Insurance Fraud

Description: Insurance fraud is a crime involving the submission of false or misleading information to an insurance company in order to obtain a benefit. This quiz will test your knowledge of insurance fraud, its types, and the consequences of committing it.
Number of Questions: 15
Created by:
Tags: insurance insurance fraud crime false information
Attempted 0/15 Correct 0 Score 0

What is the most common type of insurance fraud?

  1. Auto insurance fraud

  2. Health insurance fraud

  3. Property insurance fraud

  4. Life insurance fraud


Correct Option: A
Explanation:

Auto insurance fraud is the most common type of insurance fraud, accounting for over $1 billion in losses each year.

What is the term for intentionally causing damage to a property in order to collect insurance money?

  1. Arson

  2. Vandalism

  3. Theft

  4. Fraudulent misrepresentation


Correct Option: A
Explanation:

Arson is the intentional setting of fire to a property, often for the purpose of collecting insurance money.

What is the penalty for insurance fraud?

  1. Fines

  2. Imprisonment

  3. Both fines and imprisonment

  4. None of the above


Correct Option: C
Explanation:

The penalty for insurance fraud can include both fines and imprisonment, depending on the severity of the fraud.

What is the term for submitting a claim for a loss that did not actually occur?

  1. False claim

  2. Fraudulent claim

  3. Misrepresentation

  4. All of the above


Correct Option: D
Explanation:

All of the above terms refer to submitting a claim for a loss that did not actually occur.

What is the term for exaggerating the extent of a loss in order to collect more insurance money?

  1. Padding

  2. Inflation

  3. Exaggeration

  4. All of the above


Correct Option: D
Explanation:

All of the above terms refer to exaggerating the extent of a loss in order to collect more insurance money.

What is the term for submitting a claim for a loss that is covered by another insurance policy?

  1. Double dipping

  2. Overlapping coverage

  3. Duplicate coverage

  4. All of the above


Correct Option: D
Explanation:

All of the above terms refer to submitting a claim for a loss that is covered by another insurance policy.

What is the term for submitting a claim for a loss that occurred before the insurance policy went into effect?

  1. Retroactive coverage

  2. Backdating

  3. Pre-existing condition

  4. All of the above


Correct Option: B
Explanation:

Backdating is the term for submitting a claim for a loss that occurred before the insurance policy went into effect.

What is the term for submitting a claim for a loss that is not covered by the insurance policy?

  1. Uncovered loss

  2. Excluded loss

  3. Non-covered loss

  4. All of the above


Correct Option: D
Explanation:

All of the above terms refer to submitting a claim for a loss that is not covered by the insurance policy.

What is the term for submitting a claim for a loss that is less than the deductible?

  1. Deductible loss

  2. Minor loss

  3. Petty loss

  4. All of the above


Correct Option: A
Explanation:

Deductible loss is the term for submitting a claim for a loss that is less than the deductible.

What is the term for submitting a claim for a loss that is greater than the policy limits?

  1. Over-limit loss

  2. Excess loss

  3. Catastrophic loss

  4. All of the above


Correct Option: A
Explanation:

Over-limit loss is the term for submitting a claim for a loss that is greater than the policy limits.

What is the term for submitting a claim for a loss that is caused by the insured's own negligence?

  1. Negligent loss

  2. Careless loss

  3. Reckless loss

  4. All of the above


Correct Option: A
Explanation:

Negligent loss is the term for submitting a claim for a loss that is caused by the insured's own negligence.

What is the term for submitting a claim for a loss that is caused by an act of God?

  1. Act of God loss

  2. Force majeure loss

  3. Natural disaster loss

  4. All of the above


Correct Option: D
Explanation:

All of the above terms refer to submitting a claim for a loss that is caused by an act of God.

What is the term for submitting a claim for a loss that is caused by a war?

  1. War loss

  2. Hostilities loss

  3. Insurrection loss

  4. All of the above


Correct Option: D
Explanation:

All of the above terms refer to submitting a claim for a loss that is caused by a war.

What is the term for submitting a claim for a loss that is caused by a nuclear accident?

  1. Nuclear loss

  2. Radioactive loss

  3. Atomic loss

  4. All of the above


Correct Option: D
Explanation:

All of the above terms refer to submitting a claim for a loss that is caused by a nuclear accident.

What is the term for submitting a claim for a loss that is caused by a terrorist attack?

  1. Terrorist loss

  2. Political violence loss

  3. Insurrection loss

  4. All of the above


Correct Option: D
Explanation:

All of the above terms refer to submitting a claim for a loss that is caused by a terrorist attack.

- Hide questions