Insurance agent/broker fraud can include which of the following?

Insurance agent/broker fraud encompasses a variety of deceptive practices intended to benefit the agent or broker at the expense of the insurance company or policyholders. Each of the listed scenarios represents a different avenue through which fraud can be perpetrated in the insurance industry.

Fictitious death claims involve an agent or broker submitting claims for individuals who are not deceased, often using false documents or information. This type of fraud not only defrauds the insurer but can also exploit unsuspecting beneficiaries.

Fictitious payees occur when an agent creates false payment recipients, ensuring that funds are directed to non-existent individuals or entities. This can lead to significant financial losses for the insurer as well as affecting claims payments to legitimate policyholders.

Premium theft refers to the illegal appropriation of insurance premiums collected from clients by an agent or broker, where the premiums are not submitted to the insurance company. This type of fraud can severely impact both the insurer’s finances and the policyholder’s coverage, as they may believe they have active policies when, in fact, they do not.

Given that all the listed practices represent potential fraudulent schemes within the insurance sector, identifying all of the above options as correct highlights the various methods through which insurance fraud can manifest within the industry, underscoring the