Insurance Fraud Hall of Shame

[adjusterjack]

I just finished reading this article:

https://insurance-forums.com/proper...ammers-2017-named-insurance-fraud-hall-shame/

Two items jumped out at me:

They secretly bought a $40,000 life-insurance policy on O’Dell

who secretly took out three life insurance policies worth $550,000 total on Prince,

How does one "secretly" take out life insurance on another?

 

[goillini52]

I just finished reading this article:

https://insurance-forums.com/proper...ammers-2017-named-insurance-fraud-hall-shame/

Two items jumped out at me:





How does one "secretly" take out life insurance on another?

Very quietly.

 

[adjusterjack]

Would the agent have to be complicit?

I'm thinking about the movie Double Indemnity.

 

[DHK]

It's so much more profitable to learn how to do this business legally, morally, and ethically.

Southland agents arrested for fraud and ID theft in commissions scam

These 5 fools used ID theft to scam insurance companies out of $124k of commissions.

Now, let's just do the math: $124,000 / 5 = $24,800... in exchange for multiple felony charges and perhaps up to 10 years in prison?

One of these losers is local to me... married with 6 kids. Must've been desperate to stoop so low.

 

[adjusterjack]

One of these losers is local to me... married with 6 kids. Must've been desperate to stoop so low.

Takes a lot of money to feed and clothe 6 kids.

No excuse for a life of crime, though.

 

[somarco]

COLI policies were taken out on employees allegedly without their knowledge or consent. PIA and/or Lloyds used to offer life insurance plans where the insured did not sign the app, consent or have a physical. There was an upper limit on the face. Can't recall what it was but nowhere near half a mill.

 

[Robert Barney]

Would the agent have to be complicit?

I'm thinking about the movie Double Indemnity.

This was one of the featured stories:

Insurance Fraud Hall of Shame

which said:

Rams secretly took out three life-insurance policies worth $550,000 total on Prince, investigators discovered. How strange to buy so much life coverage on a mere baby.​

Yep, how did the odor of that not get past the agent(s) involved.

Assuming each of the 3 policies was about $200,000, the agent might have wanted to ask, "Why" dear old dad was buying that policy on a your child. More important, how much insurance was on the father?

 

[MosesNewmanNAAIP]

Very true. The human condition has not changed much in the last few thousand years.