AIC 33-4

  1. Insurance Fraud
    Any deliberate deception committed against an insurer or an insurance producer for the purpose of unwarranted financial gain.
  2. Hard fraud
    Actions that are undertaken deliberately to defraud.
  3. Soft fraud, or opportunity fraud
    Fraud that occurs when a legitimate claim is exaggerated.
  4. Material fact
    In insurance, a fact that would affect the insurer's decision to provide or maintain insurance or to settle a claim.
  5. Misrepresentation
    A false statement of a material fact on which a party relies.
  6. Concealment
    The intentional failure to disclose a material fact.
  7. Staged accident
    An accident deliberately caused by a person who intends to feign injury and collect on the ensuing claim.
  8. Immunity statute
    A law that allows insurers and law enforcement officials to share information about fraudulent activity without facing potential civil lausuits for defamation, harassment, malicious prosecution, bad faith, or breach of privacy.
Card Set
AIC 33-4
AIC Part 1 Chapter 4