Method and Apparatus for Pricing Insurance Policies
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Abstract
An insurance policy management computing system (201) stores a legally-binding insurance policy as a read-only document including the complete policy history. To facilitate revisions to the policy, the computing system (201) provides an opportunity (202) to revise an insurance policy and recalls (203) the currently legally-binding insurance policy. Since the legally-binding insurance policy is a read-only document, the computing system (201) uses the legally-binding policy to generate an editable version that is a complete copy of the legally-binding policy. Once the editable version of the insurance policy has been generated, the input revisions can be incorporated into the policy and then, the revised version of the insurance policy is saved as a read-only, now-current version of the insurance policy. The new legally-binding insurance policy has a new creation and effective dates of the various policy elements. To evaluate the insurance policy, the most recently bound legally-binding insurance policy is accessed and that document contains the currently effective policy, as well as the policy history.
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Citations
44 Claims
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1-21. -21. (canceled)
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22. An apparatus for repricing an insurance policy premium, the apparatus comprising:
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an end-user interface; a memory having stored therein an insurance policy comprised of a plurality of policy elements having corresponding effective dates and at least some of the plurality of policy elements having a fixed identifier associated therewith, wherein the fixed identifiers are consistent across various stored versions of an insurance policy such that corresponding policy elements have corresponding fixed identifiers; a processor operably coupled to the end-user interface and the memory, the processor configured to; receive revisions to a current version of the insurance policy; modify the current version of the insurance policy to create an updated version of the insurance policy; generate a policy price based on the updated version of the insurance policy by summing prorated costs for slices of the updated version, the slices based on the plurality of policy elements; and compare the policy price based on the updated version with a corresponding stored policy price corresponding to the current version of the insurance policy to determine a difference in the insurance policy premium between the current version and the updated version of the insurance policy. - View Dependent Claims (23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37)
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38. An apparatus for pricing an insurance policy premium, the apparatus comprising:
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an end-user interface; a memory having stored therein an insurance policy comprised of a plurality of policy elements having corresponding effective dates and at least some of the policy elements having a fixed identifier associated therewith, wherein the fixed identifiers are consistent across various stored versions of an insurance policy such that corresponding policy elements have corresponding fixed identifiers; a processor operably coupled to the end-user interface and the memory, the processor configured to; create a separate cost entity that represent pricing information for at least one of the policy elements, the separate cost entities having a start effective date and an end effective date that correspond to the effective dates of the policy elements upon creation; and generate a policy price based on summation of the separate cost entities. - View Dependent Claims (39)
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40. A method for pricing an insurance policy, the method comprising:
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at an insurance policy management computing system; providing an end user, via an end-user interface to the insurance policy management computing system, with an opportunity to revise a current version of an insurance policy, wherein the insurance policy comprises a plurality of policy elements having corresponding effective dates; modifying the current version of the insurance policy to create an updated version of the insurance policy, the updated version having updated policy element effective dates; generating an updated policy price based on the updated version of the insurance policy by generating slices of the policy, the slices being defined by at least one of the updated policy element effective dates; and comparing the updated policy price with a stored policy price corresponding to the current version of the insurance policy to determine a difference in insurance policy premium between the current version and the updated version of the insurance policy, wherein the updated policy price and the stored policy price are comprised of discretely stored cost entities. - View Dependent Claims (41, 42, 43, 44)
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Specification