Essay on Insurance Frauds

to combat fraud and abuse. In 2015, Horizon Blue Cross Blue Shield’s Special Investigations Unit (SIU) -- generated $43.2 million in savings -- identified as a combination of monies recovered and losses avoided – and opened 988 new fraud cases. Since 2005, Horizon’s anti-fraud efforts have saved members $290 million. “It takes the right intelligence tools, a no-tolerance approach and highly skilled investigators to accomplish the SIU’s primary objective, which is to detect and stop fraud…

identity theft. This horrible crime is just not about the money also it is about criminal accessing to your personal information. According to the Insurance Information Institute (III), “The 2015 Identity Fraud Study, released by Javelin Strategy & Research, found that $16 billion was stolen from 12.7 million U.S. consumers in 20014,…There was a new identity fraud victim every two seconds in 2014” (III.org). Therefore, today’s consumers have over 10 identity theft protection services to choose…

Introduction When it comes to insurance, the general public does not always understand the importance of an insurance application when looking at getting an insurance policy. The insurance application is the start of the process for obtaining an insurance policy. The insurance policy is a contract between an insurer, the insurance company, and the insured, the person looking to receive the insurance, that obligates both parties of the contract to use utmost good faith. If one of the parties…

terrorist hacking into their account and raiding their identity. Although identity theft prevention is highly needed in case of fraud, we just consider a main cost associated with.Hence, The amount…

The returns that doctors receive from insurance companies are minuet compared to the bill that they had sent in from a visit. Doctors have a staff to pay, office supplies to buy/rent, medical malpractice insurance , which in its self a year can cost a doctor in the upwards of 34,000 dollars depending on your specialty and the state that they reside in, and utility bills. When…

Button, M., & Gee, J. (2012). The scale of health-care fraud: A global evaluation. Security Journal, 25(1), 76-87. This article points out the seriousness of health care fraud by providing the findings from a survey of fraud and error loss measurement in the health care areas of six different countries. Health care fraud is a blue collar crime that has seen a rise in recent times. This article points out that the legal definition of fraud; is defined as false representation abuse of position…

Faith Claims Against Insurance Companies Insurance bad faith, also in other words called insurance fraud, this term describes the practice of treating badly with consumers by insurance firms. It generally employs to situations where an insurance firm denies paying out compensation consistent according to terms of its insurance agreement with the consumer they claim to provide insurance for. By bad luck, insurance bad faith happens under normal conditions. Quite a few insurance firms use…

types of identity theft. There’s Child identity theft where criminals get a hold of vulnerable, unsuspecting children’s identities. They use these identities to make unsolicited purchases and open various credit card and bank accounts. This type of fraud often goes undetected for years and the damage is done by the time the child is an adult. The damage is often irreparable and follows the child through life. Whether it’s applying for a job or a loan for a house background checks and credit…

returns. Over several decades, Madoff was able to scam and convince thousands of investors to hand over their savings with a false promise of consistent profits in return. He was eventually caught in December 2008 and was charged with 11 counts of fraud, money laundering, perjury, and theft (Yang). On June 29, 2009, he was sentenced to 150 years in federal prison to pay the consequences of running the largest fraudulent scheme in United States history (Berman & Knight). Madoff was able to hold…

demon” in an 1896 New York Times article, Holmes was convicted and hanged for the murder of Benjamin F. Pietzel, but he confessed to 27 murders and his body count has been estimated to be nearer 200. Holmes, who started out his life of crime with insurance fraud when he was just out of college, eventually confessed “I was born with the very devil in me. I could not help the fact that I was a murderer, no more than the poet can help the inspiration to song, nor the ambition of an intellectual man…