Types of insurance fraud

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Table of Contents

1) What is the definition of the Finan-cial law ?

2) The definition of insurance fraud

3) Type of insurance fraud

4) Detecting insurance fraud

What is the definition of the Financial law ?

The term financial law refers to the legal framework surrounding the process of raising or providing funds or capital. Financial law may apply to areas of law dealing witheverything from mortgage and credit card interest rates to mergers and acquisitions.

Financial regulations are enforced to prevent market manipulations like insider trading, to ensure the competenceof professionals in the financial industry, to investigate complaints, and to protect consumers. Acts of financial law are designed to reduce violations and maintain confidence in the overall financial system. Financial law covers a multitude of areas. An agency and a set of rules exist for nearly every type of financial product or infrastructure.

The definition of insurance fraud

Insurance fraud occurs when any act committed

With the intent to fraudulently obtain Some benefit or advantage to which

they are Not otherwise entitled or someone

knowingly denies some benefit that is due and to which someone is entitled.

Type of insurance fraud

1 Life insurance

2 Health care insurance

3 Automobile insurance

4 Property insurance

5 Council compensation claims

Type of insurance fraud

Securities law governs the transfer of shares, stocks and bonds.

This branch of financial law regulates the exchange of money market instruments, commodities, derivatives, futures, and options. Securities law also regulates brokerage

and broker-dealer behavior and disputes.

Type of insurance fraud

Corporate law deals with the forma-tion and

regulation of companies, including financing, public offerings and the makeup of corporate boards.

Corporate law also covers company behavior including ethics and social responsibility.

Detecting insurance fraud

The detection of insurance fraud generally occurs in two steps

The first step is to identify suspicious claims that have a higher possibility of being fraudulent

The next step is to refer these claims to Investigators for further analysis.