Now and than you hear fraud news on insurance policies. It has impact on both insurers and policyholders. Lets check out – how to find out fake insurance policy –
1- Buy directly from the Insurance Company
When no intermediate in between and you buy directly from the insurance company, there will be no chance of fraud. In some cases e.g. travel , motor insurance etc. you will get the policy immediately (via email or online).
2- Check Insurance Agent Licence
Always check the Insurance Agent Licence before buying anything from him. Check this thread on things you need to check in the Agent’s Insurance Licence.
3- Pay by Cheque/Credit Card/Online
Always pay the insurance premium buy cheque or credit card or online. The premium will directly go to insurance company and you have an additional proof of payment via bank/credit card statement.
4- Match details with your Cover Note or Previous Policy
If you have a cover note (e.g. car insurance) or Previous Policy, match your details (insured name, address, coverage period, insured’s declared value etc.) with the policy. All the insurance companies mention details of the cover note or previous policy, on the policy document.
5- Check Specific Marking
Insurance Companies are also fighting fraud by using “bar code printing on the face of policy”, “hologram sticker” etc.
6- Contact Customer Care
If you have bought insurance policy long before, the best way is to call the customer care of the insurance company and check the status of the policy.