LONG TERM CARE UNDERWRITING SYSTEM AND METHOD
First Claim
1. A method for analyzing risk for underwriting insurance, comprising:
- inputting data regarding at least one applicant for insurance, wherein at least one item of data relates to a first category and at least one item of data relates to a second category;
assigning a numerical risk factor to at least one item of data;
generating a first numerical risk score for the first category;
generating a second numerical risk score for the second category;
generating a composite risk score based on at least the first numerical risk score and the second numerical risk score; and
assigning a composite risk score to at least one applicant for insurance;
wherein the first category comprises medical conditions or severities of medical conditions and the second category comprises negative medical condition interactions.
1 Assignment
0 Petitions
Accused Products
Abstract
A system and method for analyzing risk for underwriting insurance is provided. The method may comprise: inputting data regarding at least one applicant for insurance, wherein at least one item of data relates to a first category and at least one item of data relates to a second category; assigning a numerical risk factor to at least one item of data; generating a first numerical risk score for the first category; generating a second numerical risk score for the second category; generating a composite risk score based on at least the first numerical risk score and the second numerical risk score; assigning a composite risk score to at least one applicant for insurance; wherein the first category comprises medical conditions or severities of medical conditions and the second category comprises negative medical condition interactions.
-
Citations
53 Claims
-
1. A method for analyzing risk for underwriting insurance, comprising:
-
inputting data regarding at least one applicant for insurance, wherein at least one item of data relates to a first category and at least one item of data relates to a second category; assigning a numerical risk factor to at least one item of data; generating a first numerical risk score for the first category; generating a second numerical risk score for the second category; generating a composite risk score based on at least the first numerical risk score and the second numerical risk score; and assigning a composite risk score to at least one applicant for insurance; wherein the first category comprises medical conditions or severities of medical conditions and the second category comprises negative medical condition interactions. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23)
-
-
24. A method for calibrating a model for analyzing risk for underwriting insurance, comprising:
-
assigning a rate class to an applicant for insurance, the rate class corresponding to classifications assigned to applicants; determining a numerical target that corresponds to a median of the rate class; assigning the numerical target as a composite risk score for the applicant; and solving for at least one parameter used in generating the composite risk score. - View Dependent Claims (25, 26, 27)
-
-
28. A method for analyzing risk for underwriting insurance comprising:
-
inputting data regarding at least one applicant for insurance; assigning numerical risk factors to at least one item of the data; generating a condition risk score based on the numerical risk factors assigned to input relating to medical conditions of the applicant; generating a co-morbidity risk score based on the numerical risk factors assigned to input related to negative medical conditions interactions; and generating a composite risk score based on at least the condition risk score and the co-morbidity risk score.
-
-
29. A system for analyzing risk for underwriting insurance, comprising:
-
an interface for inputting information regarding at least one characteristic of at least one applicant for insurance, wherein at least one characteristic relates to a first category and at least one characteristic relates to a second category; a database comprising values for association with or assignment to at least one characteristic of at least one applicant for insurance; and an inference engine, wherein the inference engine is configured to take the information regarding at least one characteristic of at least one applicant for insurance as input and generate an output, the output comprising a numerical composite risk score representing the risk of at least one applicant for insurance, wherein the first category comprises medical conditions or severities of medical conditions and the second category comprises negative medical condition interactions. - View Dependent Claims (30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42)
-
-
43. A system for calibrating a model for analyzing risk for underwriting insurance, comprising:
-
a means for inputting information and data; and a processor for receiving information and data; wherein the processor assigns a rate class to an applicant for insurance, the rate class corresponding to classifications assigned to applicants;
determines a numerical target that corresponds to a median of the rate class;
assigns the numerical target as a composite risk score for the applicant; and
solves for at least one parameter used in generating the composite risk score. - View Dependent Claims (44, 45, 46)
-
-
47. A system for analyzing risk for underwriting insurance comprising:
-
means for inputting data regarding at least one applicant for insurance, wherein at least one item of data relates to a first category and at least one item of data relates to a second category; means for assigning a numerical risk factor to at least one item of data; means for generating a first numerical risk score for the first category; means for generating a second numerical risk score for the second category; means for generating a composite risk score based on at least the first numerical risk score and the second numerical risk score; and means for assigning a composite risk score to at least one applicant for insurance, wherein the first category comprises medical conditions or severities of medical conditions and the second category comprises negative medical condition interactions.
-
-
48. A computer medium containing instructions for causing a processor to analyze risk for underwriting insurance, the medium comprising:
-
code for receiving data regarding at least one applicant for insurance, wherein at least one item of data relates to a first category and at least one item of data relates to a second category; code for assigning a numerical risk factor to at least one item of data; code for generating a first numerical risk score for the first category; code for generating a second numerical risk score for the second category; code for generating a composite risk score based on at least the first numerical risk score and the second numerical risk score; and code for assigning a composite risk score to at least one applicant for insurance; wherein the first category comprises medical conditions or severities of medical conditions and the second category comprises negative medical condition interactions. - View Dependent Claims (49, 50, 51, 52, 53)
-
Specification