We would love to hear from you. Click on the ‘Contact Us’ link to the right and choose your favorite way to reach-out!

wscdsdc

media/speaking contact

Jamie Johnson

business contact

Victoria Peterson

Contact Us

855.ask.wink

Close [x]
pattern

Industry News

Categories

  • Industry Articles (22,088)
  • Industry Conferences (2)
  • Industry Job Openings (3)
  • Moore on the Market (492)
  • Negative Media (144)
  • Positive Media (73)
  • Sheryl's Articles (827)
  • Wink's Articles (376)
  • Wink's Inside Story (284)
  • Wink's Press Releases (129)
  • Blog Archives

  • December 2024
  • November 2024
  • October 2024
  • September 2024
  • August 2024
  • July 2024
  • June 2024
  • May 2024
  • April 2024
  • March 2024
  • February 2024
  • January 2024
  • December 2023
  • November 2023
  • October 2023
  • September 2023
  • August 2023
  • July 2023
  • June 2023
  • May 2023
  • April 2023
  • March 2023
  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • January 2018
  • December 2017
  • November 2017
  • October 2017
  • September 2017
  • August 2017
  • July 2017
  • June 2017
  • May 2017
  • April 2017
  • March 2017
  • February 2017
  • January 2017
  • December 2016
  • November 2016
  • October 2016
  • September 2016
  • August 2016
  • July 2016
  • June 2016
  • May 2016
  • April 2016
  • March 2016
  • February 2016
  • January 2016
  • December 2015
  • November 2015
  • October 2015
  • September 2015
  • August 2015
  • July 2015
  • June 2015
  • May 2015
  • April 2015
  • March 2015
  • February 2015
  • January 2015
  • December 2014
  • November 2014
  • October 2014
  • September 2014
  • August 2014
  • July 2014
  • June 2014
  • May 2014
  • April 2014
  • March 2014
  • February 2014
  • January 2014
  • December 2013
  • November 2013
  • October 2013
  • September 2013
  • August 2013
  • July 2013
  • June 2013
  • May 2013
  • April 2013
  • March 2013
  • February 2013
  • January 2013
  • December 2012
  • November 2012
  • October 2012
  • September 2012
  • August 2012
  • July 2012
  • June 2012
  • May 2012
  • April 2012
  • March 2012
  • February 2012
  • January 2012
  • December 2011
  • November 2011
  • October 2011
  • September 2011
  • August 2011
  • July 2011
  • June 2011
  • May 2011
  • April 2011
  • March 2011
  • February 2011
  • January 2011
  • December 2010
  • November 2010
  • October 2010
  • September 2010
  • August 2010
  • July 2010
  • June 2010
  • May 2010
  • April 2010
  • March 2010
  • February 2010
  • January 2010
  • December 2009
  • November 2009
  • October 2009
  • August 2009
  • June 2009
  • May 2009
  • April 2009
  • March 2009
  • November 2008
  • September 2008
  • May 2008
  • February 2008
  • August 2006
  • 9 Details That Could Be Signs of Life Insurance Fraud

    December 19, 2017 by Bob Gooderl

    For many, the holiday season marks a time for unwinding, spending time with family and perhaps being a little more generous than usual.

    In our industry, it also means higher-than-normal volumes of applications, claims and transactions that need to be handled by year end. These personal and professional distractions can make it easier for fraud attempts to slip through the cracks.

    Click HERE to read the original story via ThinkAdvsior.

    “The scams that we get all year long are the same scams that happen around the holiday season,” said Donna Gregory, head of the IC3 unit of the FBI. “It’s just that people are more apt to maybe fall for them during the holidays.”

    Fraud has already made plenty of headlines this holiday season.

    • A former insurance agent from Idaho was arrested for using customers’ insurance premiums for personal purchases.
    • A funeral home director in West Virginia cashed in pre-need funeral arrangements for more than 100 people who were, in fact, still living. The insurance company agreed to honor all of the policies for the actual policyholders, even though they had already paid on many of them.
    • Four women in Louisiana were arrested in a life insurance scheme in which they took out a policy in a man’s name and listed themselves as relatives and beneficiaries. The application stated the man had no medical issues, but he was not in good health and battling a lengthy illness.
    • An Iowa man was sentenced for helping a woman fake the deaths of three of her family members to collect life insurance payments.
    • A CPA in Georgia was arrested and charged with 19 counts of insurance fraud after an insurance company identified and reported that he was the beneficiary on three individual life insurance policies.

    Unfortunately, the Naughty List goes on and on. In fact, the Identity Theft Resource Center reports that 791 breaches took place in the first half of the year alone, setting a half-year record. And there is expected to be a dramatic 30% increase in omni-channel fraudulent activity compared with this same period last year, according to ACI Worldwide. Identity theft, account takeover, and friendly fraud continue to be the biggest challenges.

    To help you spot and deter fraud this holiday season and throughout the year, here’s a list of just nine of the many fraud red flags that life insurance underwriters watch for.

     

    This list was originally presented during the fifth annual RGA Fraud Conference, which took place this past August.

    Of course, it’s important to get compliance advice in connection with matters of this nature. It’s also important to remember that many of the red flags listed here could be the result of factors other than fraud.

    Underwriting/New Business

    1. The signatures on the application and paramed exam are inconsistent.

    2. The employment address is a P.O. box.

    3. The premiums exceed the client’s apparent means.

    In-force Processing

    4. Payments or surrenders occur via wire transfer from or to foreign parties.

    5. The beneficiary changes shortly after issue.

    6. The address changed, then there was immediately a withdrawal or surrender.

    Commissions

    7. There are an excessive amount of non-issued cases.

    8. There is a high-debit commission balance (chargebacks exceed new sales).

    9. The producer appears to have low persistency, with pattern of many early lapses.

    Want to see more list of fraud red flags for life insurance? Here’s a longer list.

    Originally Posted at ThinkAdvisor on December 15, 2017 by Bob Gooderl.

    Categories: Industry Articles
    currency