Collusion

Definition

  • A private and fraudulent agreement made by two or more parties to purposely defraud others.

Synonyms
con, plot, defraud

Related Terms and Acronyms

  • Clean Sheeting Definition,
    • A type of insurance fraud where an individual deliberately fails to disclose a pre-existing condition in order to receive coverage, sometimes with the help of an insurance broker.
  • Fidelity Bond Definition,
    • Insurance that protects a business from losses due to employee fraud, such as theft, forgery or fraudulent trading.
  • Insurance Fraud Definition,
    • An illegal attempt by an individual or entity to receive insurance benefits that they would otherwise not be entitled to or for an insurance company to deny a legitimate insurance claim.
  • Swap Definition,
    • An agreement between two businesses to exchange commodities, payments or other financial products to reduce the risk of volatile market conditions or to obtain a better price or rate. For example, interest rate swaps, where floating rate interest is exchanged for fixed rate interest, protects a corporation against rises in rates or allows it to take advantage of a better rate. A cross-currency swap enables two parties to enter into an agreement in which one exchanges its currency for the other's to meet their separate requirements.
  • Unauthorized Insurance Definition,
    • A fraud where a scammer sells a victim an insurance policy that doesn't exist.
  • Unfair Claims Practice Definition,
    • The act of an insurance company avoiding or reducing valid insurance claims.
Compare. Calculate. Apply today.
Compare Mortgage RatesMortgage CalculatorsApply for a Mortgage