Steps to determine if your insurance brokers are not fraudulent: a few simple steps to be followed

Written By Steps To Faculty Published May 20th, 2010

We all take some sort of insurance policy in our lifetimes for various reasons. Whether it is to protect our families or just expand our financial portfolio, insurance is needed for many reasons. But, many people fall prey to insurance frauds. Therefore, it is very important to save yourself from these insurance frauds by knowing what to look for. Remember it is your hard earned money that pays for insurance and once you are a victim of fraud you may not be able to easily recover these funds.

So, how to determine if your Insurance Brokers are not fraudulent is the question that arises in everybody’s mind when looking for an insurance broker. Fraudulent insurance brokers never think that they are hurting the feeling of other people or even care about the effect that such actions have on your finances and your lives. Instead their focus is on the lots of money that is gained from fraud.

There are different types of insurance frauds, such as health insurance frauds, automobile insurance frauds, life insurance frauds, and fire insurance frauds. An insurance broker is a person who works as a link between the client and the insurance company. And there are some brokers who work with insurance agent and try to fool the client.

Step 1 Ask questions

When you contact the broker, you should ask him various questions on the type of insurance you are going to take. Listen carefully to the response. If something does not sound right, then be wary. Also, ask different companies about their different policies to see what different brokers say. When you have a comparison, it is easy to spot a fraudulent broker from the bunch.

Step 2 Check with the BBB

Go to the site and do a search on their name. Also check with your local state insurance department to find out if there have been complaints about the broker.

Step 3 Review the details

Ask for a copy of the policy to review the details before signing the copy. If there is something that is not clear, get an attorney or ask a local CPA or financial planner to clarify.

Step 4 Resist temptation

Never sign any insurance documents if the documents are incomplete, even if the broker insists to sign it. .

Remember, it is better to be safe than sorry.

Roger Due

Investing in Your Destiny® & Coaching Program - Wealth Building Summit Dallas, Texas

My name is Roger Due and I am from Albuquerque, New Mexico and I am the owner of the Monsano software company. This has been an absolutely fantastic conference. This is the best I have ever been to.