SYSTEM FOR MAINTAINING AN ESCROW ACCOUNT FOR REIMBURSING ADMINISTRATORS OF PAYMENTS
1 Assignment
0 Petitions
Accused Products
Abstract
A loss ledger system to process third party fund requests on a daily basis, track historical requests, process validation on each request, maintain suspense/escrow and loss ledgers, and provide reconciliation assistance for accounting and claims processing departments. Additionally, the loss ledger system provides management reports, interfaces, security, audit and control and data conversion to facilitate minimizing escrowed resources, fraudulent activity and clerical errors.
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Citations
30 Claims
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1-10. -10. (canceled)
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11. A system for maintaining an escrow account associated with a third party administrator or TPA, the system comprising:
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(a) a capture tool that provides a company with an ability to; (i) receive, format and compile data files from the TPA; (ii) receive, format and compile data files from a bank holding the escrow account; and (iii) create relational databases interrelating records in the data files by the TPA, the escrow account and claim numbers; and (b) a reconciliation tool that provides the company with an ability to; (i) analyze the databases created by the capture tool; and (ii) identify claims that are outstanding against the escrow account in order to insure efficient funding of the escrow account. - View Dependent Claims (12, 13, 14, 15, 16, 17)
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18. A system for maintaining an escrow account associated with an insurance third party administrator (TPA), the system comprising:
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a holding company having a plurality of insurance carriers, each insurance carrier having respective transactions associated therewith, the transactions being related to a claim of a respective holder of an insurance policy issued by the insurance carrier, wherein the holding company includes; (a) a capture tool that provides the insurance carrier with an ability to; (i) receive, format and compile TPA data files from the TPA; (ii) segregate data in the TPA data files related to the plurality of the insurance carriers based upon insurance policy data supplied in the TPA data files by the TPA; (iii) receive, format and compile bank data files from a bank holding the escrow account; and (iv) create relational databases interrelating records in the TPA and bank data files by the TPA, the escrow account and claim numbers; and (b) a reconciliation tool that provides the insurance carriers with an ability to; (i) analyze the relational databases created by the capture tool; and (ii) identify claims that are outstanding against the escrow account in order to insure efficient funding of the escrow account, wherein the outstanding claims are identified by a check number, amount, date, and insurance claim number. - View Dependent Claims (19, 20, 21, 22, 23)
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24. A system for maintaining an escrow account for an insurance carrier in a network in communication with a bank, a third party administrator (TPA), and the insurance carrier, the system comprising:
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(a) a capture tool computer connected to the network for providing the insurance carrier with an ability to; (i) receive funding requests from a TPA client computer of the TPA via the network, each fund request being an electronic record including a claim number, an amount, a check number and a check date; (ii) format and compile TPA data files based on the funding requests; (ii) receive, format and compile bank data files from a bank client computer of the bank holding the escrow account; (iii) create relational databases interrelating records in the TPA and bank data files according to the TPA, the escrow account and claim numbers; and (iv) approve the fund requests based upon the respective claim number, the amount, the check number, and the check date; and (b) a reconciliation tool computer connected to the network for providing the insurance carrier with an ability to; (i) analyze the relational databases created by the capture tool computer; and (ii) identify claims that are outstanding against the escrow account in order to insure efficient funding of the escrow account. - View Dependent Claims (25, 26, 27, 28, 29, 30)
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Specification