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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 ...
A variation of this scam occurs in countries where insurance premiums are generally tied to a bonus–malus rating: the con artist will offer to avoid an insurance claim, settling instead for a cash compensation. Thus, the con artist is able to evade a professional damage assessment, and get an untraceable payment in exchange for sparing the ...
Impersonation scams, where someone pretends to be with a popular company or government agency, are getting worse. ... Last year, the Federal Trade Commission received more than 330,000 reports of ...
Here’s an explanation of some common life insurance scams: Phony Contacts: Scammers impersonate legitimate insurance companies or agents through phone calls, emails or mail to convince ...
If you suspect someone of insurance fraud, you can report it to your state’s Division of Consumer Fraud, your insurer’s Special Investigations Unit that handles fraud incidents, your state’s ...
Emil Savundra, Sri Lankan insurance swindler; the collapse of his Fire, Auto & Marine Insurance Company left 400,000 motorists in the UK without coverage. Jeffrey Skilling is an American former CEO of Enron Corporation , convicted of securities fraud (and other crimes) for his part in the 2001 Enron scandal , a $63.4 billion bankruptcy ($109.1 ...
On January 16, 2009, the United Kingdom Serious Fraud Office uncovered an £80 million buy-to-let property fraud scheme operating under a company called Practical Property Portfolio in which at least 1,750 investors were conned out of £25,000 each in return for a promise of a house in the North East of England. All five directors—John Potts ...
"Horwitz has found one case where an $80,000 property was being insured for $10,000 a year, and also notes that at Assurant, 'the unit handling force-placed insurance has accounted for $811 ...
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