SYSTEM AND METHOD FOR DETERMINING A COST OF INSURANCE BASED UPON MONITORING, COLLECTING AND COMMUNICATING DATA REPRESENTATIVE OF A RISK'S PAYROLL CHARACTERISTICS
First Claim
1. A method of determining a cost of workers compensation insurance for a selected period based upon monitoring, collecting and communicating data representative of a risk'"'"'s payroll characteristics during said selected period, whereby said cost is adjustable by relating the payroll characteristics to predetermined actuarial rates, said method comprising:
- determining an initial profile and a base cost of workers compensation insurance based on said profile;
monitoring a plurality of data elements representative of payroll and business status of a risk during said selected period;
identifying and analyzing data elements among said plurality of data elements that have a pre-identified relationship to said risk'"'"'s insurability;
consolidating said analyzed data elements for identifying a surcharge or discount to be applied to the base cost; and
producing a final cost of workers compensation insurance for the selected period from the base cost and the surcharges or discounts to be billed directly to the risk based on their finance plan,wherein said risk is charged or credited to said final cost for workers compensation insurance.
2 Assignments
0 Petitions
Accused Products
Abstract
A system/method of determining a cost of workers compensation insurance for a selected period based upon monitoring, collecting and communicating data representative of a risk'"'"'s payroll characteristics during said selected period, wherein the cost is adjustable by relating the payroll characteristics to predetermined actuarial rates. The system/method: determines an initial profile and a base cost of workers compensation insurance, monitors data elements representative of payroll and business status of a risk during the selected period; identifies and analyzes data elements that have a pre-identified relationship to the risk'"'"'s insurability; consolidates the analyzed data elements for identifying a surcharge or discount to be applied to the base cost; and produces a final cost of workers compensation insurance for the selected period from the base cost.
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Citations
12 Claims
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1. A method of determining a cost of workers compensation insurance for a selected period based upon monitoring, collecting and communicating data representative of a risk'"'"'s payroll characteristics during said selected period, whereby said cost is adjustable by relating the payroll characteristics to predetermined actuarial rates, said method comprising:
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determining an initial profile and a base cost of workers compensation insurance based on said profile; monitoring a plurality of data elements representative of payroll and business status of a risk during said selected period; identifying and analyzing data elements among said plurality of data elements that have a pre-identified relationship to said risk'"'"'s insurability; consolidating said analyzed data elements for identifying a surcharge or discount to be applied to the base cost; and producing a final cost of workers compensation insurance for the selected period from the base cost and the surcharges or discounts to be billed directly to the risk based on their finance plan, wherein said risk is charged or credited to said final cost for workers compensation insurance. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11)
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12. An article of manufacture having computer readable program code executed by a computer to implement a method of determining a cost of workers compensation insurance for a selected period based upon monitoring, collecting and communicating data representative of a risk'"'"'s payroll characteristics during said selected period, whereby said cost is adjustable by relating the payroll characteristics to predetermined actuarial rates, said computer readable program code comprising:
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computer readable program code determining an initial profile and a base cost of workers compensation insurance based on said profile; computer readable program code monitoring a plurality of data elements representative of payroll and business status of a risk during said selected period; computer readable program code identifying and analyzing data elements among said plurality of data elements that have a pre-identified relationship to said risk'"'"'s insurability; computer readable program code consolidating said analyzed data elements for identifying a surcharge or discount to be applied to the base cost; and computer readable program code producing a final cost of workers compensation insurance for the selected period from the base cost and the surcharges or discounts to be billed directly to the risk based on their finance plan, wherein said risk is charged or credited to said final cost for workers compensation insurance.
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Specification