The Insurance and Financial Advisor
, a Web site that covers the news of the insurance industry, reported that Daniel Macken, of Wrigleyville, Illinois, is under arrest, charged with the felony of insurance fraud. Apparently, Macken, 60, took out two life insurance policies, worth $200,000, on himself. Then, posing as his own beneficiary, Macken tried to convince the insurance company he had died, backing up his claim with numerous forged documents. It didn't work, and Macken is very much alive, as authorities verified when they arrested him on December 7.
Interesting story, but hardly new. Insurance fraud has been going on for centuries. There's even a classic film noir about insurance fraud, 1944's Double Indemnity. The Coalition Against Insurance Fraud, a watchdog group that's been around since 1993, collects stories of insurance fraud, and every year, they have an annual hall of shame.