Property/casualty insurance and techniques

• US 20050108066A1
• Filed: 10/06/2004
• Published: 05/19/2005
• Est. Priority Date: 05/08/2001
• Status: Abandoned Application

• Current Assignee: Cooperative of American Physicians Incorporated
• Original Assignee: Cooperative of American Physicians Incorporated
• Inventors: Kezirian, A. Peter Jr., Weidner, James, Preimesberg, David
• Application Number:
  US10/958,654
• Publication Number:
  US 20050108066A1
• Time in Patent Office: Days
• US Class Current: 705/4
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G06Q 40/08 Insurance

Abstract

An insurance entity, organized as a stock, mutual or reciprocal company, offers claims paid property and causality insurance. This organization offers improvements over a risk-sharing vehicle such as MPT by removing unlimited liability and by capping annual assessments, while retaining the lower cost achievable by a claims-paid policy.

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.

2. The method of claim 1, wherein determining a claims paid insurance premium further comprises:

evaluating a cost object model to forecast expenditures bases on claims asserted against a group of insured parties;

calculating an overall premium for the group of insured parties from the forecasted expenditures; and

allocating a portion of the overall premium to the insured party.

3. The method of claim 2, wherein allocating a portion of the overall premium further comprises:

applying, to the allocated portion, an adjustment factor based at least upon risk relativity, risk maturity, geographic, or policy-specific risk experience.

4. The method of claim 1, further comprising:

receiving, from the insured party, a request for renewal of the claims paid insurance policy; and

granting the request for renewal subject to the determining of the claims paid insurance premium.

5. The method of claim 1, further comprising:

performing a risk review of the insured party;

canceling the claims paid insurance policy of the insured party responsive to the risk review; and

providing tail coverage to the insured party for an open claim.

6. The method of claim 1, further comprising:

defending the claim against the insured party.

7. The method of claim 1, wherein the insured party is indemnified for a loss due to at least one of professional liability, medical professional liability, property liability, and casualty liability.