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Recovered property after claim completed fraud?
Seattle, WA
Viewed 219 times.
Posted about 1 year ago in Fraud
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A house gets burglarized and personal property is stolen (tv's, computers, etc) from an unknown person. The personal property is covered by insurance and a claim is filed. The insurer receives a check from the insurance company and replaces the property that was stolen. 3 months later some of the property is recovered by the insurer. Since the insurer recovered the property, does the insurer have to pay back the insurance company? How does that work?
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Answers (2)Richard Emory Mcgary
This attorney is licensed in Texas.
Posted about 1 year ago.
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THE FOLLOWING DOES NOT CONSTITUTE LEGAL ADVISE BUT IS FOR PURPOSES OF LEGAL DISCUSSION ONLY.
Due to the nature of the question it is believed the inquirer means policyholder (or "insured") when he or she uses the term "insurer." This response, therefore, is predicated upon this reasonable assumption. In responding, a lot of the answer to this question depends upon the terms of the policy itself. Nonetheless, generally speaking, once a claim is made and the insurance company ("company") has paid, the property belongs to the company. If the property is recovered, the policyholder must advise the company of the recovery of the property and preserve it for the company to inspect. The company then has the right to take possession of the property and dispose of it as salvage to offset the cost of its payment to the policyholder. The company cannot require the policyholder to keep the recovered property and reimburse the company for the payment previously made. The policy, however, may contain a recovered property provision. Typically, these provisions require both parties to give notice should any property that was involved in a theft claim be recovered. The policyholder then has the option of keeping the claim payment and surrendering the recovered property to the company or keeping the property and adjusting the value of the loss claim downward. When the company has paid, as in this inquiry, the adjustment downward would result in a reimbursement by the policyholder to the company in an amount equal to the value of the payment made by the company for the recovered property. This election, however, is the policyholder's election. Again, the company cannot require the policyholder to keep the property and reimburse it for payments made. Regardless, the policyholder must advise the company of the recovery of the property. In some instances, after notice is given and depending upon the value of the property recovered, the company may simply abandon the property to the policyholder. More like than not, the company will salvage the recovered property to recoup part if its payment to the policyholder. john24reena
Posted about 1 month ago.
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My friend father was in jail and his mother was staying with her daughter as the son along with his family was abroad due to his work.
the sisters took advantage of this and took the signature of the father on the power of atorney and also the mother signed in favour of daughters, now that son came to know about this, he wants to file case againts the sisters, is it possible and if the son files a case what would be the result.
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