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SYSTEM AND METHOD FOR ADMINISTERING AN ADVANCED INSURANCE COMPONENT-BASED PRODUCT

  • US 20110153369A1
  • Filed: 03/26/2010
  • Published: 06/23/2011
  • Est. Priority Date: 12/22/2009
  • Status: Active Grant
First Claim
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1. An automated processing system, comprising:

  • a component storage unit storing one or more components of an insurance coverage, the one or more components having one or more associated properties defining attributes of the component and one or more values associated with the properties, wherein at least some of the components are not stand alone insurance coverages;

    a processor coupled to the component storage unit; and

    an instruction storage unit in communication with said processor and storing instructions adapted to be executed by said processor to;

    facilitate selection of a plurality of the one or more components to include in an insurance coverage product;

    combine the plurality of the one or more components within constraints of the properties and values of the individual components, wherein said selection or combination are performed in accordance with a component rule associated with the component; and

    present an insurance coverage policy based on the combination of the plurality of the one or more components.

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