How do people become victims of insurance and loan fraud?

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Expert Solution

Insurance or loan fraud is not typically a violent crime. It comes under the category of lucrative crime. As consumers there are several common sense steps that consumer can take in order to reduce the risk of becoming victim and minimize its impact.

The most possible reason of becoming the victim of insurance fraud is ‘Lack of Awareness’. As a consumer one should know all the possible detail related to the loan and insurance fraud.

Consumer needs to know the basic detail related to the insurance and loan policy. Do a little research whenever you get some call related to this. Below are the few reasons that consumers avoids and becomes the victim of such fraud.

Not knowing enough information: The basic details related to the premium and policies make the consumer aware of the guidelines and that would help you to become the victim.
Not doing proper comparison: Do a little research and comparison before opting for any insurance that might put you in the trouble. Various online offline tools are available for comparing the policies before opting for one.

Not knowing enough information about the agent or broker: Consumers are usually victimized by unscrupulous agents or broker. Always deal with the licensed agents and broker.

venereology answered 1 year ago

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