A Cross-Cultural Comparison of the Ethical Environments of the U.S. and South Korean Life Insurance Markets

Abstract

Along with competence, ethical behavior is a key component of professionalism. In carrying out their duties, all life insurance professionals encounter a variety of ethical dilemmas as well as a number of factors that can present challenges to their efforts to resolve these dilemmas in an ethical manner. By comparing the ethical environments of the U.S. and South Korean life insurance industries, this paper examines how significant differences in culture can affect the key ethical issues and the hindrances to ethical behavior faced by life insurance professionals working in the two countries.