Video about Some Insurance Fraud Convictions for April 2020

Insurance Fraud Convictions

Insurance fraud continually takes more money each year than it did the last from the insurance buying public. There is no certain number. Most attempts at insurance fraud succeed. Estimates of the extent of insurance fraud in the United States range from $87 billion to more than $300 billion every year.

Insurers and government backed pseudo-insurers like Medicare, Medicaid, the National Flood Insurance Program and the crop insurance programs, can only estimate the extent they lose to fraudulent claims. Lack of sufficient investigation and prosecution of insurance criminals is endemic. Most insurance fraud criminals are not detected. Those that are detected do so because they became greedy, sloppy and unprofessional so that the attempted fraud becomes so obvious it cannot be ignored.

Almost every state, by statute, requires that insurers have Special Investigation Units (SIU) to investigate potential insurance fraud and present their suspicions to state officials. It sounds good but results in few convictions. Arrests mean nothing, only convictions deter those who are considering insurance fraud.

Video link at https://youtu.be/qO_LMqhfN-U  and Barry Zalma, Inc. at https://www.zalma.com or https://zalma.com/blog.

 

About Barry Zalma

An insurance coverage and claims handling author, consultant and expert witness with more than 48 years of practical and court room experience.
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