System and method for generating and executing insurance policies for foreign exchange losses

• US 6,128,598 A
• Filed: 03/05/1999
• Issued: 10/03/2000
• Est. Priority Date: 11/15/1996
• Status: Expired due to Term

• Current Assignee: Inventor Holdings LLC (Walker Innovation Inc. (f/k/a Patent Properties, Inc.))
• Original Assignee: Walker Digital LLC (Walker Innovation Inc. (f/k/a Patent Properties, Inc.))
• Inventors: Walker, Jay S., Jorasch, James A.
• Primary Examiner(s): Cosimano, Edward R.
• Application Number:
  US09/262,810
• Time in Patent Office: 578 Days
• Field of Search: 235/375, 235/379, 235/380, 235/381, 364/400, 380/9, 380/23, 380/24, 705/1, 705/4, 705/16, 705/17, 705/18, 705/24, 705/35, 705/38, 705/39, 705/44, 707/104
• US Class Current: 705/4
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof
• CPC Class Codes: G06Q 40/08 Insurance

Abstract

A system and method for providing a foreign exchange insurance policy that automatically considers factors such as the type of currency, exchange rate, amount of coverage, and period of coverage, to determine a premium. Users can access the system using credit cards, ATMs, banks or other media.

Claims

1. A method of calculating a premium for a foreign exchange insurance policy, comprising:

receiving from a user a policy requirement for the foreign exchange insurance policy;

accessing data corresponding to a currency associated with the foreign exchange insurance policy;

and determining the premium based on the policy requirement and the accessed data.

2. The method of claim 1, further comprising storing the policy requirement.

3. The method of claim 1, further comprising providing an indication of the premium to the user.

4. The method of claim 1, further comprising arranging for the user to provide a payment based on the premium.

5. The method of claim 1, wherein said determination is based on a currency volatility.

6. The method of claim 1, wherein said determination is based on a type of currency.

7. The method of claim 1, wherein said determination is based on an exchange rate.

8. The method of claim 1, wherein said determination is based on an amount of coverage.

9. The method of claim 1, wherein said determination is based on an amount of coverage.

10. The method of claim 1, wherein the foreign exchange insurance policy is associated with a financial account of the user.

11. The method of claim 1, wherein said receiving comprises receiving information through a communication network.

12. The method of claim 1, further comprising providing to the user a policy code associated with the foreign exchange insurance policy.

13. The method of claim 12, wherein the policy code includes information about the foreign exchange insurance policy.

14. The method of claim 1, wherein said determination is based on a period of coverage.

15. The method of claim 14, wherein the policy requirement comprises the period of coverage.

16. The method of claim 15 wherein the policy requirement comprises at lease one of:

(i) a policy start date;

(ii) a policy end date; and

(iii) a policy duration.

17. A device to calculate a premium for a foreign exchange insurance policy, comprising:

a processor; and

a storage device coupled to said processor and storing instructions adapted to be executed by said processor to;

receive from a user a policy requirement for the foreign exchange insurance policy;

access data corresponding to a currency associated with the foreign exchange insurance policy; and

determine the premium based on the policy requirement and the accessed data.

18. A medium storing instructions adapted to be executed by a processor to perform a method of calculating a premium for a foreign exchange insurance policy, said method comprising:

receiving from a user a policy requirement for the foreign exchange insurance policy;

accessing data corresponding to a currency associated with the foreign exchange insurance policy; and

determining the premium based on the policy requirement and the accessed data.

19. A method of receiving an indication of a premium for a foreign exchange insurance policy, comprising:

providing to a central controller a policy requirement for the foreign exchange insurance policy; and

receiving the indication of the premium, the premium being based on the policy requirement.

20. The method of claim 19, further comprising providing a payment based on the premium.

21. The method of claim 19, wherein the foreign exchange insurance policy is associated with a financial account of the user.

22. The method of claim 19, wherein said providing comprises providing information through a communication network.

23. The method of claim 19, further comprising receiving a policy code associated with the foreign exchange insurance policy.

24. The method of claim 23, wherein the policy code includes information about the foreign exchange insurance policy.

25. A device to receive an indication of a premium for a foreign exchange insurance policy, comprising:

a processor; and

a storage device coupled to said processor and storing instructions adapted to be executed by said processor to;

provide to a central controller a policy requirement for the foreign exchange insurance policy; and

receive the indication of the premium, the premium being based on the policy requirement.

26. A medium storing instructions adapted to be executed by a processor to perform a method of receiving an indication of a premium for a foreign exchange insurance policy, said method comprising:

providing to a central controller a policy requirement for the foreign exchange insurance policy; and

receiving the indication of the premium, the premium being based on the policy requirement.