Ambulance Chaser

Dictionary Says

Definition of 'Ambulance Chaser'

In insurance, a derogatory term for lawyers and other service providers who rush to contact persons involved in accidents with the goal of obtaining business. An ambulance chaser's incentive is often to increase the insurance payments made to victims of an accident, since many are compensated as a percentage of the settlement. On the other side, insurance companies have an incentive to settle claims quickly and for the least cost possible. 
Investopedia Says

Investopedia explains 'Ambulance Chaser'

Ambulance chasing is particularly prevalent in states where open records laws allow the general public to obtain accident reports that provide enough information to contact the drivers involved directly. In states where these records are not available, ambulance chasers may instead pursue advertising campaigns to obtain business from recent accident victims.

Sign Up For Term of the Day!

Try Our Stock Simulator!

Test your trading skills!

Related Definitions

  1. Insurance Claim

    A formal request ...
  2. Underinsured Motorist Coverage

    An auto ...
  3. Adjuster

    An insurance ...
  4. Insurance Underwriter

    A financial ...
  5. Collision Insurance

    A type of auto ...
  6. National Average Wage Index - NAWI

    An index ...
  7. 403(b) Plan

    A retirement ...
  8. Financial Intermediary

    An entity that ...
  9. Agent

    1. An individual ...
  10. Guaranteed Investment Contract - GIC

    Insurance ...

Articles Of Interest

  1. 15 Insurance Policies You Don't Need

    Learn how to save money by saying "no" to unnecessary coverage.
  2. Choosing The Best Disability Insurance

    Social Security benefits can be hard to collect. Find out why you need disability insurance to protect your income, and learn how to choose the right policy for you.
  3. Fighting The High Costs Of Healthcare

    If your employer is cutting medical benefits, a health savings account may be right for you.
  4. The History Of Insurance

    The first written policy appeared in Hammurabi's Code. Find out how it evolved from there.
  5. Understanding Your Insurance Contract

    Learn how to read one of the most important documents you own.
  6. 5 Insurance Policies Everyone Should Have

    Insurance policies come in a wide variety of shapes and sizes. Shop carefully and the right policies will go a long way towards helping you protect your assets.
  7. Market Capitalization Defined

    Find out the differences between mega-, large-, mid- and small-cap stocks and how each suits different investing styles.
  8. In Small Business, Success Is Spelled With 5 "C"s

    Incorporating these steps will help your business thrive in a competitive market.
  9. Retirement Savings Tips For 35- To 44-Year-Olds

    Learn how the "sandwich generation" can save for retirement while taking care of their kids and parents.
  10. Is Loan Protection Insurance Right For You?

    This coverage can keep you from defaulting on your loans when you're in financial trouble.

comments powered by Disqus
Recommended
Loading, please wait...
Trading Center