Dollar limit for insurance fraud?

I had a friend who lost her engagement ring set (or it was stolen, she’s not sure what happened) and so she took out on insurance policy for it and then reported it like two months later. All she received was a replacement ring but no money, the ring was worth about 00. My question is if they discover what she did, will they still go after her since it was such a small amount? What is the dollar limit for insurance companies taking the time to investigate fraud?
MSAD – Is there anyway she can make it right without going to court? Can she pay them back the money they paid out for the new ring?

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