GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
^
50% - Moderately

Unauthorized Insurance


Synonyms:fake insurance, false insurance, fraudulent insurance
Filed Under: insurance
Tags: insurance
 

Definition of unauthorized insurance

unauthorized insurance
1. A form of fraud where an individual claiming to be an insurance agent sells a victim a non-existent policy and collects premiums, while never actually intending to provide benefits. The unauthorized insurer will then disappear from the area, leaving the oftentimes-unaware victim paying premiums for an insurance policy that doesn't exist, leaving the individual with no protection whatsoever.

Related Terms and Acronyms:

  • clean sheeting   A type of insurance fraud where an individual deliberately fails to disclose a pre-existing condition in order to receive coverage, sometimes with the help of an insurance broker.
  • collusion   A secret, deceitful agreement by two or more parties to defraud others.
  • fidelity bond   Insurance that protects a business from losses due to employee fraud, such as theft, forgery or fraudulent trading.
  • insurance (insur)   An arrangement where one party provides financial protection to another party for specific damages or losses.
  • insurance fraud   An illegal attempt by an individual or entity to receive insurance benefits that they would otherwise not be entitled to or for an insurance company to deny a legitimate insurance claim.
  • money laundering (ML)   A process used by individuals to conceal illegally acquired funds by converting them into seemingly legitimate income. The term is generally associated with organized crime and those who need to legitimize illegally earned funds.
  • unfair claims practice   The act of an insurance company avoiding or reducing valid insurance claims.

Search the Glossary

Not All Brokers Offer Great Rates
The majority of brokers in Canada limit themselves to using a small network of lenders. We however, have access to dozens of lenders and the lowest mortgage rates in Canada.
Mortgage Rates
 
Brand New Mortgage Calculator
Use our new mortgage calculator and strike a balance between maximizing your payment schedule and leaving yourself enough breathing room to live comfortably. By simply changing your mortgage amount, amortization period, interest rate, or payment frequency you can determine the best mortgage for your unique situation.
New Mortgage Calculator
 
Mortgage Brokers
Our brokers work hard so that you don't have to. They regularly communicate with Canadian mortgage lenders and banks to find you the lowest rates, doing everything within their power to make sure that you can buy the home of your dreams. You might even say that our brokers are ultra, super and fantastic — all at the same time! Well, you might.
Ultra Super Fantastic Mortgage Brokers