Vigilance and Detailed Documentation are Key Prevention Measures
LOS ANGELES, June 6, 2024 /PRNewswire/ -- While inflation continues to drive up home and auto insurance costs, fraud is a hidden culprit contributing to the hikes. Whether you're an actual victim of insurance fraud or simply an active policyholder, the reality is that insurance fraud impacts everyone. And as the frequency and complexity of fraudulent activities increase, so does the cost of insurance for all policyholders.
What exactly is insurance fraud? It's a deliberately deceptive act with the goal of receiving a wrongful payout from an insurance process. It can be committed by applicants, policyholders, third parties or even the insurance providers themselves — and it affects virtually every type of insurance including auto and homeowners.
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