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How to Report Life Insurance Fraud

How to Report Life Insurance Fraud

Can I report life insurance fraud? Yes, you can and you should.  There are mainly two ways to report it; either by reaching to the law enforcement or by reaching to the insurance agency. Almost all nations currently rely on the insurance corporations as insurances are the back bone against catastrophic loss. This likewise keeps the economy stable even in disastrous situations. Insurance fraud is a crime in most of the countries because it eats up the system, making life insurance more costly for everyone.
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Types of Insurance Fraud

Insurance fraud can be of different types. The most apparent fraud is when someone fakes his or her own death so a third party or family member can collect the life insurance payout. Other forms of swindling  or fraudulent activity include trying to hide the actual cause of death, lying about medical conditions (like providing fake medical fitness certificate or hiding a disease), and faking signatures on insurance policies. A less common form of insurance fraud arises when life insurance agents are in on the plan, modifying documents and taking out insurance policies for their own benefits. Keep in mind that anyone involved in the life insurance process can commit fraud, whether it is consumer, insurance agent, claim adjuster, or even company. So all types of insurance frauds cannot be estimated, but you should know what constitutes life insurance fraud.
© Akhil Sharma  | AnythingRelated.com | All Rights Reserved

Insurance Fraud Bureau or Insurance Regulatory and Development Authority

Insurance policy scams, protection misrepresentation, swindling insurance company in any way, and all types of insurance fraud is a crime in every country and state. That is why, every country has an insurance fraud bureau to look into the situations and cases of suspected insurance fraud. You can easily report any insurance fraud to this bureau; they had been set up by the law enforcement agencies. In fact, the insurance fraud bureau is a department set up by law enforcement agencies. However, if there is not any particular insurance fraud bureau in your country or region, then you should report fraud to the police. The law enforcement officials will look into the matter and take further action.
© Akhil Sharma  | AnythingRelated.com | All Rights Reserved

Report Insurance Fraud Anonymously

In many countries, individual as well as private insurance agencies have joined together to make a nonprofit organization with an objective to educate people regarding the negative effects of insurance fraud as well as to provide a medium for the general public to report insurance fraud anonymously. If there is a similar nonprofit organization in your region, that support the insurance industry, then you can contact them (most of them provide toll free numbers; for instance, CheatLine in UK by the Insurance Fraud Bureau) or call them to report the fraud anonymously.
© Akhil Sharma  | AnythingRelated.com | All Rights Reserved

I Know Someone Who is Committing Insurance Fraud. What Should I Do?

Sometimes, it becomes really hard for a person to report Insurance fraud, especially if the individual who is committing insurance fraud is your closed one or relative. You need to understand that it is your responsibility to report life insurance fraud and save other people's lives. How  this will help others? Because insurance frauds costs the people in premiums; people pay more premiums due to frauds. If you know someone who is planning insurance fraud, then it is your obligation to stop him/her. Not only life insurance fraud, but you should also report general insurance fraud; for instance, if you know that your company or firm is intentionally committing an insurance fraud, you should not keep quiet; you should disclose all the things to the authorities or make a report to a law enforcement officer.  But, why should I risk my job? Read the fraud statistics and know how much frauds steals every year across all forms of insurance. Do not involve yourself in this criminal activity as this will be against your fellow citizens. If you still worried about loosing your job, then call your attorney first to discuss the matter, and then Call the state insurance department and make a report.
© Akhil Sharma  | AnythingRelated.com | All Rights Reserved

Bottom Line

Most insurance companies or agencies worldwide manages their own specific fraud investigation unit. So if you see an individual or company committing insurance fraud against a particular insurance agency, you should make a report to that specific company's fraud investigation unit. Simply visit the company's website to find all the information for making a fraud report. They might likewise reward you for bringing this up to them as well as for making the report if it prompts a major bust. Always report life insurance fraud; if you are aware of any form insurance fraud, it is your obligation to report it to the company or to the insurance fraud authority/bureau.


