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Insurance Fraud

February 22, 2010

Insurance Fraud Hurts All of Us. What You Can Do to Help           

Insurance fraud is a significant challenge facing us today. Insurance fraud can range from such things as fabricated claims, exaggerated losses, or organized criminal rings, whose reach can include multiple insurance companies and span multiple states. 

And its not just insurance companies who suffer financially when someone commits a fraudulent act. The Coalition Against Insurance Fraud estimates that the average American household pays over $950 a year in additional premiums to cover the cost of insurance fraud. Good customers are penalized as fraudulent claims contribute to an increase in all premiums.                 

Many insurance companies have special programs staffed with dedicated field investigators whose function is the identification and investigation of suspected fraud.  These investigators work closely with law enforcement agencies to stamp out insurance fraud.  Insurers spend a significant amount of time and money on the education of their claims staff, underwriting department and agents on identifying the red flags that signal potential insurance fraud.  We believe that doing our utmost in the fight against insurance fraud is beneficial for everyone. 

So how you can help fight fraud? 

If you suspect any of the following:

  • Faked or inflated auto, home and business losses
  • Intentionally set home, business and auto fires
  • Staged auto and slip/fall accidents
  • Phony or inflated medical bills, auto, home or business repair bills
  • Misrepresenting the ability to work (claiming medical disability)

Call The National Insurance Crime Bureau (NICB®) hotline: 1-800-TEL-NICB / 1-800-835-6422 immediately.

Filed under: Financial — admin
 

Are You at Risk for Identity Theft?

December 2, 2009

Every day, more people become victims of identity theft. Here’s some important information you should know about this fast-rising crime.

Take the Identity Theft IQ Test

http://www.privacyrights.org/itrc-quiz1.htm

 

Why Your Insurance Company Checks Your Credit

November 16, 2009

Insurance companies discovered several years ago that people who are responsible about their credit are usually responsible about other things – including driving a vehicle. It’s a remarkably accurate predictor of future driving incidents. It doesn’t matter how much money they have, nor what their race or religion might be, nor where they live, nor their marital status. It just happens that people who pay their bills on time and are careful about their credit also tend to be careful about driving. They also tend to be more responsible home owners, protecting their investment by keeping up on a home’s maintenance needs and filing fewer insurance claims.

Since that discovery was made, most insurance companies have started including credit history–along with other factors such as driving history and type of vehicle for auto insurance, and a property’s characteristics and past claims for homeowners insurance – into their underwriting systems. It has become part of the formula companies use for classifying policyholders and setting insurance rates.

We encourage all our clients to be financially smart and savvy. This includes suggesting they check their credit histories from time to time to know how they rank and correct any errors. In the event that a person’s credit history has room for improvement, we can point you toward available resources.

Realizing that taking good care of your credit history is important. So too is recognizing that insurance companies differ widely in their approaches to credit, driving history and so on.
If you live in Oregon or Washington and want to see some of these comparative quotes for yourself, go to our website http://www.pacificinspartners.com/get-a-quote.php.

Filed under: Financial — Tags: , , — admin
 
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