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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
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