Top 5 Insurance Fraud Fails

For example-you have regular health insurance of Rs. 5 lakhs and you decide to buy a super top-up health policy of Rs. 10 lakhs, which comes with a deductible of Rs. 5 lakhs. During the year, you are hospitalized 3 times, where the bill was Rs. 3 lakhs during the first time, Rs. 4 lakhs during the second time, and Rs. 5 lakhs during the third time.

Developments continue around the efforts of Washington state’s insurance commissioner to ban insurance companies from using credit to set rates for auto, homeowners and renters insurance for ...

Click here to return to the top of the page. Fraud FAQ What is Unemployment Insurance fraud? Unemployment insurance (UI) fraud can occur when a claimant, employer or any other person knowingly makes a false statement or misrepresentation or knowingly fails to disclose a material fact. "False statement or misrepresentation" means a statement or ...

A: Self-insurance requires state approval, a net worth of at least $5 million, net income of $500,000 per year and posting of a security deposit. While historically only very large companies could self-insure because of legal requirements, in recent years group self-insurance, in which several small employers in the same homogenous industry ...

No single insurance policy covers everything. In general, there are two broad areas of insurance coverage: Business liability insurance covers incidents in which someone holds your business responsible for damages, injury, or loss. Commercial property insurance pays for repair or replacement of damaged or stolen business property. It also ...

According to the Insurance Information Institute (III), insurance fraud is a deception committed against an insurance company for financial gain.It can be anything from lying about a garaging address (the location where your vehicle is parked for most of the year) to exaggerating an accident to outright staging one.

Job fraud is fraudulent or deceptive activity or representation on the part of an employee or prospective employee toward an employer. It is not to be confused with employment fraud, where an employer scams job seekers or fails to pay wages for work performed.There are several types of job frauds that employees or potential employees commit against employers.

This study resulted in the book title "The Trillion Dollar Insurance Crook" by J.E. Smith. In the United Kingdom, the Insurance Fraud Bureau estimates that the loss due to insurance fraud in the United Kingdom is about £1.5 billion ($3.08 billion), causing a 5% increase in insurance premiums.

We listed some of the insurance companies in Dubai. Risks are a part of everyday life, every once in a while; an unexpected event occurs that may destabilize the core and foundational parts of our lives. These frequent but unfortunate experiences often leave the victim shaken, in the midst of a chaotic ruin from which […]

A Pewaukee businessman has been sentenced to nearly five years in prison for fraudulently obtaining more than $1 million in federal coronavirus relief funding meant for struggling businesses.