Return-of-premium insurance system and method
First Claim
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1. An insurance method, comprising the steps of:
- (a) calculating by means of a computer a cost for a return-of-premium benefit on an insurance product, wherein the insurance product is property or casualty insurance;
(b) establishing a policy contract between an insurer and an insured wherein the policy contract comprises the return-of-premium benefit; and
(c) if the insured maintains the policy contract for a full return-of-premium term, calculating by means of a computer the difference between the total amount of all premiums paid under the policy contract and the total amount of all claims paid by the insurer to the insured under the policy contract, and refunding the difference from the insurer to the insured;
if the insured maintains the policy contract for less than the full return-of-premium term, but maintains the policy contract for at least a minimum return-of-premium term, multiplying by means of a computer the total amount of all premiums paid under the policy contract by a return-of-premium fraction;
calculating by means of a computer the difference between the fraction and the total amount of all claims paid by the insurer to the insured under the policy contract; and
refunding the difference from the insurer to the insured; and
if the insured maintains the policy contract for less than the minimum return-of-premium term, retaining all premiums paid under the policy contract.
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Abstract
An insurance method comprising a return-of-premium (ROP) benefit is disclosed. The ROP benefit is applied to property and casualty insurance and related insurance forms. The ROP benefit provides a return of all premiums after a set period of insurance, less the amount of any claims made by the insured. The policy may then be rolled over to again provide a ROP benefit to the policyholder. Fractional ROP benefit returns may be made on the policy after a minimum set period less than the full term of the policy. The ROP benefit may be provided by means of a rider to a standard property or casualty policy.
80 Citations
28 Claims
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1. An insurance method, comprising the steps of:
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(a) calculating by means of a computer a cost for a return-of-premium benefit on an insurance product, wherein the insurance product is property or casualty insurance;
(b) establishing a policy contract between an insurer and an insured wherein the policy contract comprises the return-of-premium benefit; and
(c) if the insured maintains the policy contract for a full return-of-premium term, calculating by means of a computer the difference between the total amount of all premiums paid under the policy contract and the total amount of all claims paid by the insurer to the insured under the policy contract, and refunding the difference from the insurer to the insured;
if the insured maintains the policy contract for less than the full return-of-premium term, but maintains the policy contract for at least a minimum return-of-premium term, multiplying by means of a computer the total amount of all premiums paid under the policy contract by a return-of-premium fraction;
calculating by means of a computer the difference between the fraction and the total amount of all claims paid by the insurer to the insured under the policy contract; and
refunding the difference from the insurer to the insured; and
if the insured maintains the policy contract for less than the minimum return-of-premium term, retaining all premiums paid under the policy contract. - View Dependent Claims (7, 8, 9, 10, 11)
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19. A method for offering an insurance product with a return-of-premium benefit utilizing a computer, comprising the steps of:
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(a) computing a base premium amount for a property and casualty insurance product based upon one of an input value of an insured property or a computerized risk assessment for an insured casualty risk;
(b) computing a cost for a return-of-premium benefit utilizing a return-of-premium algorithm, wherein said return-of-premium computation receives as input the base premium amount and a return-of-premium term;
(c) computing a total premium amount by adding the base premium amount to the cost for a return-of-premium benefit; and
(d) outputting an insurance product offering comprising the total premium amount. - View Dependent Claims (20, 21, 22, 23, 24, 26, 27, 28)
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Specification