What is the Definition of Fraud?
What is the Definition of Fraud?
Intentional lying or concealment by policyholders to obtain payment of an insurance claim that would otherwise not be paid, or lying or misrepresentation by the insurance company managers, employees, agents and brokers for financial gain.
Source: Insurance Handbook A guide to insurance: what it does and how it works | https://www.iii.org/
Label: Insurance
Theme: Dictionary of Insurance Terms
Other Questions: What is the definition of Annuity?
What is the Definition of Fraud?
You can find random definition and meaning of insurance terms below:
Meaning of Per Stirpes Beneficiary Designation in Insurance Terms
A type of life insurance policy beneficiary designation in which the life insurance benefits are divided among a class of beneficiaries; for example, children of
the insured. The living members of the class and the descendants of any deceased members of the class share in the benefits equally. Contrast with Per capita beneficiary designation.
Meaning of Period Certain in Insurance Terms
The stated period over which an insurer makes periodic benefit payments under an annuity certain. (See Annuity certain)
Meaning of Personal Articles Floater in Insurance Terms
A policy or an addition to a policy used to cover personal valuables, like jewelry or furs.
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