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Hard fraud occurs when someone deliberately plans or invents a loss, such as a collision, auto theft, or fire that is covered by their insurance policy [15] in order to claim payment for damages. Criminal rings are sometimes involved in hard fraud schemes that can steal millions of dollars.
Application fraud: Misrepresenting details on your life insurance application, whether intentionally or not, is another common type of fraud. This could involve omitting health conditions or other ...
Most insurance professionals are honest, but if you buy your car insurance coverage through an agent who has the potential to commit car insurance fraud, it can cost you.
There are also many other coverage extensions available through the purchase of additional insuring agreements. These are common to most crime insurance policies (burglary, fire, general theft, computer theft, disappearance, fraud, forgery, etc.) and are designed to further protect specific company assets.
On a smaller scale, losing insurance coverage before a storm — or having claims denied after — can wipe out the life savings of homeowners, leaving them with a totalled house they can neither ...
Health care fraud includes "snake oil" marketing, health insurance fraud, drug fraud, and medical fraud. Health insurance fraud occurs when a company or an individual defrauds an insurer or government health care program, such as Medicare (United States) or equivalent State programs. The manner in which this is done varies, and persons engaging ...
The number of fraudulent motor insurance applications being detected has jumped by 16% since last year, according to data from a major insurer.
Redlining is the practice of denying insurance coverage in specific geographic areas, supposedly because of a high likelihood of loss, while the alleged motivation is unlawful discrimination. Racial profiling or redlining has a long history in the property insurance industry in the United States. From a review of industry underwriting and ...