Method and System for Determining Rate of Insurance
First Claim
1. A method for creating a rate plan to determine a rate of liability insurance, implemented by a plurality of software applications executing on one or more computing systems as part of a computer network system, the method comprising:
- populating a plurality fields assigned to a base premium table, a limit/retention factor table, and a shared limit credit table in a database contained in the computer network system;
populating a plurality of fields in the database assigned to a first set of risk factors applicable to generic company types;
populating a plurality of fields in the database assigned to a second set of risk factors applicable to a specific company type; and
exposing an interface to the database to permit access to the base premium table, the limit/retention factor table, shared limit credit table, first set of risk factors and second set of risk factors to calculate a resultant liability insurance premium.
1 Assignment
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Accused Products
Abstract
A method and system for determining a rate of insurance for management liability coverage which determines a base premium, a limit/retention factor, shared limit credits, and other rating considerations. The limit/retention factor, shared limit credits, and rating considerations are applied to the base premium to ascertain a resultant premium. Another aspect of the disclosure provides a method for determining a shared limit credit when insured clients purchase multiple insurance coverages in a single policy or package of policies and subject to common limit of liability.
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Citations
49 Claims
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1. A method for creating a rate plan to determine a rate of liability insurance, implemented by a plurality of software applications executing on one or more computing systems as part of a computer network system, the method comprising:
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populating a plurality fields assigned to a base premium table, a limit/retention factor table, and a shared limit credit table in a database contained in the computer network system; populating a plurality of fields in the database assigned to a first set of risk factors applicable to generic company types; populating a plurality of fields in the database assigned to a second set of risk factors applicable to a specific company type; and exposing an interface to the database to permit access to the base premium table, the limit/retention factor table, shared limit credit table, first set of risk factors and second set of risk factors to calculate a resultant liability insurance premium. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14)
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15. A method of determining a rate of insurance, implemented by a client system, a server system, and a database, that are part of a computer network system, the method comprising:
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accessing the database by the client system to obtain a base premium from one of a plurality of base premium tables stored in the database; accessing the database by the client system to obtain a limit/retention factor from a plurality of limit/retention factor tables; accessing the database by the client system to obtain determining a shared limit credit from a plurality of shared limit credit tables; accessing the database by the client system to obtain determining values for risk factors applicable to all company types; accessing the database by the client system to obtain determining values for risk factors applicable to specific company types; and calculating a resultant premium as the product of the base premium, limit/retention factor, shared limit credit, risk factors applicable to all company types, and risk factors applicable to a specific company type using at least one of a plurality of software applications. - View Dependent Claims (16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29)
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30. A method of calculating a shared limit credit using a computing system, the method comprising:
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selecting a plurality of insurance coverages that are included in an insurance policy or package of policies and share an aggregate limit of liability; selecting a first insurance coverage from the plurality of insurance coverages that are included in a policy or an insurance package, to determine a first insurance coverage shared limit credit; selecting a second insurance coverage from the plurality of insurance coverages that are included in a policy or an insurance package, as the coverage with the highest sub-limit of liability exclusive of the first insurance coverage; accessing the primary shared limit credit value from a primary shared limit credit table organized to provide shared limit credit values for a plurality of target limits and maximum limits, where a target limit is a sub-limit of the first insurance coverage and a maximum limit is a sub-limit of the second insurance coverage; selecting at least one additional insurance coverage from the plurality of insurance coverages that are included in a policy or an insurance package, that is not the first insurance coverage or the second insurance coverage; accessing an additional shared limit credit value from an additional shared limit credit table organized to provide shared limit credit values for a plurality of target limits and maximum limits, where a target limit where the target limit is the sub-limit of a first insurance coverage and an additional maximum limit is the sub-limit of each additional insurance coverage; and calculating the shared limit credit for a first insurance coverage by multiplying the primary shared limit credit by the additional shared limit credits for at least one additional insurance coverage.
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31. A system for determining a rate of liability insurance;
- the system comprising;
a database including a plurality of database tables organized to contain a rating table, a a server system disposed to provide services upon request by a client system by performing a database query to access the database tables; and a client system communicatively coupled with the server system, wherein the client system comprises; a rater spreadsheet presentation interface to permit a client request to be passed to the server system and to provide the result in the rater spreadsheet presentation interface; a rater spreadsheet application that calculates a resultant premium. - View Dependent Claims (32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44, 45, 46, 47, 48, 49)
- the system comprising;
Specification