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Lies, scams and body snatchers

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Whether a burnt body, a nicked car, a stolen iPod, a king''s ransom in jeweller or designer sunglasses, all are being eyed by the crafty.

The life insurance industry has prevented some 21 000 fraudulent insurance claims over the past five years, according to the Cape Town-based Life Offices Association (LOA), an umbrella body for life assurance companies.


Added on: Fri Nov 14, 2008 10:43 am by : JeremyHolter
Jeremy Holter
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207.27 Dollars($)
     
Though this story is from another part of the globe but bears close resemblance with the scenario in United States. Every year the insurance companies' loss figure is growing because of fraudulent claims. And its affecting the insurance consumers at large. The nonplused consumers are required to pay more for their coverage for some unknown factors.


sdchargersfan
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Just a coment about this..................I thought when an insurance company submits a claim, they have to TELL you they do. I would ALSO think WHEREVER the claim is being submitted, THAT particular 'department' would have to verify with the consumer/patient. Isn't this part of the HIPPA....in a way? Giving out information, to a 3rd party, without your permission?


fireyone
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Yes and when the loss figure grows doesn't our insurance rates? Thats a true question. I have actually had people say that my insurance is higher because I live in a certain county. Here it all the time but wondered if it was true. So if there is more claims in one particular area does it raise the rates in that area?


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