Method and system for insuring against loss in connection with an online financial transaction
First Claim
1. A method of providing insurance against loss resulting from unauthorized transactions in connection with use by a consumer of an online financial transaction service, comprising:
- receiving a requirement for a policy structure for a master insurance policy that provides coverage for loss relating to use by the consumer of at least one online financial transaction service;
defining a plurality of account categories having an associated risk of loss for the consumer resulting from an unauthorized transaction relating to the online financial transaction service for which loss the consumer would normally have responsibility under applicable banking regulations;
ascertaining at least one of the defined account categories that corresponds to the requirement for the policy structure for the master insurance policy; and
inserting online financial transaction coverage for the defined account category that corresponds to the policy structure of the master insurance policy.
2 Assignments
0 Petitions
Accused Products
Abstract
A method and system for insuring a consumer against a loss incurred in connection with an online financial transaction service which loss occurs in the consumer'"'"'s account and for which the consumer would normally have liability under applicable banking regulations, as well as losses from fees, such as returned check fees, resulting from such unauthorized transactions. In addition to losses involving unauthorized transactions within traditional internet banking services offered commonly by banking institutions, covered losses include, for example, a loss involving a funds transfer service provider which is given access to the consumer'"'"'s account by the online consumer as part of a bill management service, a loss involving an account aggregation service provider which is given access to the consumer'"'"'s account by the online consumer as part of an account aggregation service, as well as a loss incurred in connection with an online financial transaction involving a person to person payment service.
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Citations
22 Claims
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1. A method of providing insurance against loss resulting from unauthorized transactions in connection with use by a consumer of an online financial transaction service, comprising:
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receiving a requirement for a policy structure for a master insurance policy that provides coverage for loss relating to use by the consumer of at least one online financial transaction service;
defining a plurality of account categories having an associated risk of loss for the consumer resulting from an unauthorized transaction relating to the online financial transaction service for which loss the consumer would normally have responsibility under applicable banking regulations;
ascertaining at least one of the defined account categories that corresponds to the requirement for the policy structure for the master insurance policy; and
inserting online financial transaction coverage for the defined account category that corresponds to the policy structure of the master insurance policy. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10)
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11. A system for providing insurance against loss resulting from unauthorized transactions in connection with use by a consumer of an online financial transaction service, comprising:
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means for receiving a requirement for a policy structure for a master insurance policy that provides coverage for loss relating to use by the consumer of at least one online financial transaction service;
means for defining a plurality of account categories having an associated risk of loss for the consumer resulting from an unauthorized transaction relating to the online financial transaction service for which loss the consumer would normally have responsibility under applicable banking regulations;
means for ascertaining at least one of the defined account categories that corresponds to the requirement for the policy structure for the master insurance policy; and
means for inserting online financial transaction coverage for the defined account category that corresponds to the policy structure of the master insurance policy. - View Dependent Claims (12, 13, 14, 15, 16, 17, 18, 19, 20)
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21. A method of providing insurance against loss resulting from unauthorized transactions in connection with the use by a consumer of an online service that provides online financial transactions and which service is covered by the insurance, comprising:
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receiving a master insurance policy by a service provider that provides coverage for loss involving the service provider'"'"'s online financial transaction services as stipulated within the policy;
defining a plurality of account categories having an associated risk of loss for the consumer from an unauthorized online financial transaction, for which loss the consumer would normally have responsibility under applicable banking regulations, the account categories including at least one of an online transaction-capable banking account of the consumer, an account of the consumer to which a online finds transfer service provider is given access by the consumer as part of a bill management service, accounts of the consumer to which the service provider is given access by the account-owning consumer as part of an account aggregation service, and an account of the consumer from which an online payment service provider is authorized to make payments by the consumer;
ascertaining at least one of the defined account categories that corresponds to the policy structure for the master insurance policy issued to the service provider;
inserting online financial transaction coverages for the defined account category that correspond to the policy structure of the master insurance policy, which coverage includes coverage for loss resulting from unauthorized transactions in the account for which the consumer would normally have liability under applicable banking regulations and for resulting expenses incurred by said consumer as a result of the covered unauthorized transaction.
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22. A method of providing insurance against loss in connection with an online financial transaction, comprising:
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receiving a policy requirement for a master online financial transaction insurance policy;
defining a plurality of account categories having an associated risk of loss for an account holder from an online financial transaction with the account that is normally an account holder responsibility under applicable banking regulations, the account categories including at least one of an online bank account of the account holder, an account of the account holder to which a funds transfer service provider is given access as part of a bill management service, accounts of the consumer to which the service provider is given access by the account-owning consumer as part of an account aggregation service, and an account of the account holder from which an online payment service provider is authorized to make payments;
identifying at least one of the defined account categories that corresponds to the policy requirement for the online financial transaction insurance policy; and
inserting online financial transaction coverage for the defined account category in the master online financial transaction insurance policy that corresponds to the policy requirement, which coverage includes losses resulting from unauthorized transactions in the account for which the account holder would normally have liability under applicable banking regulations and expenses of the account holder in connection with unauthorized transactions in the account for which the account holder would normally have liability under applicable banking regulations.
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Specification