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Insurance fraud refers to any intentional act committed to deceive or mislead an insurance company during the application or claims process, or the wrongful denial of a legitimate claim by an insurance company. It occurs when a claimant knowingly attempts to obtain a benefit or advantage they are not entitled to receive, or when an insurer ...
A 2022 study from The Coalition Against Insurance Fraud found insurance fraud costs Americans more than $308 billion yearly, and auto insurance fraud is a major contributor.
A staged crash, or crash for cash is when criminals maneuver unsuspecting motorists into crashes in order to make false insurance claims. The cars generally suffer little damage in relation to the large demand that is then fraudulently submitted. According to the Coalition Against Insurance Fraud, staged car crashes are a growing criminal problem.
The National Insurance Crime Bureau (NICB) is a U.S. insurance industry trade association focused on preventing, detecting and defeating insurance fraud and vehicle theft through information analysis, investigations, training, legislative advocacy and public awareness. [2] NICB's headquarters are in Oak Brook, Illinois.
Another common fraud is “fronting”, which happens when a motorist claims to be the main driver on a policy when they are not – for example, a parent fronting a policy for their child, who in ...
Car insurance fraud is an increasingly common problem that could be reduced by dash cam use. If someone tries to involve you in a staged accident to receive a fraudulent claims payout, the result ...