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Insurance fraud comes in several ways.
Auto Insurance Fraud: More than one of every three bodily injury claims from auto policies involves fraud. Staged accidents and overstated injuries are more common than most people want to believe. 17 to 20 cents of every dollar paid for bodily injury claims from auto policies involves fraud. A large auto gang in New York billed auto insurance companies about $400 million in fake injury claims from set up car crashes in 2012.
Some vehicles are reported stolen by the insured, but actually the vehicles were taken outside the country and never came back, were dumped in the ocean, or burned down in the desert.
B-Medical Fraud: In which actual or solicited patients were prescriped medications or medical procedures that the insured patient does not need. In the last 15 years there has been a rapid rise in prescribing of opioid pain relievers. With it has come a dramatic increase in their misuse. The cost on non-medical use of prescription opioid estimated at more than $50 billion annually.
C-Disability Faud: By faking or exaggerating a disability.
D-Slip-and-fall: Swindlers will pretend to slip or trip and fall, injuring themselves to fraudulently collect insurance settlements or other payouts. Often the swindlers threaten an expensive lawsuit to extort fast payout. Small businesses are frequent targets. 3% of all slip-and-fall injuries are fraudulent. Bogus injuries claims and related costs, e.g. litigation, amount to nearly $2 billion a year.
E-Overstated property insurance theft claims.
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