SYSTEM FOR DYNAMICALLY CALCULATING CLAIM ALLOCATIONS
First Claim
1. A system to dynamically calculate workers'"'"' compensation insurance claim amounts, the system comprising:
- an insurance risk factor computer storage unit for receiving, storing, and providing insurance risk factor data;
a processor in communication with the insurance risk factor computer storage unit, wherein the processor is configured for;
receiving information about a worker potentially entitled to receive a stream of future workers'"'"' compensation payments, including injury information,automatically determining payment values associated with the stream of future payments based at least in part on the injury information,automatically calculating a nominal value associated with the stream of future workers'"'"' compensation payments based at least in part on the information about the worker potentially entitled to receive the stream of future workers'"'"' compensation payments, the automatically determined payment values, and insurance risk factor data,calculating a discount value, wherein reduction of the nominal value by the discount value results in a present value of the stream of future workers'"'"' compensation payments,calculating a portion of the discount value to be allocated to an insured employer that purchased a workers'"'"' compensation insurance policy from an insurer, andtransmitting an indication of the portion of the discount value to be allocated to the insured.
1 Assignment
0 Petitions
Accused Products
Abstract
According to some embodiments, systems, methods, apparatus, computer program code and means may receive information about a party potentially entitled to receive a stream of future payments in connection with an insurance policy, such as a workers'"'"' compensation insurance policy, between an insurer and an insured. A computer processor of a present value calculation platform may automatically calculate a nominal value associated with the stream of future payments based at least in part on the information about the party potentially entitled to receive the stream of future payments and insurance risk factor data. A discount value may also be automatically calculated, such that reduction of the nominal value by the discount value results in a present value of the stream of future payments. A portion of the discount value to be allocated to the insured may be automatically determined, and an indication of that portion may be transmitted.
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Citations
22 Claims
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1. A system to dynamically calculate workers'"'"' compensation insurance claim amounts, the system comprising:
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an insurance risk factor computer storage unit for receiving, storing, and providing insurance risk factor data; a processor in communication with the insurance risk factor computer storage unit, wherein the processor is configured for; receiving information about a worker potentially entitled to receive a stream of future workers'"'"' compensation payments, including injury information, automatically determining payment values associated with the stream of future payments based at least in part on the injury information, automatically calculating a nominal value associated with the stream of future workers'"'"' compensation payments based at least in part on the information about the worker potentially entitled to receive the stream of future workers'"'"' compensation payments, the automatically determined payment values, and insurance risk factor data, calculating a discount value, wherein reduction of the nominal value by the discount value results in a present value of the stream of future workers'"'"' compensation payments, calculating a portion of the discount value to be allocated to an insured employer that purchased a workers'"'"' compensation insurance policy from an insurer, and transmitting an indication of the portion of the discount value to be allocated to the insured. - View Dependent Claims (2, 3, 4, 5, 6, 7, 9, 10)
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8. The system of clam 7, wherein the spreadsheet application template is constructed to include a claim projection portion, a male mortality portion, a female mortality portion, and a state-by-state inflation rate portion.
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11. A computerized method to dynamically calculate workers'"'"' compensation insurance claim amounts, the method comprising:
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receiving information about a party potentially entitled to receive a stream of future payments in connection with the insurance policy; automatically calculating, by a computer processor of a present value calculation platform, a nominal value associated with the stream of future payments based at least in part on the information about the party potentially entitled to receive the stream of future payments and insurance risk factor data; automatically calculating, by the computer processor of the present value calculation platform, a discount value, wherein reduction of the nominal value by the discount value results in a present value of the stream of future payments, automatically calculating, by the computer processor of the present value calculation platform, a portion of the discount value to be allocated to the insured, and transmitting an indication of the portion of the discount value to be allocated to the insured. - View Dependent Claims (12, 13, 14, 15, 16, 17)
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18. The method of clam 17, wherein the spreadsheet application template is constructed to include a claim projection portion, a male mortality portion, a female mortality portion, and a state-by-state inflation rate portion.
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19. A system associated with an insurer, an insured, and a party potentially entitled to receive a stream of future payments in connection with an insurance policy, the system comprising:
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an insurance risk factor computer storage unit for receiving, storing, and providing insurance risk factor data; a processor in communication with the insurance risk factor computer storage unit, wherein the processor is configured for; receiving information about the party, automatically calculating a nominal value associated with the stream of future payments based at least in part on the information about the party and insurance risk factor data, calculating a discount value, wherein reduction of the nominal value by the discount value results in a present value of the stream of future payments, calculating a portion of the discount value to be allocated to the insured, and transmitting an indication of the portion of the discount value to be allocated to the insured. - View Dependent Claims (20, 21, 22)
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Specification