Insurance product

• US 20060143053A1
• Filed: 07/26/2002
• Published: 06/29/2006
• Est. Priority Date: 07/31/2001
• Status: Abandoned Application

• Current Assignee: Frederick Roelof Van Rensburg
• Original Assignee: Frederick Roelof Van Rensburg
• Inventors: Van Rensburg, Frederick Roelof
• Application Number:
  US10/541,185
• Publication Number:
  US 20060143053A1
• Time in Patent Office: Days
• US Class Current: 705/4
• CPC Class Codes: G06Q 30/06 Buying, selling or leasing transactions
• CPC Class Codes: G06Q 40/08 Insurance

Abstract

An insurance product, a method of insuring an article and an a method of compensating an insured person. The insured article is, in particular, a vehicle, motor bike or boat. An insurance product is provided comprising a policy whereby the insurer undertakes to compensate an insured person for a loss incurred as a result of the actual consideration obtainable by the insured person for an article being less than an agreed minimum consideration, when the insured person disposes of the article. The compensation is for the loss incurred as a result of the diminution in the value of an insured article due to the article having been damaged in an accident, notwithstanding that the article was competently repaired after the accident.

Claims

1. An insurance product comprising a policy whereby the insurer undertakes to compensate an insured person for a loss incurred as a result of the actual consideration obtainable by the insured person for an insured article being less than an agreed minimum consideration, when the insured person disposes of the insured article.

2. An insurance product as claimed in claim 1, in which the insured article is a motor vehicle.

3. An insurance product as claimed in claim 1, in which the compensation is for a loss incurred as a result of a diminution in the value of the insured article due to the insured article having been damaged in an accident, notwithstanding that the insured article was competently repaired after the accident.

4. An insurance product as claimed in claim 3, in which the compensation is in respect of the whole of the loss.

5. An insurance product as claimed in claim 1 in which the minimum consideration is an average price for articles of the same kind as the insured article, as determined by an independent party.

6. A method of insuring an article which includes undertaking to compensate an insured person for a loss incurred as a result of the actual consideration obtainable by the insured person for the insured article being less than an agreed minimum consideration, when the insured disposes of the insured article.

7. A method of insuring an article as claimed in claim 6 in which the compensation is for a loss incurred as a result of a diminution in the value of the insured article due to the insured article having been damaged in an accident, notwithstanding that the insured article was competently repaired after the accident.

8. A method of insuring an article as claimed in claim 6 in which the minimum consideration is an average price for articles of the same kind as the insured article, as determined by an independent third party.

9. A method of compensating which includes compensating an insured person, when the insured person disposes of an insured article, for a loss incurred as a result of the actual consideration obtainable by the insured person for the insured article being less that an agreed minimum consideration.

10. A method of compensating an insured person as claimed in claim 9 in which the compensation is for a loss incurred as a result of a diminution in the value of the insured article due to the insured article having been damaged in an accident, notwithstanding that the insured article was competently repaired after the accident.

11. A method of compensating an insured person as claimed in claim 9 in which the minimum consideration is an average price for articles of the same kind as the insured article, as determined by an independent third party.