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Dwayne B.
Dwayne B., Lawyer
Category: Consumer Protection Law
Satisfied Customers: 33918
Experience:  Practicing for over 20 years and handled many cases and trials for consumers.
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Does the prize winner have to a 1% insurance fee funds won

Customer Question

Does the prize winner have to a 1% insurance fee for any funds won over 10,000.00 dollars?
Submitted: 1 year ago.
Category: Consumer Protection Law
Expert:  Dwayne B. replied 1 year ago.

Hello and thank you for contacting us. This is Dwayne B. and I’m an expert here and looking forward to assisting you today. If at any point any of my answers aren’t clear please don’t hesitate to ask for clarification. Also, I can only answer the questions you specifically ask and based on the facts that you give so please be sure that you ask the questions you want to ask and provide all necessary facts. Please note: This is general information for educational purposes only and is not legal advice. No specific course of action is proposed herein, and no attorney-client relationship or privilege is formed by speaking to an expert on this site. By continuing, you confirm that you understand and agree to these terms.

Has someone told you that you won something but you have to pay for something in advance to get it?

Customer: replied 1 year ago.
A one percent insurance fee.
Expert:  Dwayne B. replied 1 year ago.

It's a scam. Any time they ask for money up front for you to get money it is a scam.

This one varies, sometimes it is taxes they are asking for, sometimes it's attorney's fees, al lof that varies but the one clear sign is that they are asking for money before you can get money.

They usually ask that you send then money via MoneyGram or Western Union, Green Dot card, or Money Pak Card. They use that because it can't be reversed or tracked.

Expert:  Dwayne B. replied 1 year ago.

But, to answer your question, there is no law that requires you to buy an insurance policy to collect on any type of winnings.

Expert:  Dwayne B. replied 1 year ago.

There is a web page from the FTC at

If your question has been answered then I'd offer my best wishes to you and ask that you please not forget to leave a Positive Rating so I receive credit for my work.

Of course, please feel free to ask any follow up questions in this thread. I want to be sure that all of your questions are answered. In addition, once you issue your Positive Rating the question will lock open and no longer time out so you can come back to it anytime in the future if you think of any follow ups.