System and Method for Loss Checks Payable to Secured Party and Property Owner
First Claim
1. A method for distributing insurance proceeds following a loss of property, the method comprising the steps of:
- determining the amount of insurance proceeds to distribute;
capturing banking information associated with an owner of the property;
providing a portion of the payment to a named loss payee; and
providing the residual vale to the owner of the property.
1 Assignment
0 Petitions
Accused Products
Abstract
Methods of and systems for distributing insurance proceeds from an insurer are disclosed. Insurance proceeds may be distributed to a property owner and a party with a security interest in the property. In accordance with some embodiments, the methods general comprise the steps of determining the amount of insurance proceeds to pay, capturing banking information associated with the property owner, providing the insurance proceeds to the party with a security interest in the property, removing the amount of value the party with the security interest in the property is entitled to and providing the residual value to the property owner. Systems in accordance with some embodiments of the invention general comprise a data capture device configured to capture banking information associated with the property owner, and a processor configured to provide a potion of the insurance proceeds to a first banking institution associated with the party with a security interest in the property and configured to provide the residual insurance proceeds to a second banking institution associated with the property owner.
11 Citations
40 Claims
-
1. A method for distributing insurance proceeds following a loss of property, the method comprising the steps of:
-
determining the amount of insurance proceeds to distribute; capturing banking information associated with an owner of the property; providing a portion of the payment to a named loss payee; and providing the residual vale to the owner of the property. - View Dependent Claims (2, 3, 4, 5)
-
-
6. A method of distributing insurance proceeds from an insurer to a property owner and a party with a security interest in the property using at least one computer processor over a network, the method comprising the steps of:
-
determining, by the at least one computer processor, the amount of insurance proceeds to pay using one or more calculation tools; capturing, electronically, by a wireless portable electronic device comprising a data capture device, banking information associated with the property owner, comprising electronically capturing at least the property owner'"'"'s endorsement; providing at least a portion of the insurance proceeds to the party with a security interest in the property, wherein the at least a portion of the insurance proceeds are provided from a first banking institution associated with the insurer to a second banking institution associated with the party with a security interest in the property; and providing a residual value to the property owner via the network, wherein the residual value is an amount of insurance proceeds, determined by the one or more calculation tools, that the party with a security interest in the property is not entitled to and providing the residual value to the property owner comprises providing the residual value to a third banking institution associated with the property owner. - View Dependent Claims (7, 10, 11, 14, 15, 16, 17, 19, 20, 21, 22, 23, 24, 25, 26, 27, 35, 37, 38)
-
-
8. (canceled)
-
9. (canceled)
-
12. (canceled)
-
13. (canceled)
-
18. (canceled)
-
28. A handheld device for capturing banking information associated with an owner of insured property subjected to a loss, comprising:
-
a wireless communication module, wherein the communication module communicates with an processor at an insurance company at a remote location; a data input module, wherein the data input module comprises a machine reader; and a display screen. - View Dependent Claims (29, 30)
-
-
31. A system for distributing insurance proceeds from an insurer to a property owner and a party with a security interest in the property, wherein the system comprises:
-
a wireless, portable electronic data capture device, configured to capture banking information associated with the property owner, wherein the captured banking information comprises capturing at least an electronic endorsement from the property owner; and a computer processor, configured to provide a portion of the insurance proceeds, determined using one or more calculation tools, to a first banking institution associated with the party with a security interest in the property, wherein the insurance proceeds are provided from a first banking institution associated with the insurer to a second banking institution associated with the party with a security interest in the property, and configured to provide residual insurance proceeds to a third banking institution associated with the property owner. - View Dependent Claims (32, 33, 34, 36, 39, 40)
-
Specification