Collateral damage coverage
First Claim
1. A method for marketing collateral damage coverage to potential buyers, comprising the steps of:
- a. specifying a type of insurance policy;
b. expressing said collateral damage coverage as a function of losses paid under said type of insurance policy;
c. communicating information about said collateral damage coverage to said potential buyers;
wherein at least one of said steps is carried out at least in part by an information system.
0 Assignments
0 Petitions
Accused Products
Abstract
A method for marketing, underwriting, and adjusting damages that are associated with insured loss events but that are not covered by traditional insurance policies. This method permits the marketing of loss expense coverage, underwriting, and claim adjustment processes of insurance to be performed by reference to the loss payments that are made by a specified insurance policy. By referencing insured loss payments, which both a buyer and a seller understand, this method provides an easy way to communicate and transact something that is otherwise difficult or impossible to define or measure.
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Citations
25 Claims
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1. A method for marketing collateral damage coverage to potential buyers, comprising the steps of:
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a. specifying a type of insurance policy; b. expressing said collateral damage coverage as a function of losses paid under said type of insurance policy; c. communicating information about said collateral damage coverage to said potential buyers; wherein at least one of said steps is carried out at least in part by an information system. - View Dependent Claims (2, 3, 4, 5)
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6. A method for providing collateral damage coverage, comprising the steps of:
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a. receiving information from a buyer about an insurance policy; b. determining the amount of said collateral damage coverage that can be provided based on said information and underwriting guidelines that are determined by a seller; c. constructing a payment provision by expressing said collateral damage coverage as a function of losses paid under said insurance policy; d. determining an acceptable premium for said collateral damage coverage; e. incorporating said acceptable premium and said payment provision in a contract; f. executing said contract; and g. receiving payment for said contract. wherein at least one of said steps is carried out at least in part by an information system. - View Dependent Claims (7, 8, 9, 10, 11, 12, 13, 14, 15)
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16. A method for adjusting collateral damage claims, comprising the steps of:
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a. receiving a collateral damage claim from a buyer, said collateral damage claim comprising an identifier of a given collateral damage contract and proof of payment made under a referenced insurance policy; b. assessing the validity of said collateral damage claim by reviewing a seller'"'"'s records of valid collateral damage contracts and information about each of said contracts; c. calculating and approving a claim payment amount; d. paying said claim payment amount to said buyer; wherein at least one of said steps is carried out at least in part using an information system. - View Dependent Claims (17, 18, 19, 20, 21, 22, 23, 24, 25)
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Specification