DEFINITION of 'Identity Fraud Reimbursement Program'

A financial product that offers reimbursment for the costs associated with having been a victim of identity theft. These costs may include getting affidavits notarized for police and financial institutions, postage for sending certified mail to police and financial institutions, lost earnings resulting from time spent recovering one's identity, and legal fees.

BREAKING DOWN 'Identity Fraud Reimbursement Program'

In addition to providing monetary compensation, these programs often provide a wealth of information to victims on the steps they need to take to resolve the matter and clear up their credit reports. These programs tend to provide reimbursement ranging from $10,000 to $25,000 and can usually be purchased individually for around $25 to $50 annually. They may also be offered as an employee benefit or as an add-on product to other types of insurance. Some homeowners' insurance companies include this protection in their standard policies.

RELATED TERMS
  1. Identity Theft

    Identity theft is the crime of obtaining the personal or financial ...
  2. Medical Identity Theft

    Stealing another person’s health insurance information so that ...
  3. Synthetic Identity Theft

    Synthetic identity theft is a type of fraud in which a criminal ...
  4. Affidavit Of Loss

    An affidavit of loss contains details regarding the physical ...
  5. Before Reimbursement Expense Ratio

    The before reimbursement expense ratio measures the operating ...
  6. Accountable Plan

    An accountable plan is a plan that follows IRS regulations for ...
Related Articles
  1. Tech

    Millennials at Higher Risk of Identity Theft

    Tech savvy Millenials are particularly prone to becoming a victim of identify theft.
  2. Personal Finance

    What To Do If Your Identity Is Stolen

    Having your identity stolen is a nightmare. If you are ever faced with the situation, use these steps to alleviate the problem.
  3. Financial Advisor

    The Best Identity Theft Protection May Be Free

    With personal data breaches now a part of our daily lives, here are a few ways to truly protect your identity on your own.
  4. Tech

    Avoid Becoming An Identity Thief's Next Victim

    Use these 7 techniques to keep yourself under the radar and out of the way of identity thieves.
  5. Insights

    5 Overlooked Places Where Your Identity Can Be Stolen

    Identity theft affects many Americans, and are often caught off guard. These are 5 places thieves target.
  6. Tech

    6 Tips for Protecting Your Identity

    Taking these six steps can help prevent you from falling victim to a data breach.
  7. Taxes

    How To Safeguard Your Tax Returns From Identity Theft

    Identity thieves love tax season. In 2012, there were 13 million victims of identity theft. As easy as it is for thieves to steal your information, there are also simple measures you can take ...
  8. Personal Finance

    Identity Theft: How to Avoid it

    Don't be a victim of this disturbing crime. Get insight into how perpetrators commit this form of fraud.
  9. Tech

    5 Ways to Avoid Identity Fraud

    Identity theft was the number one consumer complaint in 2014. Here are some ways you can protect yourself.
  10. Tech

    Protect Your Kids Against Identity Theft

    Children have valid Social Security numbers and no debt, which makes them ideal targets. Here’s what parents can do to prevent a scam.
RELATED FAQS
  1. Are Flexible Spending Account (FSA) items tax deductible?

    Learn how contributions from a Flexible Spending Account (FSA) are not subject to taxation; however, the expenses paid from ... Read Answer >>
  2. How Can Institutional Holdings Be More Than 100%?

    No entity can own more than 100% of a company's outstanding shares, but it can be reported that way. Read Answer >>
  3. What is the difference between a compiled and a certified financial statement?

    All publicly-traded companies are required to provide financial statements, including a balance sheet, cash flow statement ... Read Answer >>
Trading Center