Also called wholesale insurance. A plan for groups that are too small to obtain group coverage. Participants are usually solicited from a workplace with the employer’s approval. The plan issues participants with an individual contract with individual underwriting and the same provisions.
Insurance Encyclopedia
Franchise, blanket / employee life plan / wholesale plan
See: wholesale life insurance .
Fraternal benefit society
Professional organization that provides social and insurance benefits to its members.
Fraternal Insurance
A cooperative of insurance provided by social organizations for their members.
***
A cooperative-type of insurance provided by social organizations for their members.
***
MEDICAL,USA: Cooperative type of insurance protection plan given to members of a professional association or fraternal benefit society usually on a nonprofit basis.
Fraternal insurance (Health Insurance/Life Insurance)
Insurance written for members of a fraternal group or a lodge.
FRATERNAL LIFE INSURANCE
Life insurance provided by fraternal orders or societies to their members only. Examples range from Thrivent Financial for Lutherans to Modern Woodmen of America. Fraternal organizations also often involve volunteer opportunities and social organizations.
Fraud
MEDICAL,USA: 1. An intentional misrepresentation of the facts to deceive or mislead another. 2. In a health care setting, the intentional deception or misrepresentation that an individual knows, or should know, to be false, or does not believe to be true, and makes, knowing the deception could result in some unauthorized benefit to himself or some other person(s). In addition, fraud may be committed by either providers or patients to obtain services, payment for services, or claim program eligibility. 3. In insurance claims, some fraudulent practices are intentionally double billing for the same services, reporting diagnoses and procedures to maximize payments, billing for services that were not performed, altering claim forms for higher reimbursement, soliciting or receiving kickbacks or bribes, using another person’s Medicare card, and falsely representing services provided. 4. Lying or intentional misrepresentation by insurance company managers, employees, agents, or brokers for their own gain.
***
Obtaining an advantage by unfair or wrongful mans. Deception or artifice used to deceive or cheat.
***
The intentional perversion of the truth in order to mislead someone into parting with something of value. Black’s Law Dictionary, 6th Edition, defines “fraud” as an intentional perversion of the truth for the purpose of inducing another in reliance upon it to part with some valuable thing belonging to him or to surrender a legal right a false representation of a matter of fact, whether by words or by conduct, by false or misleading allegations or by concealment of that which should have been disclosed, which deceives and is intended to deceive another so that he shall act upon it to his legal injury.
Fraud (Legal Terminology)
Dishonesty and deception with the intent of making a personal gain at the expense of another individual or a company.
Fraud Bond
Type of business Insurance protection against loss caused by fraud.
Frauds in Insurance
Fraud is defined as an intentional misrepresentation of material existing facts made by one person to another with knowledge of its falsity and for the purpose of inducing the other person to act, and upon which the other person relies with resulting injury or damage. Insurance fraud occurs when any act is committed with the intent to fraudulently obtain some benefit or advantage to which they are not otherwise entitled or someone knowingly denies some benefit that is due and to which someone is entitled. Types of insurance fraud are very diverse and occur in all areas of insurance. Insurance crimes also range in severity, from slightly exaggerating claims to deliberately causing accidents or damage.Some fraud indicators are claims made shortly after the policy inception, serious underwriting lapses observed while processing a claim, insured overtly aggressive in pursuit of a quick settlement, willing to accept small settlement, documents of doubtful nature, insured behind in loan repayment, accident un-witnessed and not promptly reported, invisible injury, high value leakage claim without any known casualty.