Fraud defines that a person has resorted to fraud and deception in order to gain advantage or benefit for himself or herself or to avoid an obligation or to cause loss to another party. The term "fraud" is used to describe offenses that include but are not limited to fraud, bribery or fraud Extortion, misappropriation, distortion of facts, concealment of fundamental facts, complicity or conspiracy. Fraud in insurance is defined as an act aimed at the unlawful or lawful benefit of the fraudster or others. Fraud is defined as an act of deception and falsification intended to gain special benefit or advantage for the party committing the fraud or for other parties, to avoid an obligation, or cause loss to another party. The term "fraud" is normally used to describe violations including, but not limited to, deception, bribery, forgery, extortion, embezzlement, misrepresentation, misdescription, non-disclosure of material facts, or conspiring. Insurance fraud is defined as an act intended to gain dishonest or unlawful advantage for the party committing the fraud or for other parties.Fraud may take any of the following forms: -Misappropriation of funds and assets of the company.