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Insurance fraud is a problem that has become increasingly costly for the insurance industry. The Coalition Against Insurance Fraud estimates that insurance losses are at least $90 billion per year or $950 per family. Required: (1) Go to www.insurancefraud.org and choose the following options: Choose ‘News’ and then pick and read one article from the list. State the name and web address of the article you picked. (2) Speculate on 2 ways that Americans could be influenced or affected by the fraud mentioned in the article. (3) What were the legal implications, actions or outcome against those who committed the fraud? (4) Do you feel the sentence they received was justifiable? Explain your answer.
Expert Answer
1. Name of the article: ” Kindly man burned alive in home insurance arson”
Web address : http://www.insurancefraud.org/article.htm?RecID=3520
2) Money is the only thing that can influence people for creating biggest crime. This was the case when one good friend cheated his friend for the insurance money. This can happen anywhere and people can be deceived by the friends, relatives and known people. According to me, these incidents happen:
– when people are are illiterate and they don’t read the policy documents carefully and understand the policies.
– When people have blind faith in any of their friend/ relative and they sign anything blindly which can create problem later on for them.
3) In this case, investing agency played a very good role and accused were soon identified. They were convicted of arson, murder, insurance fraud and other offences. They were given 23 years of imprisonment.
4) Yes, 23 years sentence is absolutely a big term which covers the major part of the life but here people were accused of murder also by setting fire on an alive man. Anyone’s life can’t be compared with any of the monetary amount. Hence, he should be given life imprisonment in this case. Though 23 years term will also send good lesson in the society for such wrong deeds .
