Life Insurance Scam Panorama by Money 2.0 Conference
Table Of Contents
● How life insurance scam occurs? ● Different types of life insurance scams ● Tips to stay away from life insurance scams
What are life insurance scams? ● Life insurance fraud, scam, and spam arise when an individual or group deceives an insurance company to profit financially. ● Many global finance events, such as the Money 2.0 Conference have talked about common instances of life insurance fraud, including lying on an application, withholding vital medical information, or tampering with someone else's insurance policy. ● Untrustworthy insurance agents, organized crime groups, and dishonest individuals are all examples of fraudsters in this arena.
Different types of life insurance scams ● Fake deaths According to insurance conference in 2022, in these cases, people attempt to collect the insurance of someone who is no longer alive or who never existed. ● Pocketed premiums Insurance agents who are dishonest may pocket your checks instead of paying your premium. One red flag is if your insurance agent asks you to make your check out to them personally rather than the insurance company. To cover their tracks, the agent may also send you unexplained cancellation notices or provide you with forged policy documents.
● Upgrade turnover Turnover occurs when an insurance agent persuades you to buy an additional policy to earn a commission or extra premium payments, despite being satisfied with your current coverage. ● Being dishonest on your application This fraud occurs when a person enters incorrect information on an application. As mentioned in various finance conferences, the medical exam will sometimes highlight the error, such as if you genuinely forgot or didn't know you had high cholesterol. Sometimes, such things occur inadvertently and are referred to as "misrepresentation."
● Forgery Forgery occurs when someone with access to an insurance policy changes information without the policyholder's permission. The most common type of forgery is changing the beneficiary's name. ● Fake policies Some people may pose as insurance agents and sell fake policies, as well as provide you with fake documents and bills. They may claim to work for a major life insurer, but they want you to pay premiums in advance and directly to them. You can avoid this by only working with licensed agents in established agencies or with a life insurance carrier directly.
Tips to stay away from life insurance scams, spam, and fraud
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Never click on links sent from unknown sources via text, email, or instant messaging apps.
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Before disclosing personal information, double-check the website address, spelling, and security protocol (HTTPS).
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Do not believe unrealistically low quotes or succumb to prompts urging you to act immediately.
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Do not share any financial information with anyone, including your bank account login, OTP, CVV, and so on.
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