Insurance fraud occurs when an insurance company commits a deliberate deception for illegitimate gain. It can happen at any point while buying, using, selling, or underwriting insurance. Insurance fraud is financially damaging to consumers, and it hurts the economy and society as a whole.
Dishonest insurance companies can defraud consumers in a number of ways. They may:
- Collect premiums for policies when they either cannot or will not pay claims.
- Increase premiums in one area to cover losses in other parts of their business.
- Offer very low premiums to lure in customers then later raise the rates substantially or refuse to pay claims.
Insurance fraud can happen with any kind of policy, such as auto, homeowners, health, or prescription drug insurance. It is most common, however, with long-term care, life, and annuity policies where premiums are high and potential payouts are far into the future.
If you have experienced a sudden increase in your premiums, been denied a life, annuity, or long-term care benefit, or suspect any other kind of illegal insurance activity, call the insurance fraud lawyers at Geoff McDonald & Associates today. Fighting fraud is an important part of our mission to protect your rights. Our insurance fraud attorneys work to make sure that insurance companies do not take advantage of consumers.
If you feel you have an insurance fraud claim, our attorneys would like to talk to you. You may be entitled to compensation. At Geoff McDonald & Associates, there is never a fee for legal services unless we collect for you. Contact us today at (804) 888-8888 for a free, no-obligation evaluation of your case.