* Insurance fraud is far more common than we realize; individuals often claim when their possessions get a little old and would like to replace these items.
* Insurance companies do not take kindly to fraudsters, and if you do commit insurance fraud you could find land in a lot of trouble; even a jail sentence.
* Hula-hoop fraud happens when an owner of a car organizes his car to be stolen and shares the insurance profit with fraudsters.
* There is a toll free confidential fraud line available should you think that someone is committing fraud.
* There is no difference between fraud and theft.
There are two sets of rules and regulations that will assist in taking care and looking after the interests of the investor for both long and short-term insurance. The main purpose of these regulations is to protect the interests of the client against scam artists and callous insurance brokers:
* The FAIS Act requires that you are given suitable financial counsel and products. The PPRS is there to make certain that all dealings entered into by your insurance broker is moral.
* All documentation should not mislead the public and therefore not be ambiguous.
* The consumer has a right to know all costs, charges, value amounts as well as any commissions that are relevant to any policy.
* Financial advisers are not permitted to sell you any products of a monetary services company.
* You are at liberty to cancel an agreement where you have not been paid out within a thirty day period after you receive the synopsis of the insurance policy.
For more on insurance policies and insurance fraud, you are in the right place to further your knowledge; all you have to do is to contact us in order to find out more regarding this essential information.
