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Secondary loss expense coverage

  • US 20040230460A1
  • Filed: 08/22/2003
  • Published: 11/18/2004
  • Est. Priority Date: 09/16/2002
  • Status: Abandoned Application
First Claim
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1. A method for defining loss coverage and calculating premium based on the terms of an insurance policy:

  • (a) using a contract that enables an exchange of money between two parties, where the coverage buyer is someone other than an insurer or a reinsurer, such that said exchange is determined by two functional relationships to said insurance policy, where one said functional relationship defines loss coverage as a function of the recovery under said insurance policy and the other said functional relationship calculates the premium of said contract as a function of the premium of said insurance policy, whereby simple and cost efficient coverage is provided for losses that are expensive to define or prove.

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