METHOD AND SYSTEM FOR PROVIDING AN INSURANCE POLICY HAVING DORMANCY FEATURES
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Accused Products
Abstract
An insurance policy having a dormancy provision is provided in which the dormancy provision enables a policyholder to activate and deactivate benefits provided under the insurance policy. Also provided is a method for enabling a holder of an insurance policy with a dormancy provision to activate and deactivate benefits of an insurance policy, and includes purchasing an insurance policy having a dormancy provision and a set of associated benefits, paying premiums to maintain the set of benefits in an active state, deactivating the set of benefits; paying dormancy premiums to maintain the set of deactivated benefits in a deactivated state, and reactivating the set of deactivated benefits.
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Citations
37 Claims
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1-17. -17. (canceled)
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18. A computer-implemented system for providing an underwritten insurance policy comprising:
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a computer processor programmed to; receive underwriting data related to an entity to be insured; issue the underwritten insurance policy to the entity based on the underwriting data, wherein the insurance policy defines an active coverage state and coverage and benefits to be provided to the entity during the active coverage state, and wherein the insurance policy further defines a dormant state during which no coverage or benefits are to be provided to the entity, terms under which the dormant state can be commenced, and terms under which the active coverage state can be commenced to terminate the dormant state; place the insurance policy in the active coverage state; verify receipt of an active coverage premium and a first dormancy premium when the insurance policy is in the active coverage state, wherein verifying receipt of the first dormancy premium maintains an option of placing the insurance policy in the active coverage state into the dormant state using the underwriting data; place the insurance policy in the dormant state; and verify receipt of a second dormancy premium when the insurance policy is in the dormant state, wherein verifying receipt of the second dormancy premium maintains an option of placing the insurance policy in the dormant state into the active coverage state using the underwriting data; and an electronic database for storing the active coverage premium, and the first and second dormancy premium. - View Dependent Claims (19, 20, 21, 22, 23, 24, 25, 26, 27)
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28. A computer-implemented method for providing an underwritten insurance policy comprising:
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receive underwriting data related to an entity to be insured using a computer processor; using the computer processor to issue the underwritten insurance policy to the entity based on the underwriting data, wherein the insurance policy defines an active coverage state and coverage and benefits to be provided to the entity during the active coverage state, and wherein the insurance policy further defines a dormant state during which no coverage or benefits are to be provided to the entity, terms under which the dormant state can be commenced, and terms under which the active coverage state can be commenced to terminate the dormant state; using the computer processor to place the insurance policy in the active coverage state; using the computer processor to verify receipt of an active coverage premium and a first dormancy premium when the insurance policy is in the active coverage state, wherein verifying receipt of the first dormancy premium maintains an option of placing the insurance policy in the active coverage state into the dormant state using the underwriting data; using the computer processor to place the insurance policy in the dormant state; and using the computer processor to verify receipt of a second dormancy premium when the insurance policy is in the dormant state, wherein verifying receipt of the second dormancy premium maintains an option of placing the insurance policy in the dormant state into the active coverage state using the underwriting data; and storing the active coverage premium, and the first and second dormancy premium using an electronic database. - View Dependent Claims (29, 30, 31, 32, 33, 34, 35, 36, 37)
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Specification