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What are the legal requirements for setting up an insurance company to provide vehicle insurance only............
Additional Details
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 Looking for good disability provider in terms of not having to sue them to get a claim.? |
Okay, I want disability insurance. I realize the value.
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Bonanza | Do you think fraudulent claims really a problem of society??? |
Do you think fraudulent health/auto/home claims make ultimately all of the insureds to pay higher premiums? Is it dishonest action to collect money from insurance in auto accidents that were intentionally caused or treat ilnesses with "fake" doctors and patients? |
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wpb200129
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No. I think fraudulaent insuarance companies are a problem to society though. Insurance companies are there to protect your assets and they try to put bandaids on maor problems and you are stuck paying premiums that most of the time don't cover the cost to pay for the damage. I am speaking of homeowners insurance though. I think alot of people do look for a easy way to make money though. People who are sue-happy are definately becoming ingrained into American society , and I say it has been a major social problem for years. |
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mbrcatz
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ABSOLUTELY!! In the US, approximately 30% of insurance payouts are fraudulent - this is either "staged" auto accidents, workers comp claims that occurred off the clock but are fraudulently reported, legitimate property claims that are exaggerated, medicare fraud, etc.
Premiums would be about half of what they are now, across the board, if there was no fraud. |
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President, www.HSAInside.com
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I do think it is a problem of society, we as a society can stop fraudulent claims immediately. We as a society would need to make tougher laws against those who commit those crimes.
Example, I live in a affluent area a neighbor had a house fire, sued the city, the electric co., the insurance co., even the firemen (who saved his house). The good news is no one was hurt, because no one was home at the time of the fire, now the rumors- one of the neighbors saw the owner at 2am cleaning out his place the morning of the fire, so did he start the fire- I have no idea, but I can tell you this- two years later he has collected enough to build a 6000. sq. ft. home. I personally think anyone who does a fraudulant claim should go to jail. |
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mike
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any investigation will prove that fraudulent claims do in fact create additional cost for those of us that are honest. in addition to being dishonest it is illegal to be involved in such fraudulent claims.
it may not be a societal issue, but the attitude is pervasive that it is ok as long as it involves taking advantage of an insurance company. they fail to realize that the basis principle of insurance is to spread the risk and the cost of claims to a large group, therefore we all lose...... |
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Tunka
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Fraudulent claims are the main reason Insurance cost have soared. Over 35% of your Auto Insurance Premium goes into payment for fraudulent claims and the efforts to prevent or curtail these claims. It is illegal in all states but i will especially tell you about my state Florida, We have in Florida an Auto insurance law which has a coverage called Personal Injury Protection, it covers you for up to $10,000 in medical bills , lost wages, replacement services and a death benefit of $5,000, this is paid under your own policy. Some attorneys and medical providers have been already been convicted of fraud in this area, they set up Clinics in which they will have common folks sign statements, file false claims for injuries and set up fake accidents to collect on these claims form policies that sometimes had just been set up the week before and then send bills for multiple treatments without ever seeing the patient. There have been cases where these claims have had three or four people in the same vehicle hit by a phantom or hit n run vehicle and you have $40.000 in just one accident. So anyone that can do basic math can see that this is a problem that hurts everyone and insurance companies simply have to pass on the costs they have no choice in order to survive. |
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