The Korea Times
amn_close.png
amn_bl.png
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
amn_bl.png
Business
  • Tech
  • Bio
  • Companies
amn_bl.png
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
amn_bl.png
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to President
  • Letter to the Editor
amn_bl.png
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
amn_bl.png
Entertainment & Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
amn_bl.png
Sports
amn_bl.png
World
  • SCMP
  • Asia
amn_bl.png
Video
  • Korean Storytellers
  • POPKORN
  • Culture
  • People
  • News
amn_bl.png
Photos
  • Photo News
  • Darkroom
amn_NK.png amn_DR.png amn_LK.png amn_LE.png
  • bt_fb_on_2022.svgbt_fb_over_2022.svg
  • bt_twitter_on_2022.svgbt_twitter_over_2022.svg
  • bt_youtube_on_2022.svgbt_youtube_over_2022.svg
  • bt_instagram_on_2022.svgbt_instagram_over_2022.svg
The Korea Times
amn_close.png
amn_bl.png
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
amn_bl.png
Business
  • Tech
  • Bio
  • Companies
amn_bl.png
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
amn_bl.png
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to President
  • Letter to the Editor
amn_bl.png
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
amn_bl.png
Entertainment & Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
amn_bl.png
Sports
amn_bl.png
World
  • SCMP
  • Asia
amn_bl.png
Video
  • Korean Storytellers
  • POPKORN
  • Culture
  • People
  • News
amn_bl.png
Photos
  • Photo News
  • Darkroom
amn_NK.png amn_DR.png amn_LK.png amn_LE.png
  • bt_fb_on_2022.svgbt_fb_over_2022.svg
  • bt_twitter_on_2022.svgbt_twitter_over_2022.svg
  • bt_youtube_on_2022.svgbt_youtube_over_2022.svg
  • bt_instagram_on_2022.svgbt_instagram_over_2022.svg
  • Login
  • Register
  • Login
  • Register
  • The Korea Times
  • search
  • all menu
  • Login
  • Subscribe
  • Photos
  • Video
  • World
  • Sports
  • Opinion
  • Entertainment & Art
  • Lifestyle
  • Finance
  • Business
  • National
  • North Korea
  • 1

    Song Joong-ki marries British woman, expects baby

  • 3

    K-pop releases for February

  • 5

    Koreans reluctant to unmask on first day of eased indoor mask rule

  • 7

    Stock-leveraged investments rise again amid bullish KOSPI

  • 9

    Itaewon music fest brings love to the healing process

  • 11

    Busan seeks to take lead in expo race after BIE's April visit

  • 13

    Retailers seek to bolster beauty product sales as lifting of mask mandate approaches

  • 15

    Biohealth geared for growth

  • 17

    Smiling flower, mushroom bomb, zombie: What do Takashi Murakami's grotesquely 'kawaii' creatures tell us?

  • 19

    Korea-US defense talks likely to bring up extended deterrence

  • 2

    Korean Lunar New Year vs. Chinese Lunar New Year

  • 4

    Over 76% of South Koreans support development of nuclear weapons

  • 6

    Base taxi fare to rise by 1,000 won to 4,800 won next month

  • 8

    ANALYSISPandemic awakens demand for data-driven automation

  • 10

    SPC opens 120th Paris Baguette store in US

  • 12

    Most people masked up on 1st day of lifting of mandate rules

  • 14

    Hybe acquires 56.1 percent stake in AI sound startup Supertone

  • 16

    NK slams NATO chief's Seoul visit as 'prelude to war'

  • 18

    20 suggestions to improve Google Scholar and motivate global scholars

  • 20

    Seoul mayor accuses liberals of leading nation in wrong direction

Close scrollclosebutton

Close for 24 hours

Open
  • The Korea Times
  • search
  • all menu
  • Login
  • Subscribe
  • Photos
  • Video
  • World
  • Sports
  • Opinion
  • Entertainment & Art
  • Lifestyle
  • Finance
  • Business
  • National
  • North Korea
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
Wed, February 1, 2023 | 04:23
Markets
Hole-in-one golf insurance policy exploited by fraudsters
Posted : 2022-06-30 08:36
Updated : 2022-07-04 12:30
Anna J. Park
Print PreviewPrint Preview
Font Size UpFont Size Up
Font Size DownFont Size Down
  • facebook
  • twitter
  • kakaolink
  • whatsapp
  • reddit
  • mailto
  • link
                                                                                                 gettyimagesbank
gettyimagesbank

By Anna J. Park

Various golf-related insurance policies are thriving, as the number of frequent golfers has increased over the pandemic period in the country. While the specifics of the various insurance coverage differ according to each product, most local golf insurance policies cover injuries, damages or vehicle accidents at golf courses, as well as hole-in-one related incentive payments and costs.

