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All you need to Know about Insurance Fraud

February 12, 2015 by  
Filed under Blog

In our line of work, we have come across different types of insurance fraud cases. Claimants come up with all sorts of schemes and plans to defraud insurance companies, but these schemes mostly involve the following types of insurance frauds:

Automotive Insurance Fraud

Probably one of the most common insurance frauds is automotive insurance fraud. There are many different types of car insurances, which present scammers many opportunities to commit insurance fraud. The most common scam is the ‘stolen car’ insurance fraud. Car owners take out a car insurance policy and sell their car, but they report it stolen and file an insurance claim. The car is usually cut up into parts and is nearly impossible to find, making it difficult for insurance fraud investigators to prove any wrong doing.

Car accidents are also used to scam money out of insurance companies, these accidents are planned or staged to look much worst than they actually are. Sometime both the drivers are involved in the scam, they greatly exaggerate the damage to their car and the injuries they received.

Health Insurance Fraud

What makes health insurance fraud schemes interesting is the fact that medical professionals can be involved in the scam, making it extremely difficult to uncover the truth. The scammer can exaggerate his/her medical condition or injury or bill the insurance company for procedures that they didn’t receive. The medical professionals can help create fake medical records and make statements to strengthen the claim of the scammer. Our medical records canvass service, along with state of the art surveillance, can help reveal the culprits of health insurance fraud.

Homeowners Insurance Fraud

Intentional home fires or staged damage to the policy holder’s home can be used to commit homeowner’s insurance fraud. The homeowners are never home at the time the damage happened, having an ironclad alibi, and the damage looks like the work of a burglar or an accidental fire. Such individuals can also take advantage of natural disasters, like earthquakes, storms, tornadoes etc, and make exaggerated or fake claims about the event causing damage to their home.

Life Insurance Fraud

It doesn’t just happen in movies and on TV; people do actually fake their death to collect the life insurance money, if they are desperate enough. This is how it works; a policy holder will take out a large life insurance policy and name a close relative as a beneficiary. After a few months, the scammer will fake his/her death and the relative will get the money and soon the deceased’s relative will disappear with the money.

These are the most common types of insurance fraud committed by people all across the country. Now that insurance companies are becoming aware of their various tactics, they are concocting more elaborate schemes to pull off their scams. The expert investigators at NSIU can help you untangle these webs of lies and uncover the truth underneath, with the help of their various investigative services.

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