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What are the kinds of insurance fraud?

Insurance fraud is a serious crime, and if you're accused of it, it's important that you defend yourself immediately. This crime can be charged at the federal level, making it more likely for you to suffer a longer prison term or higher penalties.

What is insurance fraud?

Insurance fraud is when you perform an act to obtain more money from an insurer than you deserve. For example, medical insurance fraud may be found if a doctor is charging for treatments he hasn't performed or if he's ordering procedures that are not required or in the best interest of patients.

Is insurance fraud common?

Insurance fraud costs the insurance industry billions of dollars annually. It's been estimated that around $80 billion is lost due to insurance fraud alone.

What kinds of insurance fraud are there?

There are two kinds. These are called hard and soft fraud. With hard fraud, someone makes up a story to collect insurance money. This could be something like faking a car accident and reporting it to collect compensation.

Soft fraud is when someone tells a lie when making a claim to get more out of the company. For instance, if you were in a car accident and suffered whiplash, you may be paid out a certain amount for that injury. If you wanted to maximize your claim, you could also indicate that you are suffering emotional trauma and want to receive income for other treatments or so that you can take more time off work. While this is typically seen as fudging the data, it's still a crime.

Source: FindLaw, "Insurance Fraud," accessed May 13, 2016

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