Swati Sonal, LLM, School of Law, Galgotias University, Uttar Pradesh
ABSTRACT
Insurance is in the root of Indian history. It is cited within the Manusmriti, Dharmasastra and Arthashastra. The scriptures tell the glorious past of pooling of sources which might be re-allotted in instances of natural disasters which includes “fire, floods, epidemics and famine”. This becomes probable a synonym to trendy day insurance. In Ancient India, we can find the records which safely store the earliest lines of coverage within “the shape of marine exchange loans and carriers’ contracts”.
Insurance is an economic protection net, assisting you and your family get better after something awful happens — which includes a fire, theft, lawsuit or automobile accident. When you buy insurance, you’ll get hold of an insurance coverage, that's a prison settlement among you and your coverage provider. And while you go through a loss that’s blanketed through your coverage and report a claim, insurance can pay you or a delegated recipient, known as a beneficiary, primarily based totally at the phrases of your coverage.
Insurance fraud is an illegal act committed by either the customer or the insurance provider. The issuer (seller) may commit insurance fraud by enforcing rules to raise commissions, failing to deposit premiums, or promoting rules from fictitious businesses. False claims and altered medical records can also be considered forms of consumer fraud, postponed insurance fraud, practical fraud, fictitious demise or kidnapping, and murder. The research question is “Whether the Indian Legal Provisions are adequate and accountable to deal with Insurance Fraud?”
The data would be collected from Periodicals, Textbooks, and legal journals of international repute, Central Legislative materials, Official publications, Official reports, Law Journals, Law Reports, Committee Reports and newspapers. The data which is available online would also be used in study. This study would adapt the doctrinal qualitative legal research method.
This paper will be divided into four chapters. Chapter I will consist of introduction. Chapter II will describe about the various insurance frauds and several regions of insurance frauds. Chapter III will look at insurance fraud prevention laws in India and in New Jersey as well as West Virginia. Chapter IV deals with the conclusions and suggestions.
Keywords: Insurance, Insurance Fraud, Insurance Fraud Prevention Laws, India, New Jersey, West Virginia.
