C39
Fraud –
/ /
Midterm
/
Exam Questions With Correct Answers
/ / / / /
Insurance /Fraud /is /- /verified /answer(s)-✔✔-
Act /or /omission /with /a /view /to /illegally /obtain /an /insurance /benefit
Mens /Rea /- /verified /answer(s)-✔✔-
Latin /term /meaning /the /built /mind; /guilty /knowledge /or /intention /to /commit /a /crime
Criminal /Law /- /verified /answer(s)-✔✔-Key /elements /for /fraud /are /dishonesty /and /deprivation
-both /elements /need /to /be /present /to /prove /it /is /a /fraudulent /action
-Dishonesty /would /be /like /deceiving /someone /to /get /something /illegally
-Deprivation /would /be /taking /some /economic /benefit /away /from /someone /else
Criminal /Code /Fraudulent /Activities /- /verified /answer(s)-✔✔-Arson
-Bribery
-Criminal /breach /of /trust
-Fabricating /evidence
-Forgery, /or /making /false /documents
-Impersonation
-Misappropriating /money
-Etc.
,Two /Categories /of /Policy /Conditions /- /verified /answer(s)-
✔✔1. /Those /developed /by /insurers /that /are /an /integral /part /of /the /policy /contract /wording
2. /Legislated /conditions /(statutory /conditions) /that /are:
a) /designed /for /certain /types /of /policies
b) /generally /applicable /to /policies /other /than /those /dealt /with /specifically
Fire /Insurance /Definition /- /verified /answer(s)-
✔✔Coverage
/for /losses /from /fire /and /lighting /and /also /the /resultant /damage /cause /by /smoke /and /water
Protection /Against /Fraud /- /verified /answer(s)-✔✔1) /Misrepresentation
2) /Material /change
3) /Termination
4) /Requirements /after /loss
5) /Fraud
6) /Entry, /control, /abandonment/salvage
7) /Notice /to /police
Misrepresentation /- /verified /answer(s)-✔✔-To /provide /incorrect /or /misleading /information
-
To
/exclude
/important
/information /about /material /facts /about /an /applicant /or /insured /with /or /without /the /intent /to
/mislead
Material /Change /- /verified /answer(s)-✔✔-
Means /any /changes /that /would /influence /the /decision /of /an /insurer /to /stay /on /risk /
-Might /influence /how /the /policy /is /underwritten
, -An /example /would /be /renting /out /your /basement /to /another /family
Termination /- /verified /answer(s)-
✔✔A /policy /may /need /to /be /cancelled /or /voided /should /fraudulent /activity /be /detected
Termination /by /Voiding /- /verified /answer(s)-
✔✔A
/voided
/policy
/means
/that
/the
/policy
/is /not /valid /from /the /very /beginning /and /the /full /premium /must /be /returned /in /this /case
Cancellation /- /verified /answer(s)-
✔✔When
/cancelling /a /policy, /only /part /of /the /premium /is /returned /(this /would /be /pro /rata /basis)
Requirements /after /loss /- /verified /answer(s)-✔✔-Important /to /properly /document /a /claim /
1) /inventory /of /destroyed /and /damaged /property
2) /how /loss /occurred
3) /that /the /loss /did /not /occur /purposefully /
4) /details /of /other /insurance /on /the /property
5) /names /of /all /others /who /have /interest /in /the /property
6) /detailed /of /any /changes /in /title, /use, /occupation /of /property
7) /location /of /property /at /time /of /loss
8) /detailed /inventory /of /undamaged /goods
9) /documentation /to /show /inventory /or /value /of /goods
Fraud –
/ /
Midterm
/
Exam Questions With Correct Answers
/ / / / /
Insurance /Fraud /is /- /verified /answer(s)-✔✔-
Act /or /omission /with /a /view /to /illegally /obtain /an /insurance /benefit
Mens /Rea /- /verified /answer(s)-✔✔-
Latin /term /meaning /the /built /mind; /guilty /knowledge /or /intention /to /commit /a /crime
Criminal /Law /- /verified /answer(s)-✔✔-Key /elements /for /fraud /are /dishonesty /and /deprivation
-both /elements /need /to /be /present /to /prove /it /is /a /fraudulent /action
-Dishonesty /would /be /like /deceiving /someone /to /get /something /illegally
-Deprivation /would /be /taking /some /economic /benefit /away /from /someone /else
Criminal /Code /Fraudulent /Activities /- /verified /answer(s)-✔✔-Arson
-Bribery
-Criminal /breach /of /trust
-Fabricating /evidence
-Forgery, /or /making /false /documents
-Impersonation
-Misappropriating /money
-Etc.
,Two /Categories /of /Policy /Conditions /- /verified /answer(s)-
✔✔1. /Those /developed /by /insurers /that /are /an /integral /part /of /the /policy /contract /wording
2. /Legislated /conditions /(statutory /conditions) /that /are:
a) /designed /for /certain /types /of /policies
b) /generally /applicable /to /policies /other /than /those /dealt /with /specifically
Fire /Insurance /Definition /- /verified /answer(s)-
✔✔Coverage
/for /losses /from /fire /and /lighting /and /also /the /resultant /damage /cause /by /smoke /and /water
Protection /Against /Fraud /- /verified /answer(s)-✔✔1) /Misrepresentation
2) /Material /change
3) /Termination
4) /Requirements /after /loss
5) /Fraud
6) /Entry, /control, /abandonment/salvage
7) /Notice /to /police
Misrepresentation /- /verified /answer(s)-✔✔-To /provide /incorrect /or /misleading /information
-
To
/exclude
/important
/information /about /material /facts /about /an /applicant /or /insured /with /or /without /the /intent /to
/mislead
Material /Change /- /verified /answer(s)-✔✔-
Means /any /changes /that /would /influence /the /decision /of /an /insurer /to /stay /on /risk /
-Might /influence /how /the /policy /is /underwritten
, -An /example /would /be /renting /out /your /basement /to /another /family
Termination /- /verified /answer(s)-
✔✔A /policy /may /need /to /be /cancelled /or /voided /should /fraudulent /activity /be /detected
Termination /by /Voiding /- /verified /answer(s)-
✔✔A
/voided
/policy
/means
/that
/the
/policy
/is /not /valid /from /the /very /beginning /and /the /full /premium /must /be /returned /in /this /case
Cancellation /- /verified /answer(s)-
✔✔When
/cancelling /a /policy, /only /part /of /the /premium /is /returned /(this /would /be /pro /rata /basis)
Requirements /after /loss /- /verified /answer(s)-✔✔-Important /to /properly /document /a /claim /
1) /inventory /of /destroyed /and /damaged /property
2) /how /loss /occurred
3) /that /the /loss /did /not /occur /purposefully /
4) /details /of /other /insurance /on /the /property
5) /names /of /all /others /who /have /interest /in /the /property
6) /detailed /of /any /changes /in /title, /use, /occupation /of /property
7) /location /of /property /at /time /of /loss
8) /detailed /inventory /of /undamaged /goods
9) /documentation /to /show /inventory /or /value /of /goods
