SYSTEM AND METHOD OF MANAGING AN INSURANCE SCHEME
First Claim
1. A method of managing an insurance policy including:
- defining a plurality of mechanisms to protect an insured person from adverse financial outcomes;
receiving a selection of at least one of the plurality of mechanism from the insured person and storing the selection in a memory;
on the occurrence of an insured event, retrieving the stored selection;
calculating a basic insurance amount to be paid to the insured person based on an insurance policy of the insured person;
determining based on the stored selection of mechanisms if the insured person has suffered any adverse financial outcomes since the inception of the policy and if so then calculating a further financial protector amount to be paid to the insured person based on the stored selection of mechanisms; and
paying the basic insurance amount and further financial protector amount to the insured person or their nominated beneficiary.
1 Assignment
0 Petitions
Accused Products
Abstract
A method of managing an insurance policy includes defining a plurality of mechanisms to protect an insured person from adverse financial outcomes. A selection of at least one of the plurality of mechanism is received from the insured person and stored the selection in a memory. On the occurrence of an insured event, the stored selection is retrieved and a basic insurance amount to be paid to the insured person based on an insurance policy of the insured person is calculated. The method then includes determining based on the stored selection of mechanisms if the insured person has suffered any adverse financial outcomes since the inception of the policy and if so then calculating a further financial protector amount to be paid to the insured person based on the stored selection of mechanisms. Finally, the basic insurance amount and further financial protector amount are paid to the insured person or their nominated beneficiary.
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Citations
6 Claims
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1. A method of managing an insurance policy including:
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defining a plurality of mechanisms to protect an insured person from adverse financial outcomes; receiving a selection of at least one of the plurality of mechanism from the insured person and storing the selection in a memory; on the occurrence of an insured event, retrieving the stored selection; calculating a basic insurance amount to be paid to the insured person based on an insurance policy of the insured person; determining based on the stored selection of mechanisms if the insured person has suffered any adverse financial outcomes since the inception of the policy and if so then calculating a further financial protector amount to be paid to the insured person based on the stored selection of mechanisms; and paying the basic insurance amount and further financial protector amount to the insured person or their nominated beneficiary. - View Dependent Claims (2, 3)
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4. A system for managing an insurance policy, the system including:
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a memory for storing a policy inception interest rate level which is an interest rate level payable on debt of the insured person; an interest rate determining module to determine after the policy inception an interest rate level payable on debt of the insured person at that time; a comparator module to compare the determined interest rate level with the inception interest rate level; a calculating module to calculate a debt protector amount to be paid to the insured person if the determined interest rate level is higher than the inception interest rate level; and a payment module to pay the debt protector amount to the insured person or their nominated beneficiary on the occurrence of an insured event. - View Dependent Claims (5, 6)
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Specification