The Internet, due to this medium’s connection to savvy, technologically astute consumers, has become an ideal method for promoting and selling insurance products. However, even as greater advantage is being taken of electronic insurance transactions, it is important to keep a bit of old, yet still excellent advice – “Let the buyer beware.” Possible Danger
Insurance companies use different sources of information about a person that supplements an application. For auto coverage, motor vehicle reports are ordered. For home coverage, physical inspections may be needed. Another tool that is widely used for underwriting is credit-based scoring. Use of this method was once controversial but, by and large, it has gained
Insurance fraud makes victims out of insurance companies and their customers. In common terms, insurance fraud is lying to or deceiving an insurer in order to make money or to become insured. Some common fraud schemes include: “padding” (inflating the true amount of) a claim lying or hiding (concealing) important information when applying for insurance
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[clear]After making the effort to identify what you need to insure, what company you want to handle your protection, and working to understand the various policies that cover you and your possessions, isn’t the importance of telling your agent or insurance company about a loss obvious? Surprisingly, no, it isn’t. The Notification Obligation Fulfilling the