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Ethics And Law : Ethics

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Ethics & Law
When discussing law, one other topic that goes directly with it, is ethics. What is ethics? Ethics can be defined as “a systematic attempt, through the use of reason, to make sense of our individual and social moral experiences, in such a way as to determine the rules that ought to govern human conduct and values are worth pursuing in life.” Business ethics is a subset of ethics and there are no differences between the two, immoral acts are immoral, no matter who committed them. Personal morals and ethics vary greatly and there are many different ethical theories such as deontology utilitarianism, ethical egoism, and more. These different theories have different views on what is considered moral (right) and immoral (wrong). …show more content…

It can also be called credit life insurance, credit disability or unemployment insurance. Typically, when you obtain the loan, is when you would purchase these plans. PPI usually covers payment for a set time, typically around 12 months. For some loans this could be the entire monthly payment, and when PPI expires, it is up to the consumer to repay the debt. Although in some cases the policy will repay the debt if you are unable to earn income. PPI may not be suitable for everyone, careful assessments of what may happen if you become unemployed should be considered.
Many PPI policies are not sought after by many consumers, in many cases, people who did have credit insurance didn’t even know they had in. This led to large miss-selling (called “packing”) of PPI policies from financial institutions to consumers. During the sale of these policies many commissions based salesman pushed these products, many of the providers of these companies made more on the PPI commission and profit sharing than the interest on the original loan. The reason they were able to sell these policies so effectively is: when consumer came in with financial difficulty they would push PPI policies and say they would increase their chance of getting the loan. Several large companies received large fines for these practices include Capital One, this also led to new legislation being passes to prevent unethical selling involving PPI policies to protect consumers.
Since the early

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