It’s not uncommon for insurance companies to deal with funny insurance claims filed by their customers. Identifying fraudulent claims is a process that is best handled by hiring a private investigator. Insurance companies actually hire several private investigators to research claims that are considered questionable. Fraudulent insurance claims are also referred to as elephant insurance claims. Elephant insurance claims mainly deal with policy holders who exaggerate their financial losses. Financial losses can be experienced when an individual’s possessions are destroyed, lost, or stolen. Unfortunately, elephant insurance claims are causing difficulties on policy holders filing legitimate claims. Every policy holder becomes a suspect for false insurance claims because of increasing number of claims that are being filed.
False claims have actually caused other problems with the process involved with filing and approving claims. An insurance company has its own best interest in mind and will do anything to deny a claim they feel is suspicious. One common tactic that insurance companies practice is delaying settlement claims. People tired of waiting for their claim to settle will usually accept a lower offer by the insurance company. Delaying a claim is achieved by the insurance company asking for gratuitous documentation. Insufficient coverage is sometimes found in certain policies which can be a struggle for the policy holder while filing for a claim.
Elephant insurance claims have also caused some insurance companies to act illegally. For example, insurance providers will sometimes claim their policy holder is filing a false claim without any proof. Misinterpreting a policy is another common tactic that insurance companies practice as well. Elephant insurance claims are a burden on both policy holders and insurance companies. People who’ve exaggerated on their claims are causing both policy holders and insurance companies to hire lawyers. It’s important to understand elephant insurance claims if you want to avoid exaggerating on your claim.