System and method for insuring frequent traveler reward miles
First Claim
1. A method of redeeming insured frequent traveler miles, comprising:
- converting insured frequent traveler miles to rewards points when an event covered by a miles insurance policy occurs;
depositing the rewards points in a rewards program account associated with a customer transaction account; and
allowing redemption of at least a portion of the rewards points as payment for all or part of any type of goods or services purchase, without requiring payment of a premium after the occurrence of the covered event.
3 Assignments
0 Petitions
Accused Products
Abstract
Air miles insurance allows customers to protect the value of their reward miles when a covered airline ceases operation and those reward miles are not honored by another carrier, or if a covered airline continues to operate, but discontinues its reward program and the miles are not honored by another carrier. This air miles insurance can be associated with a particular transaction account company. The number of miles lost by an enrolled customer may be deposited into a mileage bank for the customer, which is then credited to the customer'"'"'s transaction account when an airline ticket is purchased. The number of miles may alternatively be exchanged for points in the transaction account company'"'"'s rewards program. The number of points awarded may be equal to the number of airline miles that the customer lost. The customer may then redeem the rewards points according to the rules of the rewards program.
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Citations
23 Claims
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1. A method of redeeming insured frequent traveler miles, comprising:
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converting insured frequent traveler miles to rewards points when an event covered by a miles insurance policy occurs;
depositing the rewards points in a rewards program account associated with a customer transaction account; and
allowing redemption of at least a portion of the rewards points as payment for all or part of any type of goods or services purchase, without requiring payment of a premium after the occurrence of the covered event. - View Dependent Claims (2, 3, 4, 5, 6)
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7. A method of redeeming insured frequent traveler miles, comprising:
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insuring frequent traveler miles according to a miles insurance policy;
depositing the frequent traveler miles into a customer mileage bank associated with a transaction account of the customer when an event covered by the miles insurance policy occurs;
verifying a travel-related record of charge in the transaction account of the customer upon receipt of a claim by the customer;
debiting the customer mileage bank by the number of miles to be used by the record of charge; and
crediting the transaction account of the customer with an amount of monetary funds corresponding to the number of miles used according to an exchange rate determined by the miles insurance policy. - View Dependent Claims (8, 9, 10, 11, 12)
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13. A system for redeeming insured frequent traveler miles, comprising:
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a processor; and
a memory in communication with the processor for storing a plurality of processing instructions for directing the processor to;
convert insured frequent traveler miles to rewards points when an event covered by a miles insurance policy occurs;
deposit the rewards points in a rewards program account associated with a customer transaction account; and
allow redemption of at least a portion of the rewards points as payment for all or part of any type of goods or services purchase, without requiring payment of a premium after the occurrence of the covered event. - View Dependent Claims (14, 15, 16, 17)
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18. A system for redeeming insured frequent traveler miles, comprising:
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a processor; and
a memory in communication with the processor, the memory for storing a plurality of processing instructions for directing the processor to;
insure frequent traveler miles according to a miles insurance policy;
deposit the frequent traveler miles into a customer mileage bank associated with a transaction account of the customer when an event covered by the miles insurance policy occurs;
verify a travel-related record of charge in the transaction account of the customer upon receipt of a claim by the customer;
debit the customer mileage bank by the number of miles to be used by the record of charge; and
credit the transaction account of the customer with an amount of monetary funds corresponding to the number of miles used according to an exchange rate determined by the miles insurance policy. - View Dependent Claims (19, 20, 21, 22, 23)
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Specification