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Home / Insurance / True Crime of Insurance Fraud Video Number 45

True Crime of Insurance Fraud Video Number 45



See the full video at https://rumble.com/vz198h-true-crime-of-insurance-fraud-video-number-45.html and at https://youtu.be/vSYv9gT67Do

Barry Zalma, Esq., CFE presents videos so you can learn how to commit insurance fraud and what it takes to discourage or defeat insurance fraud.

Car theft fraud

In many states, before a car can be insured, the agent must photograph the car and its vehicle identification number. This regulation is an effective weapon against fraudulent claims for car theft.

The insured managed to purchase property damage insurance on a Rolls Royce in a state where the regulation was fully effective even though he never owned a Rolls Royce car. His technique was flawless. His planning is impeccable. He was annihilated only in his efforts because of the actions of a dedicated and careful investigator.

To start his plan, the insured went to a classic car dealer in Beverly Hills and took two Polaroid photographs (slightly out of focus) of a Rolls Royce from 1946. Unlike modern cars, the vehicle’s identification number was not in the windshield of the Rolls. However, it was written on the specification sheet that the dealer provided to him.

He produced a letter of purchase that is alleged to have been signed by the neighbor, which reflects a sale of 100,000 dollars. The insured presented the owner’s certificate and the registration which proved that the vehicle existed. He claimed to have forgotten to take the keys to the vehicle. The lawyer then presented the true documents, point by point.

The insured claimed that the documents registered with the motor vehicle department had been submitted by the seller and that he had no knowledge of the changes made by the seller. In fact, he could not understand why the seller had submitted such strange documents.

After the representative, with certainly the representative’s mind, established that the insured had sworn falsely, the investigation was concluded under oath. The lawyer met with the insured’s lawyer, privately, and explained that the insured’s claim was in great danger.

The insured’s lawyer replied:

“The lawsuit I told you to expect will not be filed by me.”

The insured had made a serious mistake: he hired an honest lawyer. His lawyer and representative for Classic Car Insurance Company discussed possible settlement of the case, including revocation of the claim or a mutual termination of the insurance. Representatives of the insured promised to talk to their client and communicate with the insurer.

Fraud fails but fraudsters are not punished

Classic Car Insurance Company saved a claim of $ 100,000. It spent $ 30,000 investigating the claim and defeating it. That was lucky. No lawsuit ensued. The reported loss to the state fraud agency, which has now registered the insured’s name. There has been no prosecution.

No prosecution is expected or expected. The fraud agency is simply inundated with fraudulent insurance claims and has to limit its prosecution efforts to major crimes in excess of $ 1,000,000 or rings of insurance fraud that make multiple claims.


(c) 2022 Barry Zalma & ClaimSchool, Inc.

Barry Zalma, Esq., CFE, now limits his internship to the position of insurance consultant specializing in insurance coverage, insurance claims handling, insurance bad faith and insurance fraud almost equally for insurers and policyholders. He practiced law in California for more than 44 years as a lawyer for insurance coverage and claims management and more than 54 years in the insurance industry. He is available at http://www.zalma.com and zalma@zalma.com.

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About Barry Zalma

An author, consultant and expert with insurance coverage and claims management with more than 48 years of practical experience and experience in the courtroom.




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