Worker’s compensation fraud is a major issue impacting the insurance industry. Not only is it illegal, but billions of dollars are stolen every year in the U.S. due to fraudulent claims and misreported business information. Although most claims are legitimate, the National Insurance Crime Bureau estimates that 10% or more of all property/casualty insurance claims are fraudulent.
To protect their interests as well as the interests of honest policyholders, independent insurance agents need to be aware of the steps to take if they or their clients suspect fraud. Armed with the right information, agents—who are a key conduit between policyholders and insurance carriers—can play a crucial role in identifying and preventing workers’ compensation fraud.
Types of Workers’ Compensation insurance fraud
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