Essay on Insurance Frauds

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  • The Pros And Cons Of Insurance Fraud

    Insurance Fraud is a felony. Claims are either false or exaggerated, and most times certain information are held back in order for the claimant to obtain the benefits that the insurance company has to offer and to avoid certain penalties. In this event, the claimant can be fined $150,000 or 10 years in prison. (Associated Content, 2007). It has been stated that at least %10 of all insurance claims has been fabricated and in North America the insurance industry pays out more than $30 billion in fraudulent claims. (Fraudcast, 2009) One of the most common insurance fraud would involve life insurance. Life insurance is a type of coverage that pays benefits upon a person's death or disability.(Answer, 2009) This will financially secured the person whom the insured has chosen to take this responsibility which is known as the beneficiary (Wikipedia, 2009). After the Insured’s death, the proceeds that has been accumulated over the period of time, will then be used to pay for the cost of funeral service or any other necessary cost of needs or debts. Life insurance fraud is widespread. Sometimes desperate times call for desperate measures. With a good plan in mind, scamming insurance companies would probably be the only best answer when people are in desperate for an easy way out of debt. It can be risky but people do take that chance. Statistic has shown that in 2008, fifty-one life insurance fraud cases has been reported by the news media. (Coalition Against Insurance…

    Words: 870 - Pages: 4
  • 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…

    Words: 1010 - Pages: 5
  • Difference Between Hard And Soft Fraud

    Insurance Fraud The term "insurance fraud" covers a wide array of activities that have the same basic purpose: to obtain payment from an insurance company by deceptive or dishonest means. While incidence of fraud is estimated to be low, it remains an area of great concern for insurers. Losses Due To Fraud As with most crimes, it is impossible to accurately gauge losses to fraud because only that which is detected is measurable, and the typical suggestion is that the "true" value may be…

    Words: 2491 - Pages: 10
  • Five Skills Of A Fraud Analyst

    States, people file for insurance. People can file for many types of insurance policies and file many claims- whether it be health insurance, car insurance, home insurance, and renter’s insurance. What most people do not understand is who commits insurance fraud. Insurance fraud can be committed by the claimant, the consumer, and the insurance company. What is insurance fraud though? In most cases, it is industry insiders, and loosely organized networks of bad medical professionals and…

    Words: 1432 - Pages: 6
  • Case Study: How Bajaj Allianz Needs The Fraud

    The presence of fraud in the insurance industry is not an unknown one. Health insurance seems to have large number of these fraud cases. A larger point of concern is that as per statistics, 90% of the insurance frauds come from health policies itself. Since the key motive for every fraud is financial profit, there are no exceptions to the people who are involved in it. The involvement of these people in these cases could range from the customer, to the agent, member of hospital in question, or…

    Words: 1067 - Pages: 5
  • Fraud And Dishonesty In Community Health And Public Health

    Fraud and dishonesty are both issues that are inevitably faced in jobs and workplaces every day all throughout the world. These two issues are not to be taken lightly and should be taken care of immediately when there are any occurrences. Fraud and dishonesty can be present in any workplace no matter what the field. When it comes to the field of Community Health and Public Health, there are many instances in which fraud and dishonesty can play a role within the workplace. One of the biggest…

    Words: 708 - Pages: 3
  • Health Care Fraud Essay

    Health Care Fraud A health services management issue that caught my interest is “Health Care Fraud”. Health care fraud is an unethical intentional misrepresentation, deception, or intentional act of deceit for the purpose of receiving huge profits. Furthermore, it is a total disregard that goes against and is inconsistent with good business and /or medical practices. Healthcare fraud has become a national problem that affects all of us directly or indirectly. It is mainly perpetrated by…

    Words: 1277 - Pages: 6
  • Healthcare Fraud Essay

    Healthcare fraud in the Medicare system of the United States is an important factor to understand for anyone who is a citizen of the United States and will be or already is a participant in this healthcare delivery system. With increasing healthcare cost and the continual fraudulent activities that are continuing to occur in the current Medicare system, it is imperative to research and study what can be done to prevent and possibly change the current state of affairs related to provider criminal…

    Words: 3820 - Pages: 16
  • The Pros And Cons Of The Affordable Care Act

    Health Care Insurance seems to be the major topic of discussion at this time. The health care reform debate has been a rising issue for several years. The Affordable Care Act expands access to millions of Americans. It focuses on increasing coverage, minimizing cost and the social burden of health care to individuals. Health Care is very crucial to everyone, but not affordable to everyone. Plans should be put in place to help the American people. No one should feel forced to choose a plan that…

    Words: 769 - Pages: 4
  • Adulthood Reflection

    cost of buying a house; frauds and scams; and insurance. I can honestly say that these 6 topics were the most useful, and will stick with me for a lifetime. The housing market is going up, and it is becoming harder and harder for millennials to buy a house, but are tiny houses really worth it? An advantage of this type of living is that it is very cost effective, however they are very small. When creating a tiny house of my own, it was very hard to create a decent living area with only 120…

    Words: 887 - Pages: 4
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