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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
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50% - Moderately

Insurance Fraud


Synonyms:defrauding insurance companies, fraud
Filed Under: automotive, insurance
Tags: automotive, insurance
 

Definition of insurance fraud

insurance fraud
1. An illegal act done with the intent to gain insurance benefits or other advantages through fraud, or for an insurer to deny a legitimate claim. Insurance fraud is estimated to be a multi-billion dollar industry, and it affects all classes of insurance from "hard fraud" including arson, auto theft, life insurance fraud, medical insurance fraud, or "soft fraud" resulting from a policyholder exaggerating the damages in a legitimate claim.

Related Terms and Acronyms:

  • collusion   A secret, deceitful agreement by two or more parties to defraud others.
  • concealment   The act of lying or omitting information when applying for insurance coverage.
  • fidelity bond   Insurance that protects a business from losses due to employee fraud, such as theft, forgery or fraudulent trading.
  • insurance (insur)   An arrangement where one party provides financial protection to another party for specific damages or losses.
  • insurance claim   An application for benefits made by an insurance policyholder after an insured event.
  • mis-selling   The act of misleading a client into buying a product or service by deliberately misrepresenting the aforementioned product or service.
  • pre-existing condition (PRE-X)   A medical condition that's occurrence precedes the writing of an insurance policy.
  • tort   An act that causes harm or loss.
  • unauthorized insurance   A fraud where a scammer sells a victim an insurance policy that doesn't exist.
  • unfair claims practice   The act of an insurance company avoiding or reducing valid insurance claims.

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