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Insurance fraud refers to any intentional act committed to deceive or mislead an insurance company during the application or claims process, or the wrongful denial of a legitimate claim by an insurance company. It occurs when a claimant knowingly attempts to obtain a benefit or advantage they are not entitled to receive, or when an insurer ...
The Coalition Against Insurance Fraud is a coalition of insurance organizations, consumers, government agencies [1] and legislative bodies in the United States working to enact anti-fraud legislation, educate the public, and provide anti-fraud advice. [2]
According to the Coalition Against Insurance Fraud, insurance fraud costs the U.S. around $308.6 billion every year, with life insurance fraud accounting for $74.7 billion of that total ...
A 2022 study from The Coalition Against Insurance Fraud found insurance fraud costs Americans more than $308 billion yearly, and auto insurance fraud is a major contributor.
Toxic mold is a common cause of bad faith lawsuits, with about half of the 10,000 toxic mold cases in 2001 being filed against insurance companies on bad faith grounds. Before 2000 the claims were uncommon, with relatively low payouts. One notable lawsuit occurred when a Texas jury awarded $32 million (later reduced to $4 million).
The yearslong ruse netted the 57-year-old Austell man $148,000 in fraudulent insurance payouts, ... was connected to at least eight fraudulent lawnmower theft claims between 2018 and 2021,” King ...
Insurance fraud includes a wide variety of schemes in which insureds attempt to defraud their own insurance carriers, but when the victim is a private individual, the con artist tricks the mark into damaging, for example, the con artist's car, or injuring the con artist, in a manner that the con artist can later exaggerate.
In some cases, a claim could even be denied due to bad faith or misrepresentation of the facts, making it important to be truthful and accurate to your car insurance company when reporting your claim.