Insurance agents and company employees may also commit insurance fraud. Common frauds include “padding,” or inflating claims; misrepresenting facts on an insurance application; submitting claims for injuries or damage that never occurred; and staging accidents.

What are insurance fraud indicators?

Any major discrepancies in two peoples’ accounts of the same accident are going to set off an alarm. If two drivers dispute how many people were in a vehicle at the time of the crash, for example, or if one driver says no crash happened at all, these are indicators of fraud.

Where does IFA get its insurance policies from?

IFA’s advertised policies are provided through Clientèle Life Assurance Company. The IFA compensation plan pays IFA affiliates to recruit new affiliates who take out Clientèle Life Assurance Company insurance policies.

Why are IFA firms called Independent Financial Advisers?

IFA firms are called independent because they can advise/sell you products from at least four life insurance companies. Their recommendations are to be independent, and they are not allowed to be influenced by the insurance companies that they provide products from.

What does IFA stand for in South Africa?

IFA is the network marketing division of Clientèle Life, one of the most trusted and respected names in the South African financial services sector. Through this unique network marketing business opportunity you, as an IFA, have the opportunity to take care of your family’s future with a Clientèle product while earning an additional income …

How long has IFA been in the industry?

You will start to earn if the people you invite also decide to become IFAs and apply for a Clientèle product or an IFA Rewards product for which they pay for every month. IFA has been in the financial services industry for over 22 years and has paid out over R2 Billion in earnings.