REAL-LIFE CLAIMS OFFER EDUCATIONAL OPPORTUNITY
Jewelry restoration and replacement services have become an invaluable asset to insurers over the past quarter of a century, saving insurance companies millions in payouts. Some $1.5 billion in jewelry is reported lost or stolen annually according to U.S. Department of Justice data, but unfortunately, a substantial portion of those claims may be fraudulent. The questions for insurers then revolve around when they should question a claim, when they should cash out, and whether they should stick to their guns on replacement or restoration. Let’s take a look at a few fraudulent scenarios in order to help claims professionals know what to be on the lookout for.