Why Insurance Rates Are High

摘要

In 1970 lawyer rex k. degeorge told Hartford Insurance Co. that his boat had been stolen off southern California by drug smugglers. Hartford coughed up $43,000. Over three decades DeGeorge had a lot more bad luck with insured objects. He lost three more boats, and he put in insurance claims for each. He lost baggage; his cars got stolen; his paintings disappeared; he suffered disabilities. For these mishaps he collected more than $2 million from more than a dozen insurance companies. And then he got caught. Today DeGeorge sits in federal prison following conviction on 16 felony counts related to the loss of the fourth boat. Suspended as a lawyer, he is appealing the convictions and says he is innocent of any fraud.