Insurance deductible payment plans and related services

• US 20070100668A1
• Filed: 10/28/2005
• Published: 05/03/2007
• Est. Priority Date: 10/28/2005
• Status: Abandoned Application

• Current Assignee: Torry Webb
• Original Assignee: Torry Webb
• Inventors: Webb, Torry
• Application Number:
  US11/262,160
• Publication Number:
  US 20070100668A1
• Time in Patent Office: Days
• US Class Current: 705/4
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/08 Insurance

Abstract

A method for providing an insurance deductible payment service includes a service provider receiving contributions from a client and limiting the client'"'"'s rights to the contributions to withdrawal for the purpose of paying an insurance deductible. As a result of an deductible assessed to the client, the method includes making an advance of contributions, as a loan, to pay at least a portion of the deductible. The method may include educating a client regarding financial management benefits potentially obtained by increasing a collision deductible and entering an agreement with the client to provide payment services. A method for initiating a payment service contract includes presenting to a potential client an offer of a service provider to receive one or more contributions as above. The presentation includes an offer to make an advance of contributions, as a loan, to pay at least a portion of the deductible.

Claims

1. A method for providing an insurance deductible payment plan and related services comprising a service provider:

receiving one or more contributions from a client and limiting the client'"'"'s rights to the contributions to withdrawal for the purpose of paying a specified insurance deductible; and

as a result of an insurance deductible assessed to the client by an insurance carrier, making an advance of contributions, as a loan, to pay at least a portion of the insurance deductible.

2. The method of claim 1 wherein the insurance deductible is an automobile insurance collision deductible.

3. The method of claim 1 wherein the service provider is not an insurance carrier.

4. The method of claim 1 wherein the contributions are monthly contributions.

5. The method of claim 1 further comprising limiting the client'"'"'s rights to the contributions to exclude trustor and trust beneficiary rights.

6. The method of claim 1 further comprising obtaining the client'"'"'s authorization to use the contributions to acquire and retain every kind of property and investment.

7. The method of claim 1 further comprising obtaining the client'"'"'s agreement that no obligation exists to pay the client any interest on the contributions.

8. The method of claim 1 further comprising obtaining the client'"'"'s agreement that no obligation exists to pay to or apply for the benefit of the client any gross or net income generated by investment of the contributions.

9. The method of claim 1 wherein advances are made only to an automobile service center with no exception being made for collision repairs not reported in a claim to the insurance carrier.

10. The method of claim 1 wherein the contributions occur during a service duration agreed to by the client and the method further comprises disbursing contributions after obtaining client'"'"'s confirmation of continuing the service for the remaining duration.

11. The method of claim 1 further comprising not accruing interest on the loan.

12. The method of claim 1 further comprising not assessing fees or loan interest to the client as long as the client continues any required contributions and any required repayment of advanced contributions.

13. The method of claim 1 wherein the advance pays the entire insurance deductible.

14. The method of claim 1 further comprising, upon termination of the service, assessing to the client a management fee the amount of which decreases with increasing length of service.

15. The method of claim 14 further comprising reducing the management fee to zero for termination due to exceptional circumstances.

16. A method for providing an insurance deductible payment plan and related services comprising a service provider:

receiving one or more monthly contributions from a client and limiting the client'"'"'s rights to the contributions to withdrawal for the purpose of paying an automobile insurance collision deductible;

limiting the client'"'"'s rights to the contributions to exclude trustor and trust beneficiary rights;

obtaining the client'"'"'s authorization to use the contributions to acquire and retain every kind of property and investment;

obtaining the client'"'"'s agreement that no obligation exists to pay the client any interest on the contributions;

obtaining the client'"'"'s agreement that no obligation exists to pay to or apply for the benefit of the client any gross or net income generated by investment of the contributions;

as a result of an insurance deductible assessed to the client by an insurance carrier, making an advance of contributions, as a loan, to pay the entire insurance deductible, the advance being made only to an automobile service center with no exception being made for collision repairs not reported in a claim to the insurance carrier;

not assessing fees or loan interest to the client as long as the client continues any required contributions and any required repayment of advanced contributions; and

upon termination of the service, assessing to the client a management fee the amount of which decreases with increasing length of service.

17. A method for providing an insurance deductible payment plan and related services comprising:

educating a client regarding financial management benefits potentially obtained by increasing an automobile insurance collision deductible; and

entering a written, mutual agreement with the client to provide an insurance deductible payment plan and related services, the agreement including;

a promise to receive one or more monthly contributions from a client whose rights to the contributions are limited under the agreement to withdrawal for the purpose of paying the collision deductible; and

a promise to make an advance of contributions, as a 0% interest loan, to pay at least a portion of the collision deductible when assessed to the client by an insurance carrier.

18-26. -26. (canceled)

27. A method for initiating a contract for an insurance deductible payment plan and related services comprising presenting to a potential client an offer of a service provider to:

receive one or more contributions from a client whose rights to the contributions are limited in a contract to withdrawal for the purpose of paying an insurance deductible; and

make an advance of contributions, as a loan, to pay at least a portion of the insurance deductible when assessed to the client by an insurance carrier.

28. The method of claim 27 wherein presenting the offer is performed by an independent agent of the service provider.

39. The method of claim 27 wherein the contract states a duration of continuing until termination.

29-38. -38. (canceled)

40. (canceled)