What Is A Ghost Broker?
’Ghost broking’ is form of insurance fraud which involves an illegal insurance intermediary. The ghost broker purchases a policy on behalf of others but purposefully misrepresents important information in order to reduce the price of the policy.
How Do Ghost Brokers Operate?
Ghost brokers operate in the following ways:
Policies are bought from insurance companies using false information and may be changed before being sold on to customers. Fake policy documentation may be created to look like they have been issued by legitimate insurance companies and sold on to customers.Ghost Brokers often produc...Read more
About the author:Michael has worked for Allianz for 9 years, gaining extensive experience in a number of departments. Working in Portfolio Underwriting for the past 4 years, he is responsible for dealing with insurance fraud, investigating ghost brokers, and delivering fraud training.
Date:April 08th, 2019