Phabbyfundz
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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.
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.