Insurance premium refund incentive program
First Claim
1. A method for incentivising an insurance policy for consumers, comprising:
- a. providing an insurance policy for an insured consumer in return for a premium payment;
b. according to the policy, receiving at least a portion of the premium in trust on behalf of the insured; and
c. upon expiration of the policy, returning said portion of the premium received in trust to the insured if no claim has been made on the policy.
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Accused Products
Abstract
The present invention is an insurance premium refund incentive program for consumers. Under the program, a portion of the premium, known as a “premium deposit”, typically a percentage of the premium, is received by the insurance company from the insured consumer, and held on behalf of the insured by the insurance company during the term of the policy. This “deposit” generates an agreed rate of return, and is available for refund to the insured if no claims are made and, optionally, if other prescribed conditions are met. These other conditions may be designed to encourage behavior which tends to result in reduced claims, for example, good nutrition and exercise habits for a health policy. This way, the insurance company is provided with an enhanced cash flow, and the consumer is provided with a personalized incentive to engage in behavior which tends to minimize claims.
58 Citations
3 Claims
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1. A method for incentivising an insurance policy for consumers, comprising:
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a. providing an insurance policy for an insured consumer in return for a premium payment;
b. according to the policy, receiving at least a portion of the premium in trust on behalf of the insured; and
c. upon expiration of the policy, returning said portion of the premium received in trust to the insured if no claim has been made on the policy. - View Dependent Claims (2, 3)
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Specification