Wednesday, May 7, 2014

2014 Insurance Fraud Awareness Week

From the Independent Insurance Agents of Virginia…

 

 

   Independent Insurance Agents of Virginia

 

 


Governor McAuliffe Proclaims May 11-17 as "Insurance Fraud Awareness Week" in Virginia 
The Second Most Costly White Collar Crime Behind Tax Evasion
 

 
To recognize the impact the crime of insurance fraud has on all citizens of the commonwealth, Governor Terry McAu
liffe  has proclaimed May 11 - 17, 2014, as Insurance Fraud Awareness Week in Virginia.
 
The crime of insurance fraud affects all Virginians - not only increasing the amount of premiums paid, but also the costs of everyday purchases. Ranked second behind tax evasion as the most common and costly white-collar crime in the United States, insurance fraud costs the economy almost $85 billion a year according to the Coalition Against Insurance Fraud. In Virginia, citizens may pay between $200 and $1,000 per year in additional insurance premiums and as much as $1,000 more each year for the cost of goods and services due to the negative economic impact of fraudulent insurance claims.
 
Insurance fraud comes in many forms and can be committed by anyone - professional fraudsters and criminals, policyholders who submit fake or exaggerated claims, or insurance professionals who take advantage of the unwary policyholder.
 
Since 1999, when the IFP was established as a unit in the Department of State Police, more than 20,000 suspected incidences of insurance fraud have been reported to the IFP, resulting in almost 2,500 arrests and more than $18 million in court-ordered restitution.
 
"Insurance Fraud Awareness Week" is an annual event designed to raise community awareness of insurance fraud, create more widespread public knowledge of the IFP and its purpose, and educate Virginia citizens in the prevention and reporting of insurance fraud.
 
The Virginia State Police is committed to "Stamping Out" insurance fraud occurring in the commonwealth. If citizens have knowledge of a fraudulent insurance scheme or suspect they may have been the victim of insurance fraud, they are encouraged to report the activity to the IFP on the toll-free hotline at 1-877-62FRAUD (1-877-623-7283) or at www.StampOutFraud.com. Tipsters can remain anonymous, and a reward up to $25,000 is available for tips leading to an arrest for the crime of insurance fraud.


 

 

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