethics. He was considered an honest businessman in the industry and he won many awards (Honest Businessman Award). He appointed Rahul Khanna as the managing director of Krupa Life Insurance Company. Rahul Khanna was earlier employed in banks and other financial firms as a senior manager.
Rahul Khanna was a close friend of Shyam Lal and he was familiar with Shyam Lal's concern for ethical conduct in business. After joining the firm, Rahul Khanna formulated a code of ethics for the employees of the company. One of these specified that insurance agents should not offer rebates on the premium to customers.
One day, Rahul Khanna received information that one of the agents, Pappula Harish, was offering rebates to policyholders. He immediately sent a letter of dismissal to Pappula Harish. Harish was shocked when he received the letter...
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