What Is Insurance Fraud?

by | Sep 6, 2021 | Uncategorized

What is insurance fraud? It is when a person knowingly commits an act to defraud an insurance agency or business. Some well-known examples are what you famously see on television…. someone faked their death or burned their property to get thousands of dollars from insurance claims. 

Insurance Fraud By The Numbers

  • Claims steal $80 billion annually from insurance businesses.
  • 13% of business owners are concerned employees could commit workers’ compensation fraud.
  • 425 healthcare offenders were sentenced in 2018.
  • 1 out of 10 Americans provide false information or omit data when buying auto insurance. 

Stats coming from Fortunly

Places Fraud Could Happen

  • Life Insurance
  • Health Insurance
  • Automotive Insurance
  • Workers’ Compensation
  • Catastrophe Insurance (such as hurricanes, earthquakes, etc.)

How Can You Stop Insurance Fraud?

Fraud is a problem many insurance agencies and businesses face. The important thing is keep a close eye on all claims that are filed and seek outside help when a situation occurs. If a claim seems unbelievable or unusual, take some extra time to research the the situation. Then reach out to our expert team if you need help disputing a situation and saving your bottom line.

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