Insurance Fraud Awareness
The insurance industry in the United States consists of more than 5,000 companies with over $1.8 trillion in assets. The insurance industry is one of the largest and most interdependent of the United States industries, making it a critical U.S. industry. Insurance fraud has become one of the most prevalent and costly white-collar crimes. According to a published study by the Coalition Against Insurance Fraud (CAIF), fraud is among the most prominent cost components escalating the costs of insurance. The CAIF has estimated the annual loss figures relative to insurance fraud (non health insurance) to be approximately $26 billion. F raud is costing companies, businesses, and individuals, who pay higher insurance premiums. Identifying, targeting, and dismantling those individuals, organized groups, and con artists committing fraud against the insurance industry will accomplish reducing the amount of economic loss to the insurance industry due to fraud. This course provides an overview of insurance fraud, which will provide the student with an understanding of the nature, costs, results and methods of preventing insurance fraud. The ultimate goal of this course is to increase awareness of insurance fraud and demonstrate the importance of preventing insurance fraud. Topics covered include: Ethics, Fraud Detection and Prevention, Patterns and Indicators of Fraudulent Claims, Legal Issues, and Consumer Protection.