Posts Tagged ‘Insurance Fraud’
Insurance Fraud Second Most Costly White-Collar Crime
December 16th, 2011
A new study found that insurance claims submitted for damaged HVAC units were overpaid by 65%. That includes claims submitted during the first half of 2011. The study found that many insurance companies were paying for entire units to be replaced when minor repairs would have done the job just fine. “Our research found that the average claim submitted to insurance companies was the result of a homeowner being told by an HVAC company that their unit was in need of a full replacement, when in actuality, a minor repair would bring the system back to pre-loss condition,” stated Damon Stafford of HVAC Investigators, the company responsible for the study in a news release. “It Read full post…
Tags: Insurance, Insurance Fraud
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Today’s News: New Coverage for Pre-Existing Conditions to Begin, Florida Auto Insurance Fraud Skyrockets and Gov’t Long-Term Care Program Already Doomed
July 6th, 2010
Some relief may be on the way for those who suffer from preexisting conditions as the government has set up a new health insurance program that is to begin soon. In Florida, auto insurance fraud via intentional crashes has skyrocketed and the government plans to start a new program for those in need of long-term care, but there is a major glitch that could force its failure before it even begins.
New Coverage for Pre-Existing Conditions to Begin
A new health insurance program is being launched by the Obama administration that will help Americans who are currently uninsured and also have pre-existing medical problems.
Tags: Auto Insurance, Auto Insurance Fraud, Insurance Fraud, Program
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Insurance Fraud: It’s All About The Money
November 24th, 2009
Two stories caught my interest this morning. Two stories about insurance fraud that illustrate the fraud can be perpetrated by insureds, insurers, third-parties, regulators, and just about anyone where there is money involved.
In Florida, insurer, QBE Insurance Corporation, is facing a $500 million bad faith lawsuit by a condominium association. The association’s towers were seriously damaged in a hurricane. The allegation is that the insurer, knowing the two condominium towers faced demolition and condemnation without insurance settlement money, “[took] advantage of the socioeconomic conditions of residents and the inability of residents to raise the money to make the repairs.” In other words, the insurer is accused of delaying claim settlement to force a more advantageous settlement.
Tags: Fraud, Insurance Fraud
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