Look out for fake insurance policies - AmericaNowNews.com

ScamAlert

Look out for fake insurance policies

  • ScamAlertLook out for fake insurance policiesMore>>

  • Finance

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  • Reviewing your insurance policies

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    Most people have an insurance policy on their home, but have you read the fine print? You could have some insurance gaps. That's why it's important to sit down with your insurance agent before disaster
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Nowhere is the saying "If It Sounds Too Good To Be True, It Probably Is" more applicable than with the emerging scam of fake insurance policies.

Matt Brisch of the National Association of Insurance Commissioners told consumer resource Bottom Line Personal magazine that between 2000 and 2002, scam artists sold fake health insurance policies to more than 200,000 people.

That's 200,000 fake policies in two years!

The biggest sign that someone may be trying to sell you a fake insurance policy is its cheap rate. Brisch said if the premiums are at least 15 percent lower than policies from familiar carriers, it is likely a fake policy.

Unusually liberal coverage rules, like promises of full coverage on conditions most other policies will not underwrite, are often warning signs, too.

Like any other business deal, if the seller's putting on a lot of pressure, you better back off.

Always check with your state's insurance department or commissioner before signing any insurance policy. The National Association of Insurance Commissioners is a great one-stop site to link to each state's insurance regulator. Use the states' sites to research company licenses and disciplinary histories.

You can also check insurance companies' ratings and pay-out trends on the research site of A. M. Best.

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