Essay on Insurance Frauds

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  • Insurance Fraud Essay

    Insurance fraud is the act of committed any fraud with the intent to obtain a fraudulent, obtained by or involving deception, especially criminal deception, with the outcome of an insurance process. Insurance fraud occurs most often when a person makes a false of exaggerated. Customers can also commit insurance fraud through the sale of unlicensed insurance coverage to clients who are unaware or an insurance broker or agent can take premiums paid by a client. Typically, police and prosecutors refer to insurance fraud as “hard fraud” or “soft fraud”. More serious than soft fraud, hard fraud involves someone faking an accident, injury, theft, arson, etc., then they collect the money illegally from insurance companies. Often done alone, but organized…

    Words: 1010 - Pages: 5
  • Arson Assignment

    Please take into consideration my submission on the enforcement of tighter laws around the crime of Arson. I am writing to you because there is a great concern for the amount of Arson related crimes that are occurring within the state of Tasmania. Statistics show that more than half of Tasmania is above average in fires per year compared with all of the other states in Australia (Australian Bureau of Meteorology, 2015). Tightening the laws around Arson, will most definitely guarantee Tasmania…

    Words: 1154 - Pages: 5
  • Forensic Accountant Case Study

    companies keep on growing in size and density, detecting fraud requires a forensic accountant to become skilful in an ever-increasing number of professional skills and competencies. Here are some of the broad areas of expertise for a forensic accountant: • There should be an in-depth knowledge of financial statements and the capability to critically analyze them. This expertise helps forensic accountants to detect unusual patterns in accounting information and identify their source. • They…

    Words: 1108 - Pages: 5
  • Health Care Fraud Control Case Study

    Module 5: Health Care Fraud Control Fraudulent health care practices by medical professionals and other criminals of defrauding insurance companies and consumers are on the rise. According the Federal Bureau of Investigation (FBI) (2015), these dishonest practitioners are increasingly willing to risk patient harm to further their criminal activities. The FBI is the primary agency for exposing and investigating all federal and private insurance health care fraud cases. Furthermore, the agency…

    Words: 910 - Pages: 4
  • Ernst & Whinney Case Study

    great blame in not having the sufficient information and knowledge to fall into the pressure of the bribes committed by Minkow and analyze the fraud that was occurring. The upper management in ZZZZ Best made the financial information seem perfectly fine, therefore the auditors were unable to identify any miscalculations that would then lead to fraud. Minkow and his company for years kept on staling the fact that his insurance business had an actual positive cash flows system occurring. This…

    Words: 1404 - Pages: 6
  • Zzzz Best Carpet Cleaning Company Case Study

    checks and impatient vendors demanding payment. At that point Minkow knew that if he wanted to survive in the industry, he would need working capital. He went to various banks, but due to his age and the fact that ZZZZ Best was only marginally profitable, local banks refused to loan him any money. As a result, Minkow decided to come up with his own ways to finance the growth of his business: check kitting, credit card forgeries, and staging of thefts to fleece his insurance company. So when…

    Words: 3838 - Pages: 16
  • Barriers To Fraud Prevention

    Overview Fraud has become common occurrence in business world. And organizations lose considerable chunk of their hard-earned revenue to fraud. Prevention and Detection are two methodologies to handle a white-collar crime like business fraud. Wisest approach towards any illegal and inappropriate activity is to prevent it from occurring in first place. Prevention is the most economical way of tackling fraud. Barriers to Fraud Prevention Fraud prevention is challenged by several barriers which…

    Words: 776 - Pages: 4
  • Effects Of Embezzlement

    Embezzlement and the Effects on Victims and Society For many years there have been thousands and thousands of individuals that have fallen victim to violent crimes. However, individuals are not always victim of violent crimes such as robberies, rapes, or kidnappings. In fact, individuals can become a victim of a non-violent crimes which many know as white-collar crimes. White-collar crimes was reportedly coined back in the year 1939 and is now used a wide range of frauds which are committed by…

    Words: 1525 - Pages: 7
  • Forensic Accounting Essay

    Forensic accountants use acquired training, knowledge of regulations, and accounting practices to complete financial investigations. Their investigations are then used to discover or substantiate evidence. Forensic accountants can be utilized in many areas such as divorce settlements, expert witness consultation, police and government agencies, insurance claims, finance companies, money laundering, fraud, embezzlement investigations, technical discovery cases and many more areas. With the…

    Words: 759 - Pages: 4
  • Satam Scam Case Study

    Not only was it barred from doing any business with the World Bank for 8 years, it also lost its contract of being the official IT service provider for the FIFA world cups in 2010 and 2014. The CBI also reported that the losses suffered by the investors due to this fraud were approximately Rupees 14,000 crores. Satyam lost major clients such as State Farm Insurance and British Petroleum (Sharma n.d., p. 4). Aftermath The Satyam case was immediately reported to the Central Bureau of Investigation…

    Words: 861 - Pages: 4
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