Insurance product, rating system and method
First Claim
1. A method for underwriting an insurance policy, the method comprising the steps of:
- applying aggregate savings risk distributions to an improvement plan;
assigning a confidence level for risk acceptance; and
determining an acceptable risk acceptance value.
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Accused Products
Abstract
In the present invention, an insurance product, rating system and method generally relates to a rating and pricing system for quantifying the risk that the annual savings will not fall below specified levels associated with implementing and maintaining economic improvements. The product, system and method can be applied to various industries, including, power generation, petrochemical, manufacturing and refining facilities. The present invention comprises an insurance product rating and pricing system designed for a relatively small number of insured annually or over a multi-year term with each insured having a relatively large exposure. These savings will produce additional benefits to the client in the form of enhanced creditworthiness and resulting increased availability of financing and reduced cost of financing.
51 Citations
115 Claims
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1. A method for underwriting an insurance policy, the method comprising the steps of:
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applying aggregate savings risk distributions to an improvement plan;
assigning a confidence level for risk acceptance; and
determining an acceptable risk acceptance value. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17)
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18. A method of determining an overall loss cost component for pricing an insurance policy, the method comprising the steps of:
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calculating a loss cost component;
applying a rate-on-line loss cost requirement; and
determining an overall loss cost component based on the loss cost component and the rate-on-line lost cost requirement. - View Dependent Claims (19, 20, 21, 22, 23, 24, 25, 26, 27, 37, 38)
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28. A method of pricing an insurance policy, the method comprising the steps of:
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calculating a loss cost component;
applying a rate-on-line loss cost requirement;
determining an overall loss cost component based on the loss cost component and the company specified rate; and
applying underwriting expenses to the overall loss cost component of an insured. - View Dependent Claims (29, 30, 31, 32, 33, 34, 35, 36, 39, 40)
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41. An insurance product for an insured comprising an insurance policy, wherein the insurance policy comprises:
a declaration, wherein said declaration comprises;
a savings criteria, insuring agreement, exclusions, conditions, duties of an insurer;
duties of an insured;
disposition of a covered location, a limit of liability, definitions, and endorsements.- View Dependent Claims (42, 43, 44, 45, 46, 47, 48, 49, 50, 51, 52, 53, 54, 55, 56, 57, 58, 59)
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60. A method for establishing a rating system, comprising the steps of:
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collecting engineering data of a performance of the facility;
comparing the engineering data with industry benchmark data;
creating an implementation plan and schedule based on the comparison; and
calculating the reduction in a credit risk for an insured. - View Dependent Claims (61, 62, 63, 64, 65, 66, 67, 68, 69)
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70. An insurance product comprising:
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an insurance policy; and
an implementation plan and schedule based on criteria set forth in an economic improvement program, wherein the insurance policy guarantees a sum certain to an insured when the implementation plan and schedule is followed by the insured. - View Dependent Claims (71, 72, 73, 74, 75, 76, 77, 78)
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79. A method for insuring a sum certain payable to an insured for an industry, the method comprising the steps of:
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determining a minimum insured amount for each time period of a coverage period based on an execution of an implementation plan and schedule;
selecting a confidence level to ascertain a risk acceptable value;
determining compliance with the implementation plan and schedule; and
determining a disposition of a surplus account. - View Dependent Claims (80, 81, 82, 83, 84, 85, 86)
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87. An insurance product for an insured comprising a policy, wherein the policy comprises:
means wherein said means comprises;
a savings criteria, insuring agreement, exclusions, conditions, duties of an insurer;
duties of an insured;
disposition of a cover location, a limit of liability, definitions, and endorsements.- View Dependent Claims (88, 89, 90, 91, 92, 93, 94, 95, 96, 97, 98, 99, 100, 101, 102, 103, 104, 105, 106)
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107. An insurance product comprising:
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an insurance policy; and
means based on criteria set forth in an economic improvement means, wherein the insurance policy guarantees a sum certain to an insured when the means is followed by the insured. - View Dependent Claims (108, 109, 110, 111, 112, 113, 114, 115)
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Specification