As hole-in-ones for amateur golfers are extremely rare ― with only a one in 12,000 chance on average ― some local golf insurance firms either grant incentive payments to their golf insurance policy holders if they hit a hole-in-one or compensate costs incurred by the golfer due to celebrations for the hole-in-one events.

Yet, local insurance firms' benefits policies tend to have shifted towards reimbursement of costs incurred by golfers, upon submitting receipts of such costs, rather than simply granting hole-in-one congratulatory gift money. That's because a fraudulent partnership with caddies and a golfer could easily create a false verification about hitting a hole-in-one, deceiving insurance firms and thereby forcing them to cover false claims.

According to the Financial Supervisory Service (FSS), the country's financial watchdog agency, an insurance policy holder collaborated with 14 other policy holders and caddies, falsely reporting 18 cases of a hole-in-one during a three-year-period, obtaining 67 million won ($51,000) from insurance companies.

Due to such rampant fraud, insurance companies now demand receipts by policy holders, proving exactly how much they spent related to their hole-in-one events, as a prerequisite for the reimbursement of the expenditure via the insurance coverage.

However, many fraud cases have also been detected regarding deceitful reimbursements. For instance, a golf insurance policy holder allegedly paid hole-in-one congratulatory dinner costs with his card, and immediately canceled the payment. But still, he submitted the card payment receipt to his insurance company so as to be reimbursed.

These cases constitute the tip of the iceberg and are increasing both in the frequency and in the damages paid. The FSS has vowed to sternly respond to such insurance fraud cases, recently imposing punishments on 25 insurance planners from 13 local insurance companies and brokerage general agency companies earlier this month.

According to the Korea Insurance Research Institute, the total amount of fraudulent money related to insurance fraud cases stood at 943.4 billion won last year, which is up five percent year-on-year.
Emailannajpark@koreatimes.co.kr Article ListMore articles by this reporter
 
Top 10 Stories
1Korean Lunar New Year vs. Chinese Lunar New Year Korean Lunar New Year vs. Chinese Lunar New Year
2US bill introduced to honor Korean War hero US bill introduced to honor Korean War hero
3South Korea, US to expand size and content of joint military drillsSouth Korea, US to expand size and content of joint military drills
4Popular travel YouTuber recalls painful memories of being bullied at school Popular travel YouTuber recalls painful memories of being bullied at school
5Holy Moly concert series brings 4 punk bands to Haebangchon Holy Moly concert series brings 4 punk bands to Haebangchon
6Samsung refuses to cut chip output despite plunging profitsSamsung refuses to cut chip output despite plunging profits
7Yonsei University global forum Yonsei University global forum
8Cyber University of Korea offers online Korean language programs for foreignersCyber University of Korea offers online Korean language programs for foreigners
9Korea Exchange to toughen rules against unfair traders Korea Exchange to toughen rules against unfair traders
10IMF slashes Korea's 2023 economic growth outlook to 1.7%IMF slashes Korea's 2023 economic growth outlook to 1.7%
Top 5 Entertainment News
1Song Joong-ki marries British woman, expects baby Song Joong-ki marries British woman, expects baby
2K-pop releases for February K-pop releases for February
3Itaewon music fest brings love to the healing process Itaewon music fest brings love to the healing process
4Smiling flower, mushroom bomb, zombie: What do Takashi Murakami's grotesquely 'kawaii' creatures tell us? Smiling flower, mushroom bomb, zombie: What do Takashi Murakami's grotesquely 'kawaii' creatures tell us?
5Cute canine film 'My Heart Puppy' reunites Yoo Yeon-seok, Cha Tae-hyun Cute canine film 'My Heart Puppy' reunites Yoo Yeon-seok, Cha Tae-hyun
DARKROOM
  • Nepal plane crash

    Nepal plane crash

  • Brazil capital uprising

    Brazil capital uprising

  • Happy New Year 2023

    Happy New Year 2023

  • World Cup 2022 Final - Argentina vs France

    World Cup 2022 Final - Argentina vs France

  • World Cup 2022 France vs Morocco

    World Cup 2022 France vs Morocco

CEO & Publisher : Oh Young-jin
Digital News Email : webmaster@koreatimes.co.kr
Tel : 02-724-2114
Online newspaper registration No : 서울,아52844
Date of registration : 2020.02.05
Masthead : The Korea Times
Copyright © koreatimes.co.kr. All rights reserved.
  • About Us
  • Introduction
  • History
  • Contact Us
  • Products & Services
  • Subscribe
  • E-paper
  • RSS Service
  • Content Sales
  • Site Map
  • Policy
  • Code of Ethics
  • Ombudsman
  • Privacy Statement
  • Terms of Service
  • Copyright Policy
  • Family Site
  • Hankook Ilbo
  • Dongwha Group