INVENTORY AND PRICING METHOD AND COMPUTER PROGRAM PRODUCT

• US 20140316824A1
• Filed: 03/25/2014
• Published: 10/23/2014
• Est. Priority Date: 03/25/2013
• Status: Active Application

• Current Assignee: Howard Tkatch
• Original Assignee: Howard Tkatch
• Inventors: Tkatch, Howard
• Application Number:
  US14/224,527
• Publication Number:
  US 20140316824A1
• Time in Patent Office: Days
• US Class Current: 705/4
• CPC Class Codes: G06Q 30/0283 Price estimation or determination
• CPC Class Codes: G06Q 40/08 Insurance

Abstract

Methods for processing a claim between a claimant and an administrator divide the claim process into a series of discrete actions. The users may produce an itemized inventory of all property related to the claim by documenting the property and categorizing it based on a hierarchical organization system. Once the itemized inventory is produced, the users may generate pricing data to associate monetary values with the property items. In the context of an insurance claim, the parties may thereafter negotiate a compensation amount to be delivered to the insured claimant, who may use the compensation amount to repurchase the various property items listed in the itemized inventory. In the context of a bankruptcy or other matter, the itemized inventory and pricing data provide information as to potential debt payoff and asset valuation. A computer program product is disclosed with a program module having instructions for running the aforementioned methods.

Claims

1. A method for documenting personal property and associated monetary values for a claim between a claimant and an administrator, the method comprising the steps of:

obtaining an itemized inventory by documenting each item related to the claim;

generating pricing data from at least one valuation source for at least one item of the itemized inventory

associating a monetary value with the at least one item of the itemized inventory based on the pricing data corresponding to the at least one item;

adjusting the monetary value of the at least one item of the itemized inventory as necessary based on at least one identifiable characteristic of the at least one item; and

verifying that the claimant and the administrator have each approved the itemized inventory and the monetary value of the at least one item of the itemized inventory,

wherein if, by said verifying step, the claimant and the administrator have not each approved the itemized inventory and the monetary value of the at least one item of the itemized inventory, the claimant and the administrator may repeat at least one of said obtaining step, said generating step, and said associating step until each has approved the itemized inventory and the monetary value of the at least one item of the itemized inventory.

2. The method of claim 1, wherein the documenting of said obtaining step may be undertaken by at least one of barcode scanning the at least one item, video recording a walkthrough of a location in which the at least one item is located, photographing images of the at least one item, recording an oration of the at least one item, and utilizing a computer application to draft a list of the at least one item.

3. The method of claim 1, wherein the at least one item may be organized within the itemized inventory based on at least one preloaded category used to define the at least one item.

4. The method of claim 1, wherein the pricing data of said generating step is obtained using at least one of at least one application programming interface for the at least one valuation source, a product-centered price listing, a merchant-centered price listing, a crowd sourcing service, and a standard price aggregation.

5. A method for processing an insurance claim between an insured party and an insuring party, the method comprising the steps of:

obtaining an itemized inventory by documenting each item related to the insurance claim;

generating pricing data from at least one valuation source for at least one item of the itemized inventory

associating a monetary value with the at least one item of the itemized inventory based on the pricing data corresponding to the at least one item;

verifying that the insured party and the insuring party have each approved the itemized inventory and the monetary value of the at least one item of the itemized inventory;

delivering an initial reimbursement by calculating an initial compensation amount and thereafter transmitting an initial negotiable instrument for the initial compensation amount;

completing at least one transaction to purchase a replacement for the at least one item of the itemized inventory at a sales price using the initial compensation amount; and

maintaining a sales record from the at least one transaction, the sales record including a sales price,

wherein if, by said verifying step, the insured party and the insuring party have not each approved the itemized inventory and the monetary value of the at least one item of the itemized inventory, the insured party and the insuring party may repeat at least one of said obtaining step, said generating step, and said associating step until each has approved the itemized inventory and the monetary value of the at least one item of the itemized inventory.

6. The method of claim 5, wherein said maintaining step further comprises the steps of:

ascertaining a revised itemized inventory by identifying the at least one item of the itemized inventory that was not replaced during said completing step;

negotiating an additional reimbursement by calculating an additional compensation amount and thereafter transmitting an additional negotiable instrument for the additional compensation amount; and

finalizing at least one transaction to purchase a replacement for the at least one item of the revised itemized inventory at a revised sales price using the additional compensation amount.

