General insurance How to identify insurance frauds

[Phabbyfundz]

The insurance information institute estimates the fraud accounts to 10 percent of the property or casualty insurance industry's incurred losses and loss adjustment expenses or about $30 billion per year. This frauds result in higher premiums.
Frauds may be committed at different points in the insurance transaction by different parties; applicants for insurance, policy holders , third party claimants and professional who provide services to claimants.
Common frauds includes padding or inflating actual claims, misrepresenting facts on an insurance application; summiting claims for injury or damage that never occurred and staging accidents.
Prompted by the incidence of insurance frauds, 41 states and districts of Columbia have set up fraud bureaus some bureaus have limited powers and some states has more than one bureaus to address frauds in different lines of insurance policy or transactions.

 

[Mandy96]

It is more easier to identify when the attempt occurs on the internet. Well it can also be known offline if everything is starting to look too good to be true. I am not disputing the fact that things could be easy sometimes but when it’s becoming too easy then one should think twice before going for it

 

[Wisdom01]

I think most times those who partake in fraud could be imprisoned too , many insurance had their own different policies attached and it would be best if the person follows the policy so that he or she won't face the punishment attached , because there would be an agreement that will be signed incase if the insurer dosent follow the terms

 

[Chibson]

The government can take decisive decisions to punish those involved in insurance fraud. This kind of policy is can help to curtail the activities of scammers. it is also very important to let the necessary research before purchasing a premium from any insurance company and if possible get a professional to do the work for you.