Avoiding Fraud Insurance: If It Sounds Too Good To Be True, It Possibly Is

stop fraudInsurance is very complicated. There is a wide variety of this stuff ranging from health insurance, car insurance, life insurance and homeowner’s insurance which are necessary in today’s times. Agents, insurers and reinsurers get billions of dollars every year from this kind of business whether legally or illegally. With today’s generation of genius minds and resourceful people, these illegal exploits are oftentimes overlooked.

One kind of insurance fraud targets unsuspecting policyholders. Many individuals are deceived when they buy worthless insurance policies. When disaster strikes and policyholders seek reimbursement for damages, they find they have no coverage.

There are a lot of complaints and stories emerging from this issue. One factor that con- artist take advantage of is their victims’ lack of English knowledge. Insurance contracts are usually written in English and are complicated with the use of unordinary words that people from non-English speaking nation may not fully understand.

Asian immigrants coming from Korea, Jakarta Indonesia, Singapore, Bangkok Thailand, KL Malaysia and many other Asian countries as well as those who are not that literate and fluent in English have realized too late that immigrants are mostly the targets of these scams. Newcomers probably have little or no knowledge of insurance laws and regulations. Scam artists prefer to prey on unsophisticated consumers. This should be a warning to newcomers that they should only trust only those registered as legitimate company and agents.

Investigate

Take time to shop around. Read some articles and ask around but don’t trust immediately. With the wide access of internet everywhere, you can browse and check which insurance company may best suite your needs. You can always check their site if it seems big. If they have a number posted on, you may call and ask them a few questions. Most legit companies do not mind answering a few deep questions and may allow you to have a look into their policies and terms.

Promises are not meant to be broken

Some insurance agents lure people in through their sweet talks and flowery words. Some might even encourage you to add unnecessary services on top of your plan. Always ask for a document that shows the legitimacy of their words. At the very least, you should be given the name of the insurer including a primary phone number and address. Before signing up for coverage or making any payment, review and check to make sure the insurance company is licensed with your state department of insurance. Also check the company’s financial stability with one of these free insurance rating services: Standard & Poor’s at (212) 208-1529; Moody’s at (212) 553-0377; or Duff & Phelps at (312) 368-3157. Don’t trust people who promise too many things which seem too good to be true. Always be cautious of the warning signs.

There are a lot of insurance companies like Axis Capital Holdings group of companies which is based in Bermuda and has several branches in Europe, over 10 states in America, Singapore and Jakarta, Indonesia that can be trusted to deliver the best quality service in insurance and reinsurance to you and your family. You can check out our website to check which service best suite your insurance needs.

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