METHODS AND SYSTEMS FOR CALCULATION OF INSURANCE RELATED FEES FOR AN INSURANCE PRODUCT

• US 20160078547A1
• Filed: 03/05/2015
• Published: 03/17/2016
• Est. Priority Date: 09/12/2014
• Status: Abandoned Application

• Current Assignee: Ebaotech Corporation
• Original Assignee: Ebaotech Corporation
• Inventors: He, Henry
• Application Number:
  US14/639,951
• Publication Number:
  US 20160078547A1
• Time in Patent Office: Days
• US Class Current: 1/1
• CPC Class Codes: G06Q 40/08 Insurance

Abstract

A method for adjustment in calculation of insurance related fees for an insurance product is disclosed, comprising (a) determining type and sequence of adjustments; (b) applying one or more adjustments to an initial value obtained by a predetermined function; and (c) serving an adjusted value so obtained as basis for subsequent calculation. A method for calculation of insurance related fees is disclosed comprising a step of rebalancing.

Claims

1. A computer-implemented method for adjustment in calculation of insurance related fees for an insurance product, the method comprising steps of

(a) determining type and sequence of adjustments;

(b) applying one or more adjustments to an initial value obtained by a predetermined function, according to the type and sequence of adjustments as determined in step (a); and

(c) serving an adjusted value so obtained in step (b) as basis for subsequent calculation.

2. The computer-implemented method of claim 1, wherein the type of adjustment is selected from a group consisting of minimum premium, period of insurance, discount, loading, underwriting, campaign, tax, fee, commission, assignment and null.

3. The computer-implemented method of claim 1, wherein each of the type of adjustment contains one or more adjustment factors.

4. The computer-implemented method of claim 3, wherein the one or more adjustment factors is selected from a group consisting of fixed amount, percentage, maximum value and minimum value.

5. The computer-implemented method of claim 4, wherein the fixed amount or the percentage contains, respectively, a plurality of different fixed values, or a plurality of different percentages.

6. The computer-implemented method of claim 1, wherein an adjusted value following an adjustment is larger than an initial value before the adjustment.

7. The computer-implemented method of claim 1, wherein an adjusted value following an adjustment is less than an initial value before the adjustment.

8. The computer-implemented method of claim 1, wherein an adjusted value following an adjustment is equal to an initial value before the adjustment.

9. The computer-implemented method of claim 1, wherein one or more pre-apply criteria is applied immediately before one or more adjustments is applied.

10. The computer-implemented method of claim 1, wherein one or more post-apply criteria is applied immediately after one or more adjustments is applied.

11. The computer-implemented method of claim 1, wherein one or more final validation step is performed after the last adjustment.

12. The computer-implemented method of claim 11, wherein if one of the final validation steps is failed, all previous calculation results are evicted and calculation is retried by resetting an adjustment factor.

13. The computer-implemented method of claim 12, wherein when a max retry time limit is reached, the method is ended and an error is reported.

14. The computer-implemented method of claim 1, wherein the sequence is determined according to any of the type of adjustment, adjustment factor and adjustment priority.

15. The computer-implemented method of claim 1, wherein the insurance related fees are premium for policy, or insurance derivative fees originated from the premium for policy.

16. A system for adjustment in calculation of insurance related fees for an insurance product, the system comprising

a storage device, for storing pre-determined functions and adjustment functions;

and

at least one processor, configured to perform a method comprising steps of

(a) determining type and sequence of adjustments;

(b) applying one or more adjustments to an initial value obtained by a predetermined function, according to the type and sequence of adjustments as determined in step (a); and

(c) serving an adjusted value so obtained in step (b) as basis for subsequent calculation.

17. The system of claim 16, wherein the type of adjustment is selected from a group consisting of minimum premium, period of insurance, discount, loading, underwriting, campaign, tax, fee, commission, assignment and null.

18. The system of claim 16, wherein each of the type of adjustment contains one or more adjustment factors.

19. The system of claim 18, wherein the one or more adjustment factors is selected from a group consisting of fixed amount, percentage, maximum value and minimum value.

20. The system of claim 19, wherein the fixed amount or the percentage contains, respectively, a plurality of different fixed values, or a plurality of different percentages.

21. The system of claim 16, wherein the at least one processor is further configured to apply one or more pre-apply criteria immediately before one or more adjustments is applied.

22. The method of claim 16, wherein the at least one processor is further configured to apply one or more post-apply criteria immediately after one or more adjustments is applied.

23. The system of claim 16, wherein the at least one processor is further configured to perform one or more final validation steps after the last adjustment.

24. The system of claim 23, wherein if one of the final validation steps is failed, all previous calculation results are evicted and calculation is retried by resetting an adjustment factor.

25. The system of claim 24, wherein when a max retry time limit is reached, the final validation is ended and an error is reported.

26. The system of claim 16, wherein the sequence is determined according to any of the type of adjustment, adjustment factor and adjustment priority.

27. The system of claim 16, wherein the insurance related fees are premium for policy, or insurance derivative fees originated from the premium for policy.