by Anthony Nash, CPA
Chartered Global Management Accountant
If so, consider calling Cook & Company for help. Left unchecked, insurance audits are a wonderful opportunity for the insurance company to dip deep into your bank account in three ways.
1) It is not the insurance auditor's role to serve as your advocate. No such relationship exists! Insurance auditors sometimes are helpful, even accommodating, but they do not work for you.
Typically an insurance company contracts with another firm to conduct audits of customers and hopefully collect more money or minimize refunds, also known as return premiums. Sometimes the insurance audit firm is owned by the same insurance company but uses a different name. This creates a perception of independence that simply does not apply.
Do not confuse or associate the term "auditors" as one in same between insurance auditors and Certified Public Accountants.
Frequently, though not always, many insurance auditors lack the adequate training and professional competence. In any case, they as well as anyone can make a variety of human errors or not bring a matter to your attention that can cost you.Continue