Insurance Transaction System and Method

• US 20090112634A1
• Filed: 10/24/2008
• Published: 04/30/2009
• Est. Priority Date: 10/24/2007
• Status: Abandoned Application

• Current Assignee: Joseph D. Koziol
• Original Assignee: Joseph D. Koziol
• Inventors: Koziol, Joseph D.
• Application Number:
  US12/257,476
• Publication Number:
  US 20090112634A1
• Time in Patent Office: Days
• US Class Current: 705/4
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange
• CPC Class Codes: G06Q 40/08 Insurance

Abstract

The present invention is a system and method of creating insurance with a switching device that limits the liability of the insurer and the potential loss of the insured.

Claims

1. A method of for providing insurance comprising the steps of:

a. creating switching devices that can be predetermined, defaulted, selected, elected, triggered, or otherwise used at various points and paths within the method, system, processes, steps, and temporalities by the parties;

b. creating and placing a policy with at least one of said switching devices;

c. preparing a policy that insures market value independent of physical change to an insured property;

d. providing a reduction of liability to an insurer, wherein said reduction of liability is a direct result of reduction of risk to said insurer by contracting to insure only during a preselected switching device.

2. The method of claim 1 for providing insurance comprising the steps of:

a. preparing an insurance policy said switching device being an on or off time periods representing discontinuous time period where a policy is on, being in force, of off, being not in force;

b. preparing a policy that insures market value independent of physical change to an insured property;

c. providing a reduction of liability to an insurer, wherein said reduction of liability is a direct result of reduction of risk to said insurer by contracting to insure only during a preselected on or off time period.

3. The method of claim 1 wherein said switching device is a policy in an odd-even category wherein said odd-even represents an odd or even numeral in the last digit of a particular year

4. The method of claim 1 wherein said switching device is scripting, temporalities, series expansion, odd-even, on-off, or combinations thereof.

5. A system stored on a computer readable medium comprising:

a. at least one user computer interface;

b. a system accessible from said computer interface;

c. creating switching devices in said system that can be predetermined, defaulted, selected, elected, triggered, or otherwise used at various points and paths within the method, system, processes, steps, and temporalities by the parties;

d. creating and placing an insurance policy with at least one of said switching devices;

e. preparing a policy that insures market value independent of physical change to an insured property;

f. providing a reduction of liability to an insurer, wherein said reduction of liability is a direct result of reduction of risk to said insurer by contracting to insure only during a preselected switching device.

6. The system of claim 5 wherein said switching device is scripting, temporalities, series expansion, odd-even, on-off, or combinations thereof.