BROADCASTS.com

b'

The Flying Carpet, a  Fictionalized True Crime Story of Insurance Fraud 

https://zalma.com/blog

From an Expert who  explains why Insurance Fraud is a \\u201cHeads I Win, Tails You Lose\\u201d  situation for Insurers. The stories help to Understand How, and why, my  book Insurance Fraud in America is Costing Everyone was written to  explain to those who buy insurance thousands of dollars every year and  why insurance fraud is safer and more profitable for the \\xad\\xad\\xadperpetrators  than any other crime. The names of the perpetrators and the locations  were changed to protect the guilty.   The original title was \\u201cHeads I Win, Tails You Lose\\u201d and was meant to  describe insurance fraud as it works in the Unites States. It means that  whenever a person succeeds in perpetrating an insurance fraud everyone  who buys insurance is the loser.  If the fraud succeeds the insurer must charge more premium to cover the  expense of defending the fraud and payment of funds to the fraud  perpetrator. If the fraud fails the insurer must charge more premium to  cover the expense of defending the fraud. Everyone, except the lawyers,  lose.  Before the ISO changed the homeowners program to include a special limit  of liability for theft of antique rugs, homeowners insurers found  themselves faced with reports of the thefts of thousands of antique  Persian rugs valued between $10,000 and $20,000 each. Although most of  the claims appeared suspicious, the insurers were unable to prove the  nonexistence of the rugs and were compelled to pay claims.  When the special limit of liability was adopted, the rash of Persian rug  thefts stopped. It was as if a ring of burglars suddenly left the  country.  The fraudulent Persian rug claim industry ceased doing business.   Immigrant communities in Los Angeles, New York, Chicago and other major  cities found other ways to earn money.   \\xa9 2021 \\u2013 Barry Zalma  Barry Zalma, Esq., CFE, now limits his practice to service as an  insurance consultant specializing in insurance coverage, insurance  claims handling, insurance bad faith and insurance fraud almost  equally for insurers and policyholders. He also serves as an arbitrator  or mediator for insurance related disputes. He practiced law in  California for more than 44 years as an insurance coverage and claims  handling lawyer and more than 52 years in the insurance business. He is  available at http://www.zalma.com and zalma@zalma.com.  Mr. Zalma is the first recipient of the first annual Claims Magazine/ACE  Legend Award.  Over the last 53 years Barry Zalma has dedicated his life to insurance,  insurance claims and the need to defeat insurance fraud. He has created  the following library of books and other materials to make it possible  for insurers and their claims staff to become insurance claims  professionals.  Go to the podcast Zalma On Insurance at https://anchor.fm/barry-zalma;  Follow Mr. Zalma on Twitter at https://twitter.com/bzalma; Go to Barry Zalma videos at Rumble.com at https://rumble.com/c/c-262921; Go to Barry Zalma on YouTube- https://www.youtube.com/channel/UCysiZklEtxZsSF9DfC0Expg; Go to the Insurance Claims Library \\u2013 https://zalma.com/blog/insurance-claims-library/ Read posts from Barry Zalma at https://parler.com/profile/Zalma/posts; and the last two issues of ZIFL at https://zalma.com/zalmas-insurance-fraud-letter-2/