General Fraud Statement
ACORD provides a generic ACORD Fraud Statement through the ACORD 63 form. The Fraud statement is also on the back (or second page) of each of the ACORD Loss Notice forms.
These states have state specific ACORD Fraud statements:
General Purpose of ACORD Fraud Statement
The ACORD Fraud statement serves the purpose of giving insured’s written, standarized warning that there are civil and criminal penalties for committing a fraudulent act. In addition the following states may also deny insurance benefits – Louisiana, Maine, Tennessee, Virginia and the District of Columbia.What Constitutes Fraud
The wording of the ACORD Fraud Statement says “Any person who knowingly and with intent to defraud” …. “files an application for insurance containing any materially false information, or conceals for the purpose of misleading information concerning any facts material..” is committing a fraudlent act.Courts generally consider the following 5 requirements for acts to constitute fraud.
The ACORD Fraud statement and all modern fraud statues are descended from the “Act for the Prevention of Frauds and Perjuries” adopted in 1677. This act is commonly know as the Statue of Frauds. I hope this knowledge wins a bar bet for you.Link to other Learning Center Pages