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Insurance fraud occurs when either the buyer or the seller of an insurance contract commits a criminal act. Selling insurance from non-existent companies, failing to submit premiums, and churning policies to generate more fees are all examples of issuer fraud. Exaggerated claims, false medical histories, post-dated policies, viatical fraud, faked death or kidnapping, and murder are all examples of buyer fraud. Any misuse of insurance policies or applications for the purpose of gaining or benefiting illegally is considered insurance fraud.

Insurance fraud is usually an attempt to profit financially from an insurance arrangement.

Exaggerated or misleading claims account for the bulk of insurance fraud cases.

An attempt to exploit an insurance contract is known as insurance fraud. Insurance should be used to safeguard against dangers, not to enrich the insured.

Insurance fraud by the policy issuer does happen, however the vast majority of incidents involve the policyholder trying to get more money by inflating a claim. More extreme cases, such as faking a death or murdering someone for insurance money, are quite uncommon.

One of the disadvantages of insurance fraud is that insurers pass on the increased costs of dealing with such issues to their consumers in the form of higher premiums.