Abstract:
The insurance contracts are the foundations for the social security. But on the other side behind the positive approach of insurance, many people take advantage of the same and turn it into a tool to secure certain financial gain through commitment of frauds. Insurance industry is growing and being chanted about like the new mantra, but still India is facing a huge loss in this sector because of the everyday increasing fraudulent practices.
Description:
In this research the researcher thought of highlighting the frauds in insurance business in a comprehensive manner to whatever extends the researcher could. This dissertation covers aspects like the nature and scope of insurance business in India, the fraudulent practices happening in the industry, legal measures for prevention and control of frauds in insurance, steps taken by IRDA, Insurance companies.