What is Insurance Fraud?
When most people think of insurance fraud, the first thing that comes to mind is insured policyholders faking auto accidents or setting fire to their own properties to make insurance claims. While this type of insurance fraud does happen, there is also another kind of insurance fraud that doesn’t make headlines as often but that can be even more damaging: fraud committed by insurers.
As the National Association of Insurance Commissioners explains, “Insurance fraud occurs when an insurance company, agent, adjuster or consumer commits a deliberate deception in order to obtain an illegitimate gain. It can occur during the process of buying, using, selling or underwriting insurance.”
Insurance companies and agents are subject to strict regulations to ensure that policyholders are not defrauded. It is vital to protect those who purchase insurance because, while an insurance company makes millions in revenue and can afford to absorb some losses because of fraud, seniors and others who buy policies often cannot afford to experience financial loss that comes from such fraudulent behavior.
Unfortunately, despite consumer protection laws that aim to protect insurance buyers from fraud on the part of insurance companies and agents, this type of fraud is far too common. If you are a victim and you live in San Francisco or elsewhere in California, you need an experienced, committed California advocate to stand up for your rights. Evans Law Firm, Inc. can help.
Our legal team has decades of experience standing up against some of the largest insurance companies. We have represented plaintiffs in individual cases and class action litigation and we have the knowledge and skill necessary to aggressively fight for your rights. Contact us right away if you have been a victim of fraud and you want a San Francisco financial elder abuse attorney to help you do everything possible to obtain a financial remedy for your losses and damages.
Insurance Companies Commit Insurance Fraud Against Seniors
Insurance fraud committed by insurance companies can take many different forms. While it looks different from fraud committed by individuals against insurers, it is no less harmful. When insurers don’t comply with disclosure rules and are dishonest, the insurers separate policyholders from their money under false pretenses, just as others who commit fraud do.
Some of the many examples of insurance fraud that could be committed by insurers include:
- Collecting premiums for policies even as the insurer knows it cannot or will not pay claims
- Selling “insurance” products that don’t actually meet the definition of insurance under state regulations
- Agents collecting premiums and not actually buying policies for policyholders
- Insurers failing to disclose policy limitations
- Agents pushing insurance policies on consumers that are inappropriate or unsuitable for the consumer’s financial situation
These are just a few of many examples of how insurers and insurance agents fail to fulfill their obligations and trick policyholders out of their hard-earned funds. Whenever there is a violation of the California Insurance Code or Code of Regulations provisions applicable to insurers, policyholders can pay the price.
Evans Law Firm, Inc. is here to help make sure that those who suffered financial loss because of nondisclosure or other failures on the part of insurance companies can obtain remedies. We stand up to insurers and agents on your behalf and put our legal knowledge of insurance fraud cases to work to help you get the compensation you deserve. Give us a call to speak with a California elder abuse attorney who can help you.