Fraud

{
  "id": "MLC-T-INS-001586",
  "term": "Fraud",
  "field": "Insurance and risk management",
  "definition": "An intentional misrepresentation or concealment of a material fact made to deceive another party and induce them to act to their detriment. In insurance, fraud can be committed by applicants providing false information to obtain coverage or by policyholders submitting fabricated claims to receive unwarranted benefits. Insurance fraud is a criminal offense and can lead to policy voidance and legal penalties.",
  "url": "https://mlchart.com/terminology/insurance/fraud/"
}