Select the correct statement regarding professional codes of ethics.

$1.$ Typical professional codes do not translate into codes applicable to the insurance business.

$2.$ Although the Hippocratic Oath is the oldest known version of a code of ethics, Hippocrates actually taught that knowledge$$not ethics$$was the key to appropriate conduct.

$3.$ Both historically and currently, many professions have a formal ritual that encourages initiates into the group to promise to follow a code of ethics for their particular profession.

$4.$ Insurance$-$related organizations traditionally have left the development of codes of ethics to individual members rather than create an organization$-$wide code.