System and Method for Insurance Underwriting and Rating
First Claim
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1. A method of determining insurability of a vehicle comprising:
- identifying a vehicle;
forming, in a physical memory of a data processing system, at least one data grouping including at least one vehicle history data variable of the identified vehicle using a processing device of the data processing system;
processing the at least one vehicle history data variable of the at least one data grouping using the processing device of the data processing system;
determining an overall value of said at least one data grouping using the processing device of the data processing system; and
calculating insurability of the identified vehicle, using the processing device of the data processing system, based on said overall value of the at least one data grouping.
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Abstract
An apparatus and method for underwriting and/or rating an insurance policy, and for generating information for underwriting and/or rating an insurance policy, are provided. The system and method may include identifying a vehicle, determining a value of at least one vehicle history data variable or a group of variables, and underwriting and/or rating the policy based on the value of the at least one vehicle history data variable or a group of variables. The system and method may also include generating a score based on the value of the at least one vehicle history data variable or group of variables.
23 Citations
35 Claims
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1. A method of determining insurability of a vehicle comprising:
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identifying a vehicle; forming, in a physical memory of a data processing system, at least one data grouping including at least one vehicle history data variable of the identified vehicle using a processing device of the data processing system; processing the at least one vehicle history data variable of the at least one data grouping using the processing device of the data processing system; determining an overall value of said at least one data grouping using the processing device of the data processing system; and calculating insurability of the identified vehicle, using the processing device of the data processing system, based on said overall value of the at least one data grouping. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17)
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18. An apparatus for determining insurability of a vehicle comprising:
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means for identifying a vehicle; means for forming at least one data grouping including at least one vehicle history data variable of the identified vehicle; means for processing the at least one vehicle history data variable of the at least one data grouping; means for determining an overall value of said at least one data grouping; and means for calculating insurability of the identified vehicle based on said overall value of the at least one data grouping. - View Dependent Claims (19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35)
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Specification