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NICB: Insurance Fraud Understanding The Basics

NICB: Insurance Fraud Understanding The Basics

Insurance industry studies indicate 10 percent or more of property/casualty insurance claims are fraudulent. And fraud is the second most costly white-collar crime in America behind tax evasion. Add it all up and insurance fraud costs Americans billions of dollars each year. Not only does fraud cause higher insurance rates, but it also raises our taxes and inflates prices for consumer goods.

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No Fault Insurance – Insurance Information Institute

No Fault Insurance – Insurance Information Institute

From the end of 2004 to the third quarter 2010, claims costs rose an astounding 49.5 percent. No-fault fraud and abuse cost consumers and insurers about $241 million in 2010, a cost that was imposed on all drivers in the form of higher premiums.

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