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System for syndication of insurance

  • US 6,119,093 A
  • Filed: 07/01/1997
  • Issued: 09/12/2000
  • Est. Priority Date: 07/01/1997
  • Status: Expired due to Term
First Claim
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1. An apparatus for facilitating a syndicated sale of an insurance policy, the apparatus comprising:

  • a processing system including a processor;

    a data receiving device connected to the processing system for receiving data;

    a data storage device connected to the processing system for storing policy information relating to the insurance policy and a data structure that associates the policy information and buyers of shares in an underwriting of the insurance policy; and

    a data output device connected to the processing system for outputting data,wherein the processing system is operative to execute a program to direct the apparatus to receive policy information relating to the insurance policy, to transmit for electronic viewing by a potential buyer an invitation to offer to buy a share in an underwriting of the insurance policy, the invitation including at least a portion of the policy information, the share having associated therewith a risk cost assessable to a buyer of the share if a payment to an insured is made pursuant to the insurance policy, and to receive an offer to buy the share, the offer including information identifying collateral against which the risk cost may be charged if the payment to the insured pursuant to the insurance policy is made.

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