Investigating Life Insurance Fraud and Abuse
To better understand the challenges fraud presents, RGA has reached out to life insurers: We surveyed insurance companies, conducted informational interviews, held discussions at the 2016 RGA Annual Fraud Conference, and conducted our own internal research of claims experience.
Avoiding Fraud - Agent Identity Theft
Some states' Department of Insurance websites were hacked in recent years and agent information was altered for agents who had not actively written new business for an extended period of time. Identity theft continues to be a growing problem in many industries, but the life insurance underwriter is continually challenged to uncover this type of scenario.
Avoiding Fraud - Life Insurance Sales Practices
Once in a great while you might come across a sales practice that makes you wonder; something about it doesn’t feel right.
Avoiding Fraud – ILIT Trustee and Trust Beneficiary Situations
Companies have a variety of approaches for handling life insurance applications with an Irrevocable Life Insurance Trust (ILIT) listed as owner and/or beneficiary. Some companies don’t ask for anything other than the trust’s tax identification number; some ask for a trust certification; others just ask for limited pages from the trust; and still others ask for a copy of the entire trust and utilize a committee review approach, often involving associates from advanced marketing/legal, agency, actuarial and underwriting departments.
Avoiding Material Misrepresentation and Fraud in Life Insurance
We traveled a great deal this past year, visiting clients, potential clients and attending industry meetings. Along the way, the topic of fraud in the Life insurance industry came up quite a bit.
Financial Underwriting and Fraud Prevention Survey Report
The Financial Underwriting and Fraud Prevention Survey Subcommittee of the Society’s Committee on Life Insurance Mortality & Underwriting Surveys has completed its report on the results of a survey designed to examine the various requirements, guidelines and procedures life insurance companies establish to underwrite the applicant’s financial risks and efforts to mitigate financial underwriting and other fraud risk.
The Con-Artists of Life Insurance: Best Practices for Protecting Against Insurance Fraud
Many insurance companies have lost billions of dollars in schemes perpetrated by con-artists who are members of two nomadic groups: The Romani and Travellers. While this article discusses the history, culture, and cons of these groups, as well as defines ways to detect insurance fraud committed by these groups, it doesn’t suggest that all members of nomadic groups engage in these activities, and, in fact, many have made positive contributions to society.