What is insurance fraud?
Insurance fraud is a type of consumer fraud that occurs when a person or business deceives or misrepresents information in order to illegally gain insurance benefits from an insurance provider. In Oklahoma, insurance fraud is a crime and is punishable by law. One example of insurance fraud is when a person or business knowingly exaggerates the cost of medical services, medical supplies, or other services in order to collect more money from an insurance company. Another example of insurance fraud occurs when a person or business submits a false claim for benefits they did not actually receive. Insurance fraud can also include fraudulent auto insurance claims, such as when someone involved in an auto accident knowingly overstates the damages in order to receive higher compensation from the insurance company. Insurance fraud can also include medical identity theft, which is when someone uses someone else’s personal information to obtain health care services or file phony insurance claims. Insurance fraud can have serious consequences, so it is important to be aware of what constitutes insurance fraud and to report any suspicious activity. In Oklahoma, willfully committing insurance fraud is a felony offense and can result in imprisonment, fines, or other penalties. Additionally, those who commit insurance fraud and are convicted are required to pay restitution to the insurance company for all losses that were incurred.
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