Phony Policy Scam
Money 2.0 Conference Offers Guidance On Ways To Avoid Policy Scams
Table Of Contents
● What is a phony policy scam? ● Warning signs for phony policy scam ● How to spot phony policy scams and fraud?
What is a phony policy scam? ● Fake insurance policies are those that unlicensed insurance companies sell in order to profit without providing insurance coverage. ● Insurance conferences in 2022 revealed that phony policies are from fictitious company that do not even exist. ● Every year, thousands of policyholders fall victim to this scam. If policyholders carefully consider and research before applying for insurance, they will avoid falling victim to fraudulent insurance policies.
about the following warning signs for phony policy scams: ● Insurance companies do not communicate service requests via mobile phones.
Warning signs for phony policy scams
● Do not give the policy bond to anyone other than company officials. ● Do not be swayed by freebies or bonuses. ● When purchasing a policy, include a valid phone number in the proposal form. ● Check the information carefully before you fill out the form. ● On the form, double-check your signature. Fill out the proposal form with the correct account number and nominee information.
How to spot phony policy scams and fraud? ● Make direct contact with your insurer Any scammy insurance agent or dealer can print a bogus insurance policy and hand it to you. Regardless of where you obtained your insurance policy, you should always contact your insurer directly to confirm your insurance policy information. ● Collect your receipts For each payment, request a receipt. Make a point of requesting a valid receipt for all premiums you pay. If you later discover that your insurance policy is forged, you can use these receipts to fight the fraudulent insurance provider in court.
● QR Code Every insurance policy must include a QR code. The QR code aids in the verification of the insurance policy's authenticity. All you have to do is scan the QR code image with a QR reading app on your smartphone. When you scan the QR code, a new web page will open with the status and details of your insurance policy. ● Examine your insurance policy As pointed out in various conferences such as Money 2.0 Conference, most of us disregard what is printed on the insurance policy and fall victim to scams and fraud. Examine the fine print of your insurance policy carefully.
● Purchase from the insurance company directly To avoid fraudulent insurance policies, purchase insurance directly from a reputed insurance firm. Check reviews before you make a decision. ● Consider making your payment online You send the payment directly to the insurance company when you pay online, by check, or by credit card. This will serve as additional proof in the event that you require it later.
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