Insurance is supposed to protect you in the event of emergencies, but sometimes people think of it as a way to get “free cash.” The most evident example of this in Singapore is car accident insurance fraud, which has doubled in recent years. Besides motor insurance fraud, travel and personal accident insurance have also seen their fare share of fraudulent claims. But how do insurers detect fraud? There are actually a number of factors that insurers mark as red flags when considering claims. While some investigations point to simply criminal actions like staging accidents, other instances are much more nuanced. Below, we discuss four things you may do that seen harmless, but can actually end up being flagged as insurance fraud.
Inflating the Cost of Your Home Furnishings or Valuables
It may seem tempting to over-insure your household possessions and valuables to be able to claim more money for better