Monetary claim settlement method
First Claim
1. A method for implementing satisfaction of a settlement of a claim between a claimant and another settling party on agreed to settlement on terms including a monetary amount, comprising:
- a settlement processing entity receiving the settlement terms and their acceptance by the claimant and settling party, including receiving an executed release by claimant of the other settling party and a payment of at least a portion of the monetary amount to be paid to the claimant on behalf of the other party;
the settlement processing entity initiating the transfer to the claimant of at least one voucher having a stated redemption value and, if required, an electronic transfer of settlement funds in an amount such that the total of the voucher redemption value and funds transferred exceeds said monetary amount; and
the settlement processing entity paying a vendor obligated to redeem the voucher an amount less than the voucher'"'"'s stated redemption value for the voucher.
1 Assignment
0 Petitions
Accused Products
Abstract
The present invention relates to the satisfaction of an agreed to monetary settlement of a claim and provides claimants with the ability to electronically execute claims settlements, including releases, and for the issuance to the claimant, preferably electronically, of redeemable vouchers for at least a portion of the settlement amount and for the immediate transfer of funds for any remainder of the settlement amount to the claimant. In the presently preferred embodiment of the invention, a settlement processing entity is utilized to receive the proposed settlement terms and their acceptance, electronically receive the execution of any release by the claimant, and to initiate the electronic transfer of at least one voucher having a stated redemption value and, if required, settlement funds, the total of which exceeds the settlement amount, to the claimant after acceptance and electronic execution by the claimant of any release. In the preferred embodiment of the invention, the settlement processing entity pays a vendor obligated to redeem the voucher an amount less than the voucher'"'"'s stated redemption value for the voucher. In further embodiment of the invention, the settlement processing entity receives a total monetary payment from the funding entity in satisfaction of the funding obligation which is less than the monetary settlement amount.
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Citations
15 Claims
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1. A method for implementing satisfaction of a settlement of a claim between a claimant and another settling party on agreed to settlement on terms including a monetary amount, comprising:
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a settlement processing entity receiving the settlement terms and their acceptance by the claimant and settling party, including receiving an executed release by claimant of the other settling party and a payment of at least a portion of the monetary amount to be paid to the claimant on behalf of the other party;
the settlement processing entity initiating the transfer to the claimant of at least one voucher having a stated redemption value and, if required, an electronic transfer of settlement funds in an amount such that the total of the voucher redemption value and funds transferred exceeds said monetary amount; and
the settlement processing entity paying a vendor obligated to redeem the voucher an amount less than the voucher'"'"'s stated redemption value for the voucher. - View Dependent Claims (2, 3, 4, 5)
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6. A method for implementing satisfaction of a settlement of a monetary claim agreed to by a first party and a second party comprising:
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(a) the second party providing a third party with details of the monetary settlement and a source for funding the monetary settlement;
(b) the third party assigning a claim settlement identification number to the settlement details;
(c) the third party communicating with the first party to provide the first party with the claim identification number and the option to either receive the agreed monetary settlement in full or to receive at least a part of the monetary settlement in the form of vouchers which can be redeemed for goods and/or services;
(d) the first party electing either to receive the agreed monetary settlement in full or to receive at least a part of the monetary settlement in the form of vouchers and informing the third party of the election and if vouchers are elected, the portion of the monetary settlement to be paid in vouchers; and
(e) the third party withdrawing funds from the funding source and paying the monetary settlement by transmitting vouchers to the first party and/or transferring funds to the first party, in accordance with the election made by the first party, directly to the first party and/or to an account for the benefit of the first party, as directed by the first party. - View Dependent Claims (7, 8, 9, 10, 11)
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12. A method for implementing satisfaction of an insurance claim in which a total dollar amount for the loss is agreed to be paid as satisfaction in full of the claim in return for the execution a release comprising the steps of:
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a claims representative of the carrier submitting the claim information to a settlement processing entity data system by computer over an electronic network;
the system assigning a claim identification number (“
CIN”
) to the claim;
the CIN being downloaded into the carrier'"'"'s computerized claims system;
the claims representative being notified of the CIN and a URL for accessing the claim on the system;
funds in an amount equal to the loss amount being wire transferred by the carrier from an account to a trust account maintained by the system;
the claims rep notifying the claimant of the availability of the loss payment in full from the System, and providing claimant with the CIN and the URL for the system web site;
the claimant utilizing the URL and the quasi-public network to access the system web site and submit the following information as matching criteria;
a. The CIN b. Claim number c. Name of insured d. Carrier e. Date of loss f. Zip code;
the system uploading and verifying the matching criteria, then allowing the claimant to enter the system web site;
the System providing the claimant with information regarding ACH transfers, wire transfers and vouchers that are available from System, affiliated vendors, and other businesses and permitting the claimant to choose to receive funds in one or more of the following ways;
a. Checks b. ACH transfers c. Wire transfers d. Vouchers e. Combinations of any or all of the above;
and providing the claimant with a form of a release for electronic execution, the claimant executing the release; and
the system disbursing the settlement funds to the claimant in accordance with the options selected by the claimant. - View Dependent Claims (13, 14, 15)
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Specification