He returned it immediately and kept the money.. As he didn't want that machine any longer.
Is this in any way illegal, or does he have to keep it, because the insurance company paid for it's replacement?
2006-11-03 13:51:16 · 11 answers · asked by Golfcarmel 3 in Business & Finance ➔ Insurance
The money was to compensate him for his loss. Unless there was a stipulation that said what the money had to be spent on, he did nothing illegal.
2006-11-03 13:53:10 · answer #1 · answered by Emm 6 · 0⤊ 0⤋
well his loss was covered by insurance co., in the long run if he has one or two more claims like this not matter how small the amount of the claim is he will be canceled and no company would be able to provide him insurance. His claims will be posted on the record and will work against him. Insurance Co's have certain loop holes and people misuse it. Realistically insurance should be used for claims of considerable amount, he will loose in the long run
2006-11-04 03:01:42 · answer #2 · answered by Jinha 2 · 0⤊ 0⤋
This is one of those grey areas. They paid him replacement value after he replaced it. If he hadn't have purchased the new one, he would only have received "actual cash value" for it. So by returning it, he violated the claims conditions of the policy.
So I'd call it insurance fraud.
2006-11-04 00:58:21 · answer #3 · answered by Anonymous 7 · 1⤊ 0⤋
It only becomes illegal if he plans on making another claim for a stolen chainsaw that he knows he no longer has.
2006-11-03 20:29:28 · answer #4 · answered by Maddy Waddy 2 · 0⤊ 0⤋
It's fine. They compensated him for his loss. He was not required to buy another chainsaw in the first place.
2006-11-03 13:52:32 · answer #5 · answered by Anonymous · 1⤊ 0⤋
He didn't have to buy a new saw in the first place. Ins. pays for your loss. What you do with the money is your business.
2006-11-03 13:57:17 · answer #6 · answered by La-z Ike 4 · 1⤊ 0⤋
He's okay. He is compensated for his loss. If he doesn't want a chainsaw, he doesn't have to purchase one.
2006-11-03 13:59:18 · answer #7 · answered by Mariposa 7 · 0⤊ 0⤋
I'm not sure. Your avatar looks kind of like Johnny Carson.
2006-11-03 13:58:00 · answer #8 · answered by Deerrunner 6 · 0⤊ 1⤋
HES A SCAMMER!!!!!! OH WELL, his insurance will go up. Dont worry about it.
2006-11-03 13:53:52 · answer #9 · answered by sweetkas_69 2 · 0⤊ 1⤋
Sorry dont know
2006-11-03 13:54:23 · answer #10 · answered by pjd 4 · 0⤊ 1⤋