Method for writing an insurance policy entitled insured tenant leasing

• US 20060277077A1
• Filed: 11/22/2005
• Published: 12/07/2006
• Est. Priority Date: 11/22/2004
• Status: Abandoned Application

• Current Assignee: James Lee Jr. Coleman
• Original Assignee: James Lee Jr. Coleman
• Inventors: Coleman, James Lee Jr.
• Application Number:
  US11/285,793
• Publication Number:
  US 20060277077A1
• Time in Patent Office: Days
• US Class Current: 705/4
• CPC Class Codes: G06Q 10/087 Inventory or stock management, e.g. order filling, procurement or balancing against orders
• CPC Class Codes: G06Q 40/08 Insurance

Abstract

A method for writing an insurance policy and algorithm for providing a final premium amount to pay for the coverage contracted with an insurer. Discrete dollar amounts for pre-selected moving and pre-selected storage service expenses are comprised into a unit loss value amount. Data retrieved from census records and other sources comprising the number of rented (homogenous) units for a specified geographical area, and data from courthouse records comprising the number of evictions for the same specified geographical area, profit margin data and the unit loss value amount are transformed by entering the data into a spreadsheet or other data processing apparatus, comprising software used to manipulate the numerical data through a series of mathematical calculations in an algorithm, into the final premium amount utilized by the method for writing an insurance policy, enabling coverage in an insurance contract for tenant'"'"'s exposure to property (possessions) losses during the eviction.

Claims

1. A method for writing an insurance policy entitled Insured Tenant Leasing and algorithm for providing a final premium amount to pay for the coverage contracted in the policy comprising:

a) means for calculating a unit loss value amount, wherein the unit loss value amount comprises discrete dollar amounts for pre-selected moving and pre-selected storage service expenses comprised in an algorithm;

b) a means for calculating a final premium amount comprising the data retrieved from census records and other sources comprising the number of rented units in a specified geographical area;

c) a means for calculating a final premium amount comprising the data retrieved from courthouse records and other sources comprising the number of evictions in a specified geographical area;

d.) a means for calculating a final premium amount comprising profit margin data comprising a percentage over cost of insurance to cover claims, operating expenses, business costs, profits and to fulfill other actuarial requirements and;

e) the transformation of the data comprised in a, b, c and d above, by means when entered into a software application spreadsheet or other data processing apparatus comprising software used to manipulate numerical data through a series of mathematical calculations, into the final premium amount utilized by the Insured Tenant Leasing method for writing an insurance policy to enable coverage in an insurance contract for tenant'"'"'s exposure to property (possessions) losses during the eviction process.

2. The method for writing an insurance policy as recited in claim 1 entitled Insured Tenant Leasing, wherein the means for transforming data into a final premium amount comprises entering data into a software application spreadsheet or other data processing apparatus comprising software used to manipulate numerical data through a series of mathematical calculations in an algorithm or manipulation of the data manually into the final premium amount utilized by the Insured Tenant Leasing method for writing an insurance policy to enable coverage in an insurance contract for tenant'"'"'s exposure to property (possessions) losses during the eviction process.

3. The unit loss value amount of the method recited in claim 1 wherein the unit loss value amount is comprised of discrete dollar amounts for moving services and storage services charges and is used to in the algorithm to calculate a final premium amount that enables coverage in an insurance contract for tenant'"'"'s exposure to property (possession losses during the eviction process.

4. The final premium amount of the method recited in claim 1 wherein the final premium amount comprises manipulated numerical data and is arrived at by a series of mathematical calculations in an algorithm comprising the unit loss value amount recited in claim 3 and is used to enable coverage in an insurance contract for tenant'"'"'s exposure to property (possession losses during the eviction process.

5. The method of claim 1 wherein the method for writing an insurance policy providing coverage for tenant'"'"'s exposure to property losses during the eviction process comprises the unit loss value amount recited in claim 3.

6. The method of claim 1 wherein the method for writing an insurance policy providing coverage for tenant'"'"'s exposure to property losses during the eviction process comprises the final premium amount cited in claim 4.

7. The method of claim 1 wherein the final premium amount used to enable coverage in an insurance contract for tenant'"'"'s exposure to property (possessions) losses during the eviction process comprises entering the number of rented units for a specific geographical area into the algorithm that calculates the final premium amount.

8. The method of claim 1 wherein the final premium amount used to enable coverage in an insurance contract for tenant'"'"'s exposure to property (possessions) losses during the eviction process comprises entering the number of evictions for a specific geographical area into the algorithm that calculates the final premium amount.

9. The method of claim 1 wherein a machine through a series of mathematical calculations (algorithm) transforms data comprising, a unit loss value amount, a number of rented units comprising the rented units for a specified geographical area, a number of evictions comprising the number of evictions for a specified geographical area, a profit margin amount comprising a percentage over cost of insurance to cover claims and required for operating expenses, business costs, profits and to fulfill other actuarial requirements by means of entering the data into a software application spreadsheet or other data processing apparatus comprising software used to manipulate numerical data through a series of mathematical calculations, into a final premium amount utilized by an insurance product as a fee or premium to enable coverage by an insurance product for tenant'"'"'s exposure to property (possessions) losses during the eviction process.

10. The method of claim 1 wherein a machine through a series of mathematical calculations (algorithm) transforms data comprising, a unit loss value amount, a number of rented units comprising the rented units for a specified geographical area, a number of evictions comprising the number of evictions for a specified geographical., a profit margin amount comprising a percentage over cost of insurance to cover claims and required for operating expenses, business costs, profits and to fulfill other actuarial requirements by means of a software application spreadsheet or other data processing apparatus comprising software used to manipulate numerical data through a series of mathematical calculations, into the final premium amount utilized by the Insured Tenant Leasing method for writing an insurance policy to enable coverage in an insurance contract for tenant'"'"'s exposure to property (possessions) losses during the eviction process.