7. The method of claim 6, wherein the method further comprises the step of computing a remaining replacement cost, the remaining replacement cost equaling the sum of the monetary value of the at least one of item of the revised itemized inventory, said computing step occurring after said maintain step, and

wherein if the additional compensation amount is less than the remaining replacement cost, the insured party and the insuring party may repeat said maintaining step in order to calculate a corrected compensation amount and thereafter transmit a corrected negotiable instrument for the corrected compensation amount.

8. The method of claim 5, wherein the method further comprises the step of adjusting the monetary value of the at least one item of the itemized inventory as necessary based on at least one identifiable characteristic of the at least one item, said adjusting step occurring in between said associating step and said verifying step.

9. The method of claim 5, wherein the documenting of said obtaining step may be undertaken by at least one of barcode scanning the at least one item, video recording a walkthrough of a location in which the at least one item is located, photographing images of the at least one item, recording an oration of the at least one item, and utilizing a computer application to draft a list of the at least one item.

10. The method of claim 5, wherein the at least one item may be organized within the itemized inventory based on at least one preloaded category used to define the at least one item.

11. The method of claim 5, wherein the pricing data of said generating step is obtained using at least one of at least one application programming interface for the at least one valuation source, a product-centered price listing, a merchant-centered price listing, a crowd sourcing service, and a standard price aggregation.

12. The method of claim 5, wherein the sales record of said maintain step is a sales receipt.

13. A computer program product embodied on a storage medium for processing an insurance claim between an insured party and an insuring party, the computer program product comprising a program module having instructions for:

obtaining an itemized inventory by documenting each item related to said insurance claim;

generating pricing data from at least one valuation source for at least one item of said itemized inventory

associating a monetary value with said at least one item of said itemized inventory based on said pricing data corresponding to said at least one item;

verifying that said insured party and said insuring party have each approved said itemized inventory and said monetary value of said at least one item of said itemized inventory;

delivering an initial reimbursement by calculating an initial compensation amount and thereafter transmitting an initial negotiable instrument for said initial compensation amount;

completing at least one transaction to purchase a replacement for said at least one item of said itemized inventory at a sales price using said initial compensation amount; and

maintaining a sales record from said at least one transaction, said sales record including a sales price,

wherein if, by said verifying instructions, said insured party and said insuring party have not each approved said itemized inventory and said monetary value of said at least one item of said itemized inventory, said insured party and said insuring party may repeat at least one of said obtaining instructions, said generating instructions, and said associating instructions until each has approved said itemized inventory and said monetary value of said at least one item of said itemized inventory.

14. The computer program product of claim 13, wherein said maintaining instructions further comprise instructions for:

ascertaining a revised itemized inventory by identifying said at least one item of said itemized inventory that was not replaced during said completing instructions;

negotiating an additional reimbursement by calculating an additional compensation amount and thereafter transmitting an additional negotiable instrument for said additional compensation amount; and

finalizing at least one transaction to purchase a replacement for said at least one item of said revised itemized inventory at a revised sales price using said additional compensation amount.

15. The computer program product of claim 14, wherein said program module further comprises instructions for computing a remaining replacement cost, said remaining replacement cost equaling the sum of said monetary value of said at least one of item of said revised itemized inventory, and

wherein if said additional compensation amount is less than said remaining replacement cost, said insured party and said insuring party may repeat said maintaining instructions in order to calculate a corrected compensation amount and thereafter transmit a corrected negotiable instrument for said corrected compensation amount.

16. The computer program product of claim 13, wherein said program module further comprises instructions for adjusting said monetary value of said at least one item of said itemized inventory as necessary based on at least one identifiable characteristic of said at least one item.

17. The computer program product of claim 13, wherein said documenting of said obtaining instructions may be undertaken by at least one of barcode scanning said at least one item, video recording a walkthrough of a location in which said at least one item is located, photographing images of said at least one item, recording an oration of said at least one item, and utilizing a computer application to draft a list of said at least one item.

18. The computer program product of claim 13, wherein said at least one item may be organized within said itemized inventory based on at least one preloaded category used to define said at least one item.

19. The computer program product of claim 13, wherein said pricing data of said generating instructions is obtained using at least one of at least one application programming interface for said at least one valuation source, a product-centered price listing, a merchant-centered price listing, a crowd sourcing service, and a standard price aggregation.

20. The computer program product of claim 13, wherein said sales record is a sales receipt.