System and methods for card payment instrument with rebate applied to an insurance premium
First Claim
1. A card based payment system for providing insurance premium rebates based on card usage:
- a plurality of credit or debit cards issued by a card issuer that are associated with insurance accounts;
a card issuer system for processing transactions and maintaining an accounting of card usage including a usage rebate balance;
an insurance concern associated with said insurance accounts; and
means for said card issuer and said insurance concern to apply the usage rebate balance to an insurance premium for a cardholder.
1 Assignment
0 Petitions
Accused Products
Abstract
An apparatus and method for a card payment instrument providing that a percentage of consumer spending is rebated to the consumer for payment of premiums or the like for an account with an insurance company. In one version, an applicant provides a benefiting insurance account number to which the rebate is credited based on the rebate amount. The rebate is automatically submitted by the card issuer to the insurance account and, depending on the sizes of the rebate and premium, the cardholder may receive a bill reflecting a reduced premium or even a credit from the insurance concern. In another version, the rebate is submitted as a two-party check which can be cashed by the consumer or submitted by the consumer to the insurance company for cashing.
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Citations
20 Claims
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1. A card based payment system for providing insurance premium rebates based on card usage:
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a plurality of credit or debit cards issued by a card issuer that are associated with insurance accounts;
a card issuer system for processing transactions and maintaining an accounting of card usage including a usage rebate balance;
an insurance concern associated with said insurance accounts; and
means for said card issuer and said insurance concern to apply the usage rebate balance to an insurance premium for a cardholder. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8)
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9. A credit or debit card instrument for encouraging cardholders to maintain the card account and an insurance account associated therewith, comprising:
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a credit or debit card;
a card account number physically or electronically affixed to said card; and
an insurance account associated with said card account whereby rebate funds to be applied thereto are generated based on usage of said card;
- View Dependent Claims (10)
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11. A method for providing a card that generates a rebate to be applied to an insurance account based on card usage:
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providing a card account that is associated with an insurance account;
maintaining data of card usage;
computing a rebate that is a function of card usage; and
issuing said rebate for application to said insurance account. - View Dependent Claims (12, 13, 14, 15, 16, 17, 18, 19, 20)
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Specification