Fraud Notice
Insurance fraud is costly to both consumers and insurance companies. According to
the Coalition Against Insurance Fraud, insurance fraud costs Americans at least
$80 billion a year – that’s nearly $800 for each family.*
Insurance fraud occurs when a person knowingly presents, helps present, or causes
to be presented to any insurer or its producer, or prepares with the knowledge or
belief that it will be so presented, a written or oral statement, including a computer-generated
document, an electronic claim filing, or other electronic transmission, that contains
materially false or misleading information, or a material and misleading omission,
concerning:
- An application for the issuance of a policy,
- The rating of an insurance policy,
- A claim for payment, reimbursement, or benefits payable under an insurance policy
to an insured, beneficiary or third party,
- Premiums on an insurance policy, or
- Payment made in accordance with the terms of an insurance policy.
Oxford Life® has procedures in place to protect you from insurance fraud. Prior
to making changes to your policy or paying a claim, we will require identification,
a notary seal or a signature guarantee. These procedures will ensure that changes
and payments are being made and requested by the proper parties, protecting your
policy from potential fraud.
Any person who knowingly submits a false statement in an application or files a
claim containing false or deceptive statements with intent to injure or defraud
the insurer may be guilty of insurance fraud and may be subject to civil fines and/or
criminal penalties including imprisonment under state law.
* http://www.insurancefraud.org/80_billion.htm
