When someone deceives an insurance company in order to collect money to which they are not entitled. Insurance fraud is an enormous problem for the industry as a whole.
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The presentation of a false claim to an insurer with the intent to defraud the insurer.
Insurance Encyclopedia
Insurance guaranty act
An act that provides funds that are used as a guaranty for policyholders in the event his or her insurer becomes insolvent.
Insurance Guaranty Funds
State Funds that provide for the payment of unpaid claims of insolvent insurers.
Insurance hall of fame
An organization that selects people to honor based on the contributions they have made to insurance.
Insurance history
Previous insurance record of the insured or proposer. Unsatisfactory insurance history is material (utmost good faith) and must be disclosed to the insurer. Where proposal forms are used, it is customary for the insurer to include questions about present insurances; previous declinatures; imposition of special terms or increased premiums by previous insurers; refusals to renew; cancellations.
Insurance in Force
The annual premium payable on current contracts of insurance under health insurance policies.
Insurance in force (Health Insurance/ Life Insurance)
In life insurance, the amount of the policies that remain to be paid out. In health insurance, the yearly premium due on current policies.
Insurance Information Bureau of India (IIB)
IIB was set up by IRDA in 2009 with participation of all stakeholders in insurance with special emphasis on the use of analytics in the industry for better structuring and pricing of policies. The IIB is collating data from the industry and then analyzing them. IIB would become self-reliant after a certain time once it started to sell analyzed information to the insurance companies both in India and abroad. The Bureau provides a bundle of services related to motor insurance to multiple stakeholders such as public, police, transport departments and insurers through its service package titled V- Seva. The services are call centre-, SMS- and web-based and provide information regarding insurance status of the vehicle, stolen vehicles, ownership of recovered vehicles, accident record etc. IIB handles the Central Index Server which acts as a nodal point between different Insurance Repositories and helps in de-duplication of demat accounts at the stage of creation of a new account. The Central Index Server also acts as an exchange for transmission/routing of information pertaining to transactions on each policy between an insurer and the insurance repository.
Insurance Information Institute in New york
Educational and public relations organization for all lines of Insurance, except life and health.
Insurance Institute for Highway Safety
A nonprofit research organization, well-known for its auto crash tests.