Avoid Premium Finance Fraud!

As a consumer, it is important that you clearly understand how to avoid premium finance fraud and premium finance theft. Fortunately, for the life insurance premium finance industry, premium finance theft and premium finance fraud is starting to become a thing of the past and with their exit we hope to also see less life insurance disputes that can result from this type of activity.

Premium finance fraud is the act of intentionally falsifying information on a life insurance application or premium finance loan document to purchase life insurance utilizing a premium finance lending program. Premium finance fraud can result in a life insurance dispute with the insurance carrier and even in a rescission of coverage.

Therefore, as a life insurance consumer, avoid premium finance theft and premium finance fraud and ensure that your life insurance agent is working with premium finance programs that are transparent to and approved by the insurance carriers. This can serve to prevent unnecessary life insurance disputes and will stop premium finance theft.

To learn how to avoid abusive premium finance practice or to find out if the premium finance life insurance programs that you are considering are carrier approved, please contact us to speak with one of our premium finance specialist.