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