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True Crime of Insurance Fraud Video Number 63



See the full video at https://rumble.com/v12oc78-true-crime-of-insurance-fraud-video-number-63.html and at https://youtu.be/6Mvw_SjmBvc

Not everyone who commits insurance fraud is a serious criminal. Not everyone who commits insurance fraud does so to make money. Some, like the person who is the subject of this story, do it for fun.

Insurance investigators have an undeserved reputation for being brilliant in investigations. Movies and television portray insurance investigators as tough, very intelligent, tough and almost impossible to fool. The average, as opposed to the image created by television, is an insurance investigator a 25-year degree from a liberal arts college with little investigative experience.

The training that insurance investigators receive is actually focused on deciding how much and how quickly a claim should be paid. Their training in detecting fraud is limited by the insurer’s desire to fulfill its obligation to pay compensation fairly and expeditiously.

The insured was not aware of the lack of experience of the average insurance investigator. The insured believed that a person who could succeed in fraud would be brilliant. Successful fraud would be an exciting challenge.

He decided to make a fraudulent insurance claim. The insured wanted the excitement in life that he thought was his right to experience.

The broker, based on the excellent quality of the valuations, had no difficulty in securing the timetable. With its links to the surplus market, the broker placed insurance with a Swiss insurance company that he knew was reinsured to 100% by a South African reinsurer. The Swiss insurer tied coverage pending a positive inspection of the art by a valuer of their choice.

The insured emptied his life savings and paid the required installment of 10% on the premium of 42,000 USD. He knew that the inspector would come soon. He did not have the rest of the prize or $ 1,400,000 in art to show the inspector. It was necessary for the ABC Van and Storage facility to be the victim of a burglary before the inspector arrived.

If the investigator had recognized the red flags, she would have interviewed every valuer. If the valuers had been interviewed, the falsity of the assessments would have been discovered immediately and the claim could have been denied for fraud. Reports should have been made to the fraud department. The insured may even have been arrested for insurance fraud, a violation of California’s Penal Code § 550. Instead, the insured, still bored, has much more money than he could ever have earned working in a movie theater.


(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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