Battling insurance fraud: these scams cost the insurance industry $200 billion a year - don't be a victim.Like many owners of auto insurance policies, Tanya Greene, 26, thought for sure that her insurance company would provide coverage when her 1997 Toyota Corolla The Toyota Corolla is a compact car produced by the Japanese automaker Toyota, which has become very popular throughout the world since the nameplate was first introduced in 1966. In 1997, the Corolla became the bestselling car in the world, with over 30 million sold as of 2007. DX was stolen. But Greene was in for a rude rude - [WPI] 1. Badly written or functionally poor, e.g. a program that is very difficult to use because of gratuitously poor design decisions. Opposite: cuspy. 2. Anything that manipulates a shared resource without regard for its other users in such a way as to cause a awakening. The company sent out an adjuster who insulted and harassed Greene, a law student at Boston College Boston College, main campus at Chestnut Hill, Mass.; coeducational; Jesuit; est. and opened 1863. Actually a university, the school's Chestnut Hill campus comprises colleges of arts and sciences and business administration, the graduate school, and schools of nursing , with improper
While this may sound like racism, automobile insurance is also one form of insurance fraud, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Linda Bayless, an associate commissioner of the Fraud Unit at the Texas Department of Insurance. According to the Insurance Information Institute, a nonprofit A corporation or an association that conducts business for the benefit of the general public without shareholders and without a profit motive. Nonprofits are also called not-for-profit corporations. Nonprofit corporations are created according to state law. communications group in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , fraud cost all sectors of the insurance industry $120 billion in 1995. Consumers should be aware that fraud can increase insurance premiums, so whether you are buying auto, homeowner's or other insurance, you should take steps, like Greene, to prevent yourself from becoming a victim. Plan Ahead Purchasing insurance itself is not enough. "Decide what type of coverage you want and what you can afford in terms of deductibles," says Holly Cherico, spokesperson at the Council of Better Business Bureaus in Arlington, Virginia. Shop around "Don't make your selection based on price e," advises Cherico. Rock-bottom premiums may eventually cost you in the form of bad customer service and refusals to pay claims. Comparison shop as you would for any other major purchase. Make sure you know your rights under state laws for insurance premiums. Some agents may opt to quote you only the higher-priced plans. Get what you pay for. Make sure your policy contains the coverage you've selected. Life insurance policies come with a"free-look" period. Take that time to review your coverage and get a second opinion from a reliable source. Investigate. "Check out the reputation of the agent as well as the insurance company," advises Cherico. If you buy a policy from an unlicensed agent, you are not protected. Don't rely on someone's ID for verification. Get their license number and call your state insurance commissioner's office to verify an agent's licensing status. Do not give out any financial or personal information until you do that. "Fake FAKE Fast Accurate Kinetic-Energy liability cards are a problem for many states, 11 says Bayless in reference to liability car insurance. Never pay cash. Always pay your insurance premiums by check or money order. And, if possible, make your check out to the insurance company. Unethical unethical said of conduct not conforming with professional ethics. agents will pocket the money, leaving the consumer without insurance. "One of the ways people find out that they don't have insurance is when they have an accident," says Bayless. Beware be·ware v. be·wared, be·war·ing, be·wares v.tr. To be on guard against; be cautious of: "Beware the ides of March" Shakespeare. v. of government agents. Unauthorized agents who sell phony government health policies target senior citizens and veterans. It's against the law for anyone representing the federal government to sell you insurance. Protect your records. Store copies of insurance documents and receipts in a safe deposit box A safe deposit box (sometimes incorrectly called a safety deposit box) is a type of safe usually located in groups inside a bank vault or in the back of a bank or post office. or with an attorney. Documents should include pictures of your car, house and valuables, and an up-to-date inventory of your possessions. Detail your claims. In the event of an accident, your insurance company will meet with you to determine the validity of your claim. Keep a log of your interactions with adjusters, including conversations, documents and phone calls. If you've been the victim of insurance fraud, immediately contact the fraud division of your state insurance department. Remember, detailed and precise documentation is your greatest asset when filing claims and will enhance your chances of fighting back. To obtain back issues containing other parts of this series, please call our circulation department at 212-886-9568. |
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