CASCO: Fraud with contracts It is not uncommon to encounter situations in which from the insurance company with which an automobile collision insurance contract has been concluded attempts to obtain payment illegally. Let's look at the most common cases. TOP-5 Illegal methods of enrichment in motor hull insurance Unscrupulous policyholders come up with many different ways to outsmart the insurance company and illegally enrich themselves. But for each method of fraud, the insurer has its own countermeasure. Double car insurance Fraudsters use this method when the car is already damaged at the time of insurance. Then they find a car of the same make and color and come to insure it with the documents of the damaged car, hoping that the body and chassis number will not be checked. However, when concluding a car insurance contract, an employee of the insurance company is obliged to check the data of the car recorded in the documents with the actual data. Replacement of a drunk dr...
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Car insurance: the main points
Car insurance: the main points "You call on God, but you have to do it yourself". This proverb is very applicable to the topic of risk insurance. When you buy a car, you want to think only about the positive aspects of its use. And this is correct. However, you should not forget that a car is a means of increased danger and, therefore, increased responsibility. After all, its operation involves risks of harm to the vehicle itself, its owner, and third parties. Therefore, we hope for the best, but do not forget about the need to insure our liability (possible risks and losses). The legislator also thought about this, providing for mandatory forms of insurance for vehicle owners. In addition to compulsory insurance, no one deprives car owners of the right to additionally use voluntary insurance. In this section, we will consider in detail all the most important issues that may be related to vehicle insurance. Insurance is a rather specific type of activity. Therefore, bef...
CASCO Insurance CASCO (from the Italian word casco - helmet) is the insurance of a vehicle against risks that may arise during the operation of the vehicle. "Full CASCO" means insurance against all possible risks, while "partial CASCO" covers only some risks. CASCO insurance means only insurance of the vehicle itself and does not include insurance of liability to third parties, insurance of the driver and passengers, property (cargo insurance) transported in the vehicle. Objects of insurance The subject of the motor hull insurance are means of land transport - trucks, cars, special cars, motorcycles, trailers and some other vehicles owned by legal entities or natural persons, including additional equipment and facilities, which are in the possession of the Insured on the basis of ownership, use or disposal. The insurance is provided at rates that depend on the type of vehicle, its age, value, type of use and storage conditions. This type of insurance also tak...
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Investment Insurance Investment insurance is a type of insurance where the subject of the insurance contract are property interests, not in conflict with the law, related to investment activities of the insured or another person designated by the insured in the insurance contract. This type of insurance provides for the insurer's obligation to pay indemnification in accordance with the insurance policy by compensating the insured or another person designated by the insured in the insurance policy (the beneficiary) for the loss incurred in the course of investment activities as a result of the loss of investments or a part thereof, failure to receive investment income for reasons specified in the regulations and the insurance policy. Loan Insurance (Liability for Loan Default) Loan insurance (including borrower's liability for loan default) is a type of insurance where the subject of the insurance contract are property interests that do not contradict the law and are rela...
Insurance of issued guarantees (sureties) and accepted guarantees
Insurance of issued guarantees (sureties) and accepted guarantees Insurance of issued and accepted guarantees (sureties) is a type of insurance where the subject of the insurance contract are property interests that are not contrary to the law and are related to losses Losses incurred by the creditor as a result of non-fulfillment (improper fulfillment) of obligations by the guarantor (surety) in the amount and within the terms specified in the guarantee (surety agreement); Losses incurred by the guarantor (surety) as a result of non-performance (improper performance) by the debtor of its obligations to the creditor to the extent and within the terms specified in the agreement. This type of insurance provides for the insurer's obligation to pay the insurance indemnity in accordance with the terms of the insurance contract for the fee (insurance premium, insurance payment, insurance premium) established by the insurance contract by indemnifying the Insured, if the Insured ...
Insurers and fraudsters - the confrontation continues
Insurers and fraudsters - the confrontation continues, the formats are changing How are strategies and tactics in the fight against insurance fraud changing? What threats and dangers await insurers and the insurance market in the "digital future"? These and other questions will be answered by Igor Fatyanov, Chairman of the Insurance Fraud Control Committee of the All-Union Insurance Association. How will insurance fraud and abuse of rights in automobile insurance change in connection with the development of information technology? Does digitalization work to the advantage of insurers or fraudsters? Are there examples of "high-tech" fraud that have been detected or prevented? Of course, fraudsters are mastering the digital space. The most common cases (which are now more or less dealt with) are fake websites issuing fake CMTPL policies and the use of Internet sales for fraud. I don't take cyber-risks yet, because they are not so often realized in Russia. On t...
Insurance Against the Flu: Key Points and Offers
Insurance Against the Flu: What You Need to Know About Policies and Offers Some insurance companies offer voluntary health insurance (VHI) programs for protection against the flu and acute respiratory diseases, but there is no unified approach to this issue. Some programs include mandatory vaccinations and compensation for illness, while others provide flu treatment within broader insurance plans without having separate programs. Specialized flu insurance may exist, but difficulties in diagnosis and determining the connection between complications and the flu can lead to disputes over claims. Overall, while specialized programs may be more affordable, the uncertainty in diagnosis makes them less appealing to insurers. Challenges: The main issue with flu insurance is the difficulty in diagnosing influenza distinctly from other respiratory infections. Insurers require a clear flu diagnosis to determine coverage, leading to potential disputes over claims. If complications arise, the i...
History of insurance: Ancient world
History of insurance. Ancient world. Initially people used to sell goods in their own villages and gathering society. However, with the passage of time, they turned to nearby villages to sell. Furthermore, in the thirteenth and early fourteenth centuries, the European traders used to travel to sell their goods across the globe and to hedge the risk of theft or fraud by the Capitan or crew also known as Risicum Gentium. However, they realized that selling this way, involves not only the risk of loss (i.e. damaged, theft or life of trader as well) but also they cannot cover the wider market. Therefore, the trend of hiring commissioned base agents across different markets emerged. The traders sent (export) their goods to the agents who on the behalf of traders sold them. Sending goods to the agents by road or sea involves different risks i.e. sea storms, pirate attack; goods may be damaged due to poor handling while loading and unloading, etc. Traders exploited different measures to he...