Deliberate but secret causing of an event, for which a claim for compensation for insured property becomes seemingly lawful according to the insurance policy and receiving such a compensation.
Insurance fraud occurs when any act is committed with the intent to fraudulently obtain some benefit or advantage to which they are not otherwise entitled or someone knowingly denies some benefit that is due and to which someone is entitled, also known as a Krut. False insurance claims are insurance claims filed with the intent to defraud an insurance provider. Insurance fraud has existed ever since the beginning of insurance as a commercial enterprise. Fraudulent claims account for a significant portion of all claims received by insurers, and cost billions of dollars annually. Types of insurance fraud are very diverse, and occur in all areas of insurance. Insurance crimes also range in severity, from slightly exaggerating claims to deliberately causing accidents or damage. Fraudulent activities also affect the lives of innocent people, both directly through accidental or purposeful injury or damage, and indirectly as these crimes cause insurance premiums to be higher. Insurance fraud poses a very significant problem, and governments and other organizations are making efforts to deter such activities.
The numerical value of insurance fraud in Chaldean Numerology is: 7
The numerical value of insurance fraud in Pythagorean Numerology is: 1
Images & Illustrations of insurance fraud
Find a translation for the insurance fraud definition in other languages:
Select another language:
Discuss these insurance fraud definitions with the community:
Word of the Day
Would you like us to send you a FREE new word definition delivered to your inbox daily?
Use the citation below to add this definition to your bibliography:
"insurance fraud." Definitions.net. STANDS4 LLC, 2017. Web. 12 Dec. 2017. <http://www.definitions.net/definition/insurance fraud>.