Financial Transactions - Insurance Fraud Flashcards
What is a fictitious payee insurance fraud scheme?
165
A scheme in which an agent or clerk changes the beneficiary on records to fictitious person and subsequently submits the necessary papers to authorise the issuance of a cheque
What is premium theft?
164
A scheme in which insurance premiums are collected by an agent but not remitted to the insurance company, thus resulting in an absence of coverage for the supposedly insured customer
premium = Versicherungsprämie
What is a fictitious death claim scheme?
166
An insurance fraud scheme in which an agent or employee obtains a fictitious death certificate, requests that a death claim cheque be issued, and then receives the cheque and cashes it
What are tombstone policies?
167
Fictitious insurance policies based on bogus information for the purpose of improving the sales record or commissions of insurance salespeople
What is sliding (in the context of insurance fraud)?
168
The inclusion of supplementary coverage in an insurance policy without the knowledge of the insured.
What is twisting (in the contexct of insurance fraud)?
169
The replacement, usually by high-pressure sales techniques, of existing policies for new ones in order to generate commissions for an agent
What is churning (in the context of insurance fraud)?
170
A scheme in which agents falsely tell customers that they can buy additional insurance for nothing by using built-up value in their current policies
What is past posting (in the context of insurance fraud)?
171
A scheme in which an uninsured motorist is involved in an automobile accident, purchases insurance after the fact, and fraudulently reports the accident at a later time
What is ditching (in the context of insurance fraud)?
172
A scheme in which a vehicle owner creates a situation intended to result in the theft or loss of his vehicle in an effort to collect on an insurance policy or resolve an outstanding automobile loan.
What is a paper accicent (in the context of insurance fraud)?
173
A scheme involving the fabrication of an automobile accident that only occurs on paper, made possible by the unlikelyhood that an insurance company will investigate a low-value claim
What is a capper (in the context of worker’s compensation or health care fraud)?
174
Someone who steers a patient towards a corrupt attorney or doctor with the intent of recruiting the patient as an accomplice in the scheme
What is an orphan contract holder?
175
A policyholder whose whereabouts are unknown or to whom a servicing agent has not been assigned
orphan = Waise, verwaist
What is an indemnity bond?
176
A type of insurance policy that provides restitution against loss to a third party when the insured fails to fulfil a specific undertaking for the third party’s benefit
indemnity = Entschädigung, Abfindung
What is fidelity insurance?
177
A type of insurance policy that indemnifies against economic loss to the insured caused by the dishonest or fraudulent acts of its employees
What is casualty insurance?
178
A type of insurance policy that indemnifies against legal liability to others for injury or damage to persons, property, or other interests because of specified risks or conduct
= Haftpflichtversicherung
