@mjpdustin
Good Grief for sure. My old buddies still in the business (I’m retired, thank god) actually think the current hatred of big business brought on by the health insurance carrier and big bank bashing and general “class warfare” is causing an increase in fraudulent claims and claim padding.
Think of all the rhetoric about how its OK to walk away from ones mortgage. What’s a little claim fraud in light of that kind of attitude.
Relative morality seems to be the popular theme. They blanked me so I’m going to blank them.
Not a happy time in the good old US right now.
Interesting. The statement that “According to the individuals surveyed, insurance fraud occurs because of peoples’ need for money” indicates there could be a correlaton between someone’s credit/financial stability and loss history. Of course using someone’s credit as an underwriting variable is still unfair. Because after all, insurance pricing and underwritng is all about fairness.
Character flaws and lack of personal integrity lead to fraudulent claims. We’ve all experienced some unacceptable level of service in our lives, but that doesn’t justify acting like a low life and reverting to stealing. Yes, stealing. That’s what inflating a claim for filing a bogus claim is. We need to stop caring about being “PC”. This is not a “victimless crime”. We all pay for this illegal activity.
It’s the insurance company’s fault. No one is responsible for their actions especially when big government will take care of me. So when the government insures your car will fraud stop because of fiar coverage, or will it be easier to bamboozle the bureaucrats?
There is clear correlation between income and credit. Higher income generally yields higher credit scores and I can show you studies upon studies that prove this.
Yet with this documented fact people earning less money filed less claims according to this study. Statistics are manipulated to give the desired result. As such we have “powerful predictors” such as credit.
@Mr Solvent
“I can show you studies upon studies that prove this.”
Pony up. Let’s see em.
Frankly, I have never seen a legit one.
Soooo, if you could kindly point me to some studies that show Credit Based Insurance Scores are higher for higher incomes I would appreciate it.
Sue, you claim you’ve never seen a legit one. What do you consider legit? Fair Isaac has tried to disprove this fact for years. The fact that income isn’t used in a credit score doesn’t mean that those with higher income don’t have higher scores. It’s like saying those who live in the inner-city don’t have a higher claims propensity. We’d like to believe it, but it’s poppycock.
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@mjpdustin
Good Grief for sure. My old buddies still in the business (I’m retired, thank god) actually think the current hatred of big business brought on by the health insurance carrier and big bank bashing and general “class warfare” is causing an increase in fraudulent claims and claim padding.
Think of all the rhetoric about how its OK to walk away from ones mortgage. What’s a little claim fraud in light of that kind of attitude.
Relative morality seems to be the popular theme. They blanked me so I’m going to blank them.
Not a happy time in the good old US right now.
Interesting. The statement that “According to the individuals surveyed, insurance fraud occurs because of peoples’ need for money” indicates there could be a correlaton between someone’s credit/financial stability and loss history. Of course using someone’s credit as an underwriting variable is still unfair. Because after all, insurance pricing and underwritng is all about fairness.
Awwwwwwwwwwwwwwww, don’t throw COMMON SENSE into the equasion, Agent!
Character flaws and lack of personal integrity lead to fraudulent claims. We’ve all experienced some unacceptable level of service in our lives, but that doesn’t justify acting like a low life and reverting to stealing. Yes, stealing. That’s what inflating a claim for filing a bogus claim is. We need to stop caring about being “PC”. This is not a “victimless crime”. We all pay for this illegal activity.
It’s the insurance company’s fault. No one is responsible for their actions especially when big government will take care of me. So when the government insures your car will fraud stop because of fiar coverage, or will it be easier to bamboozle the bureaucrats?
What is needed is more consumer protection. After all consumers are always victims!
With this survey, no wonder Farmers has such a high loss ratio. It is time for new management in that company.
There is clear correlation between income and credit. Higher income generally yields higher credit scores and I can show you studies upon studies that prove this.
Yet with this documented fact people earning less money filed less claims according to this study. Statistics are manipulated to give the desired result. As such we have “powerful predictors” such as credit.
@Mr Solvent
“I can show you studies upon studies that prove this.”
Pony up. Let’s see em.
Frankly, I have never seen a legit one.
Soooo, if you could kindly point me to some studies that show Credit Based Insurance Scores are higher for higher incomes I would appreciate it.
Thanks.
Sue
Sue, you claim you’ve never seen a legit one. What do you consider legit? Fair Isaac has tried to disprove this fact for years. The fact that income isn’t used in a credit score doesn’t mean that those with higher income don’t have higher scores. It’s like saying those who live in the inner-city don’t have a higher claims propensity. We’d like to believe it, but it’s poppycock.