INSURANCE CORE PRINCIPLES AND METHODOLOGY

The five instances of insurance fraud reflected in Table 10 resulted from individu- als who supplied fraudulent information on applications for term life policies. As set forth in FinCEN regulations, 22 an insurance company is not required to report in- stances of suspected insurance fraud unless the company has reason to believe that the false or fraudulent submission of information relates to money laundering or terrorist financing. One narrative characterized potential terrorist financing when a subject questioned if his term life and accidental death and dismemberment policies would pay if he were killed in a suicide bombing. This was one...
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INSURANCE CORE PRINCIPLES AND METHODOLOGY