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Insurance Fraud Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for a premium, and can be thought of as a guaranteed small loss to prevent a large, possibly devastating loss. Insurance companies generate a large steady flow of cash through insurance premiums. Steady cash flow is an important economic resource which is very attractive and easily diverted. Premium Fraud, Fictitious Payments, Fictitious Death Claims, Fictitious Policies,and Fictitious Claims are some schemes used in insurance fraud.
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