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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
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38% - Moderately

Fake Claim


Synonyms:charge, false claim, fraudulent claim, statement
Filed Under: insurance
Tags: insurance
 

Definition of fake claim

fake claim
1. A fraudulently made insurance claim. In most cases where a fake claim is identified, a policyholder will exaggerate a legitimate claim, but it is not uncommon for someone to completely fabricate a fake claim for financial gain.

Related Terms and Acronyms:

  • claim   A creditor's assertion of a right to payment from a debtor or the debtor's property.
  • claims adjuster   An individual who ascertains the insurer's liability after an insurance claim has been made.
  • insurance claim   An application for benefits made by an insurance policyholder after an insured event.
  • insurance fraud   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.
  • loss adjustment expenses (LAE)   Expenses incurred by loss adjusters when they investigate and settle claims.
  • unfair claims practice   The act of an insurance company avoiding or reducing valid insurance claims.

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