By Daniel W. Draz, MS, CFE
Many types of insurance policies require that insureds submit financial documentation in support of insurance underwriting applications and claims submitted for payment. While the financial documentation submitted may be totally legitimate, it’s often hard for investigators to determine one way or another.
With the advent of desktop publishing, it isn’t difficult for documents to be altered, forged or simply created to fit a particular insurance documentation situation. Given a general unfamiliarity with these documents, the complexity of certain types of financial documentation can be intimidating for insurance investigators who don’t work with these forms and figures regularly. While it’s easy to get confused trying to evaluate the financial figures in terms of the insurance issues involved, investigators shouldn’t be discouraged. The numbers may hold important clues to the truth behind insurance applications and claims.
To illustrate what investigators should look for when reviewing financial documentation, this article features an interview with Tracy Coenen of Sequence Inc. Ms. Coenen is a CPA, a Certified Fraud Examiner (CFE), an author and regular industry speaker on the subject of fraud and financial investigations.
Read moreThe Fraud’s In the Figures: Finding Clues in Financial Documents