Claims paid insurance
First Claim
Patent Images
1. A method for insuring a property or casualty loss of a party with a claims paid insurance policy, the method comprising:
- determining a claims paid insurance premium for the insured party;
charging the premium to the insured party;
obligating the insured party to pay the premium without an opportunity to cancel the policy;
receiving payment of the premium from the insured party; and
assuming liability for a claim against the insured party responsive to the claim being resolved.
1 Assignment
0 Petitions
Accused Products
Abstract
A system, method, and device for indemnifying an insured party in a claims paid insurance policy. A premium allocation module determines a claims paid insurance premium for the insured party and a database module charges the premium to the account of the insured party. A policy operations module obligates the insured party to pay the assessed premium without an opportunity to cancel the policy after assessment. Although the insurer defends a claim against the insured party, the insurer is not responsible for the indemnity liability until the claim is resolved.
-
Citations
15 Claims
-
1. A method for insuring a property or casualty loss of a party with a claims paid insurance policy, the method comprising:
-
determining a claims paid insurance premium for the insured party;
charging the premium to the insured party;
obligating the insured party to pay the premium without an opportunity to cancel the policy;
receiving payment of the premium from the insured party; and
assuming liability for a claim against the insured party responsive to the claim being resolved. - View Dependent Claims (2, 3, 4, 5, 6, 7)
-
-
8. A method for providing a claims paid insurance product, the method comprising:
-
evaluating a risk pool object model to identify collective risk for a group of entities;
evaluating a cost object model to forecast expenditures based on claims asserted against the group of entities; and
generating a risk analysis for evaluating a reserve funding amount based on the risk pool object model and the cost object model.
-
-
9. A system for insuring a property or casualty loss of a party with a claims paid insurance policy, the system comprising:
-
a premium allocation module configured to determine a claims paid insurance premium for the insured party;
a database module configured to charge the premium to the insured party; and
a policy operations module operatively coupled to the database module and configured to obligate the insured party to pay the premium without an opportunity to cancel the policy, and configured to receive payment of the premium from the insured party, and further configured to assume liability for a claim against the insured party responsive to the claim being resolved. - View Dependent Claims (10, 11, 12, 13, 14)
-
-
15. A computing device for modeling a claims paid insurance product, the computing device comprising:
-
a risk pool module configured to identify collective risk for a group of entities;
a cost module configured to forecast expenditures based on claims asserted against the group of entities; and
a risk analysis module operatively coupled to the risk pool module and the cost module and configured to evaluate a reserve funding amount.
-
Specification