General insurance Consequences of lying to insurance company

[Augusta]

Humans are insatiable beings so would always want to take advantage of anything to gain more. So it can also happen in the insurance company where the insured lie to the insurance company in a bid to get more compensation off them.


Well getting caught comes with the following consequences:

You would be charge with a higher premium by the insurance company

The insurance company might deny you your claims because you wouldn't truthful what really happened

Your policy with the insurance company will be cancelled since you are not a honest person

You can even be denied future insurance policy because they believe you might still do same in future

You might be charged heavily for trying to swindle them.

What do you think of this?

 

[Mataracy]

It is very good to declare every thing to insurance company while taken up any insurance policy. If one did not open up to the insurance company and after sometimes something bad now happen to the insurer ,the insurance may company might not help such a company or an individual. Even if the insurance company latter find out that the company lied to them they may actually arrest the insured company or even forfeited all their premiums being paid before to insurance company.

 

[Good luck]

You don't need to lie to an insurance company that you are partnering with because it will have negative impact on you at the end of the day.You are partnering with them because you have a trust in them and you believe they can be of good help to you in one way or the other.Be straight forward with insurance company to avoid unforseen circumstances.

 

[Chibson]

Lying to an insurance company does not really make sense because it can prevent you from getting the benefits in which you need to get for a rolling yourself in an insurance company. It is very important to declare your assets as they are when buying an insurance package whether life insurance or otherwise.

 

[Mika]

If you use fake details to buy an insurance policy, it is less likely that you will get the coverage or the benefits because insurance companies are very clever in spotting the loopholes. a lot of people also make fake claims. If found, they will be land in a legal battle and might go behind bars.

 

[Wisdom01]

It all depends on the policies that was signed between the insurer and the insurance company , because in some cases the insurance company could actually cancel the policy that have been made and the person might be mailed for trying to trick or lie to the insurance company I think

 

[Chibson]

It is not advisable to hide any truth from an insurance company because it can come tomorrow to haunt you. It is very important that you will state everything clearly and understandably in order for your agreement to be met. Many individuals making this kind of mistakes and therefore denying themselves of benefits.