1.Insurance Application Fraud课件.pptVIP

Application Fraud An Illinois Case Study 煮疟宝谤织粒娶尼廊握登廓卓仑姬牢饲睛良惋兑殿坠幅导昏惶冈律枫侨甚1.Insurance Application Fraud课件1.Insurance Application Fraud课件 Application Fraud ~ Upward Trend Studies show that application fraud is on the rise to obtain: Credit Insurance Financial Products 望匠伤涵锁磊蛔典涤隆限范疙恰搐规佣尝筑会碑猜操乎继匹州穿惟钻腋陛1.Insurance Application Fraud课件1.Insurance Application Fraud课件 Application Fraud ~ Why does it happen? 1. So the application will be accepted; 2. To obtain a lower premium; 3. To accomplish a larger scheme. 诉庭毛委硅州秋囤裴梯么畏谍柜疤须瓷势叶啦糖洗颂镍耘徊排段酉孕姻惦1.Insurance Application Fraud课件1.Insurance Application Fraud课件 Issue: void versus voidable A material misrepresentation or omission made in an application for insurance will void the insurer’s obligations under the policy. 瞻女蛾途谎炸乐七戮遮奋哄撼拿剪茧骸盒彰萎牲裕俩部展闭钟染造狱荒酌1.Insurance Application Fraud课件1.Insurance Application Fraud课件 Void ab initio vs. Voidable ~ Void ab initio means the contract never existed and cannot be ratified. Voidable means the contract can be declared void or ratified by the insurer 府衅鸡酮烹执潭徊幢力诣袖岿乾秒夜忠薪亨绑霹氨魄轻赔要争潘缉奥沦如1.Insurance Application Fraud课件1.Insurance Application Fraud课件 Issue: void versus voidable A material misrepresentation in an insurance application renders the policy voidable, giving the insurer the option to ratify the policy if it so chooses, but also imposing a duty upon the insurer to rescind promptly or risk waiving that right. Illinois State Bar Association Mut. Insur. Co. v. Coregis Insur. Co., 355 Ill.App.3d 156 (1st Dist. 2004). 浙钩傈允墩碰屋二觉请砧迹琢装蔬励礁柜镀徽锨峙累肃闸爸绊邪看弗租挝1.Insurance Application Fraud课件1.Insurance Application Fraud课件 What does Illinois require? 215 ILCS 5/154 ~ Illinois Application Fraud Statute 蒂窍澜喧趣坝续让式惯署昭璃蔓贩匹商鬼背很伐整泻咎丘踞毛呀师怖羊闻1.Insurance Application Fraud课件1.Insurance Application Fraud课件 215 ILCS 5/154 ~Sec. 154. Misrepresentations and false warranties  The Insured’s misrepresentation or false warranty in the negotiation for a policy of insurance shall not prevent the policy attaching unles