Insurance fraud refers to an intent to obtain some benefits or advantages by means of false and misleading information filled in in the insurance document and consists of exaggerated damage or losses that never occurred. According to Crime in the US 2012 FBI Report the total cost of insurance fraud is more than $40 billion per year. In 2011 there were 140 pending insurance fraud cases.
There are two types of insurance fraud:
- Soft fraud, that consists of “little harmless lies” in order to maximize the claim.
- Hard fraud, that involves falsification of an accident or an injury in order to legally collect money from the insurance agencies.
If you don’t want to become a victim of insurance fraud, don’t trust people who sell insurance over the telephone or door-to-door. It is also not wise to give your insurance ID number to people or companies you don’t know. Don’t forget, if an accident occurred to you, make sure you get as much evidence as possible.
Anyone who is trying to obtain benefits from insurance through making exaggerated or untrue claims of loss or injury can be accused of insurance fraud. This is regarded as white collar crime, that is financially motivated nonviolent crime, and it is generally punished by criminal fines and jail time up to one year.
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