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APPARATUS, SYSTEM, AND METHOD FOR FUNDING INSURANCE PREMIUM FINANCING CONTRACTS

  • US 20090276248A1
  • Filed: 04/29/2009
  • Published: 11/05/2009
  • Est. Priority Date: 04/30/2008
  • Status: Abandoned Application
First Claim
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1. A system for funding insurance premium financing contracts and loans, wherein an insurance contract is executed on behalf of an insured entity and a financing agreement is executed between said insured entity and a premium financier wherein said insured entity agrees to make periodic payments to said premium financier and said premium financier agrees to fund said insurance contract, said system comprising:

  • a contract funding host server comprising a data communications interface, and a network interface;

    a contract funding accounts database in communication with the contract funding host server through the data communications interface, said contract funding accounts database comprising a plurality of account entries, one of said account entities comprising information describing a premium payment associated with said insurance contract, an effective date of said insurance contract, a remittance date of said insurance contract, and an insurance company associated with said insurance contract;

    a data entry device in communication with said contract funding host server through said network interface, said data entry device enabling a user to enter information into said accounts database;

    wherein said contract funding host server calculates an interest amount on said premium payment for a period extending between a start date and said remittance date, wherein said start date is on or before said effective date; and

    wherein said contract funding host server initiates a premium payment from said premium financier to an insurance company responsible for said insurance contract on said remittance date.

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