Insurance fraud is a serious problem that costs insurers billions of dollars every year. This occurs when a person intentionally misrepresents them or their circumstances in order to receive insurance benefits. Insurance fraud can take several forms, but some of the most common are:
-Increase in the value of a claim.
-Filing a false or exaggerated claim
-Staging an accident
-Engaging in "swoop and squat" schemes Insurance fraud is not a victimless crime.
Everyone pays for it in the form of higher premiums.
If you suspect someone of committing insurance fraud, do not hesitate to report it. Check out full article here.