Comments

  1. I didn't even know life insurance fraud was a thing! Shows how much I know. Lol!

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  2. Insurance fraud is a terrible drain on our society. I hate that these criminals raise my insurance rates every year.

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  3. I am so glad my dad is an insurance broker.... well he was. I always get so confused with all things insurance so I call him. Its sad that people will go out of their way to commit fraud.

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  4. It's terrible that people can be so deceiving. I would hope that everyone would do the responsible thing and report anything illegal that they know about!

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  5. I had no idea this is how it works when you get scammed by someone who is offering insurance. I'm glad that there are many things that you can do should this happen to you.

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  6. Great post... unfortunately insurance fraud is a very common "crime". So terrible

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  7. I don't know why people have to be so dishonest. It takes away from the people who have legit claims.

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  8. I can't imagine faking my own death--or that of anyone I know--or don't know. Insurance fraud of any kind causes the rest of us to pay more in premiums!

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  9. It's sad that some people find more satisfaction in such behavior. I just don't see the point of getting in trouble or breaking the law.

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  10. It is really sad to experienced insurance fraud. My father is an insurance manager and according to him, there are many fraud in this business.

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  11. Wow what a great resource for people but so sad this happens. I am glad you are trying to help others overcome life insurance fraud!

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  12. This is good to know. I've never been aware of anyone committing insurance fraud but I hope those who do get caught. What an awful thing to do.

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  13. Wow, some people will try anything to get money these days. It's really sad that they'd try to claim life insurance

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  14. It really is sad how many cases of fraud there is for insurance!! Great tips for how to report life insurance fraud it really is sad how much of it is out there.

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  15. Ugh, I hate that there are people out there who are always trying to beat the system. It makes rates for the rest of us go up.

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  16. I have never heard of anyone committing life insurance fraud. I know someone who was accused of personal fraud but they weren't lying (their house had been broken into three times, it was probably family). Insurance dropped 'em.

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  17. I've also been hearing a lot about how life insurance companies are not paying out policies like they should. Instead they collect the money and don't follow proper procedures or laws to make sure beneficiaries receive what they are due. It's like fraud in reverse.

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  18. Ugh. That would suck to have to fight fraud. I know it happens and grateful not to have experienced it.

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  19. Fraud of any nature is ridiculous. But, I also don't like insurance companies either since they can rip off people as well.

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  20. It is scary and incredible that people can commit such crime. You never get to avoid the insurance companies getting it right. The one that does bad always gets caught.

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  21. I didn't realize there was even an ability to commit life insurance fraud! So interesting.

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  22. Very informative and interesting...much thanks for sharing! Life Insurance is something we do not usually think about but it helps to know what to do when fraud is involved.

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  23. Thanks for this info. Could be really useful for many.

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  24. People will do anything, and I do mean anything, to make money. Life insurance fraud does't surprise me, but it is a really twisted way to make money.

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  25. I had no idea that life insurance fraud was out there. How scary!

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  26. What scares me about this is that many people murder for the insurance money. It's just crazy!

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  27. I didn't know you could report it anonymously. Not that I personally know anyone that is doing life insurance fraud, but it's good to know.

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  28. There's a lot of overlooked crimes related to fraud and the insurance department never fails to play the part of the victim. It's all a fair system and I agree and am willing to share these information to everyone.

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  29. Oh, this is really sad. I wonder why people have to fraud just to earn money.

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  30. Insurance fraud hurts us all.. since we are required by law to purchase insurance, it is better to keep fraudulent costs at bay

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  31. I am not much aware about such life insurance frauds, but I love that we have solutions for it. The tips are quiet handy and it is going to be so useful for many as it deals with different instances of insurance frauds!

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  32. From Babita: Every industry will have some bad apples. I like this write up of your. It is very detailed and informative.

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  33. Thanks for the informative post, hope it helps out many!

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  34. It's crazy to think that there insurance agents can sometimes be part of the fraud.
    Thanks for sharing this post, it's definitely one to be aware of.

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