Business Ethics Essay Example | Topics and Well Written Essays - 2000 words - 8

Business Ethics - Essay Example This immoral and illegal policy of Great Benefits against its policyholders eventually took its toll when one of its policyholders died when Great Benefits denied the coverage of bone marrow transplant which could have saved his life. This resulted for Rudy Baylor to file a lawsuit against the company. In addition to this already immoral and fraudulent policy of Great Benefits, it also showed no sense of business ethic when it still kept on accepting new policy holders despite its inability to keep its obligation of coverage to its clients. The company is already incurring massive debts and its strategy of accepting more clients to keep the company afloat showed business callousness because Great Benefits never intended to cover them in case they will file for claim. In effect, Great Benefits is toying with its policyholders fate just to keep its business afloat. Great Benefits insurance did not incorporate itself as an insurance company to deliberately defraud its policy holders. For sure, just like any other companies, it must had some lofty ideals to serve its policyholders only that certain circumstances forced it to chose course of business actions that are not only deemed immoral, but illegal as well. What happened to Great Benefits was that it did not have enough capital reserve to cover the claims of its policyholders. It was burdened with debt that made its financial position to settle obligations precarious. Instead of making a loan to increase its capital reserve, Great Benefits opted to take the easier alternative, albeit immoral and illegal, to take in more policyholders to keep itself afloat financially. The first policy that I will devise is how to avoid such unethical, immoral and illegal act from ever happening again. I issue a policy that for a certain number of policyholders, there should be a corresponding