Insurance fraud a menace
From B1
Fire
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Stage managed thefts/fire and submission of claim for nonexistent items. Remote controls, manuals etc you will be advised were also stolen or are simply obtained from friends or close relatives. Fire tends to consume everything !!!!
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Over insurance with the view to submitting a claim at a later stage
Group Personal Accident
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Employees going to the extent of injuring themselves to obtain policy benefits and in some instances providing falsified pay slips
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Financial guarantee
Client approaches insurer with a request for a Financial Guarantee. Agrees to cede immovable property knowing fully well they have failed to secure a buyer. ey then deliberately fail to service the loan and the Guarantee is called up by the principal. e insurer is then left stuck with property it cannot sale
Corruption and forgery
•Outside people colluding with internal insurance employees
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Using positions of power or influence on corrupt insurers and service providers( assessors, panel beaters, the police ) - refusing their claims to be repudiated or refusing to accept properly adjusted claims
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Premium fraud
Broker or agent receives the premium but does not pass it to the insurance company