1) Does the insurance company factor in the inflated claims in calculating the premium rate?
Reply: The insurance company uses the claim experience to determine the premium rate. This usually includes a certain proportion of fraudalent claim. If there are more fraudulent claims, the insurance company makes a loss. They will increase the premium rate to cover the loss.
2) Can the insurance company mark a "ceiling" on the claim amount in case of loss of bag during travel, rather than approve the amount submitted by the claimant?
Reply: For some type of loss, there is a limit specified in the policy. Usually this limit is quite high, and there is room for fraudulent claims up to this limit. It can still be quite costly, if many people make fraudlent claims.
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