10 Laws You Should Know Related to Insurance Fraud

Often, the prevailing attitude regarding insurance fraud is that no one gets hurt. Many people believe that the big insurance companies can easily absorb the cost, while theyre simply taking back money that theyve been paying in premiums for years. In reality, insurance fraud costs American consumers upwards of $30 billion each year.

In conclusion, anyone who knowingly provides inaccurate information or doesnt divulge pertinent details during the application, underwriting or claim-filing process can potentially face fraud charges. If fraud is discovered but charges are not filed, it almost always precludes the guilty party from obtaining insurance through traditional channels in the future.

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Tags: Fraud, Insurance Fraud   Posted in Insurance Updates