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Dom S.

Contributor Level

Total Points
80

1 Review by Dom

  • Scaminformer

5/10/20

Jordan Haraden Amarillo Texas insurance agent appears to have been fired from Allstate Insurance for insurance fraud and deception of consumers. Apparently Allstate did an investigation related to Jordan Haraden and the broker found several instances of fraud, such as:

The policy has lapsed for months.

Unmatched data is discovered on a policyholder's identity card. For example, company records show that the policyholder is a male, but the identity card number indicates the person is female.

The contact details of the policyholder were recently changed.

The cash value of the policy was withdrawn immediately after the contact details were changed.

If policyholders fail to pay premiums, their policies could lapse, and they could lose the cash values. Similarly, if a fraudulent agent created fictitious policies to achieve sales targets and receive sales incentives, he would likely let those policies lapse. Analysts can drill down into policy portfolios to discover unusual patterns in the frequency and the quantity of lapsed policies, which could indicate fraud. Apparently this is what happened with Amarillo Texas insurance agent Jordan Haraden.

Another method of fraud was where Jordan Haraden Amarillo Texas, Yellow City Insurance, had allegedly been "investing" client money as premiums. They use money from insurance companies' incentive programs and bonuses to cover the "investments." After they receive this money, they let the fictitious policies lapse. Crooked agents can also sell policies to customers and then neglect to file the policies with the carriers. Most customers don't want to file claims on policies, especially early in the terms, because they fear that their premiums will rise. Therefore, the agents keep all documentation on the policies instead of turning it over to the carriers. The agents are able to skim the customer's payments because the carriers don't know the policies exist.

If you suspect fraud, contact the Department of Insurance since insurance fraud hurts us all.

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