Some of Merlin Law Group's best lawyers have come through our summer program. The picture above is from a presentation in this summer's legal interns that was made about Pay Up!
It was interesting to listen to law students about a book I wrote. They creatively added questions to the public on various topics in Pay Up!
One takeaway from their presentation that surprised me was the amount of insurance fraud that "people on the street" think occurs. The follow-up question that is not asked would be "why do you think so?"
All insurance fraud is wrong, but I have often thought that insurance companies are the amount that arises. I, Are Insurance Fraud Statistics Fraudulent? I wrote:
A more skeptical person may assume that these statistics consist of the insurance industry and are sent by their paid spokespersons to quell anger over their unreasonably high premiums. . A highly respected claims expert, Gary Fye, has suggested to me that the insurance industry's propagandists engage in a false attempt to create a culture in which society suspects that all claims are fraudulently created or inflated. No genius is needed to find out why insurance companies would like to encourage this myth among the general public.
Just because you question the truth of insurance fraud statistics does not mean that you support insurance fraud. Insurance fraud is wrong, and it should be punished. As a society, we must always be vigilant against those who abuse the system. In fact, a few may try to destroy property or participate in other schemes to fraudulently make money on insurance companies are expected. We all suffer from these errors, and we should applaud audits and fair investigations that reveal fraudulent activities.
I quoted and noted insurance fraud and insurance claims expert Barry Zalma in, Insurance fraud expert admits that the insurance industry makes statistics :
scams succeed and are never recognized; others are recognized and paid for by the insurer who is not willing to enter into a long and drawn-out battle with the fraudster. and a few are captured and prosecuted.
Zalma makes a big point because successful fraud should not be counted as fraud ̵
Insurance fraud statistics make liars from someone who tries to indicate the degree to which it occurs. It would be an interesting exercise to follow up on these issues with claims adjusters and those in the field.
Trying to determine where most fraud occurs during the non-life insurance process is important for everyone. Doug Quinn and those with the American Policyholders Association also suggest that insurance fraud against policyholders is an equally common problem to stop.
My hat is off to our legal interns. This summer is going way too fast, but it's refreshing to see passionate and bright legal minds enter the profession.
Thought For The Day
The excitement of learning separates youth from old age. As long as you learn, you are not old.
– Rosalyn Sussman Yalow