Explain the "Fraud Triangle" and "M

question 18

Essay

Explain the "fraud triangle" and "M.I.C.E." and compare the two in your explanation.

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Definitions:

Deductible

An amount that a policyholder must pay out of pocket before an insurance company will cover any expenses.

Doctor Bills

Charges or fees for medical services rendered by a physician.

Insurance Premiums

Payments made to an insurance company to buy coverage, providing financial protection against various risks.

Deductible

An amount that must be paid out of pocket before an insurer will cover any expenses.