Insurance on demand transaction management system

• US 7,395,219 B2
• Filed: 12/09/2002
• Issued: 07/01/2008
• Est. Priority Date: 12/08/2001
• Status: Expired due to Fees

• Current Assignee: Kenneth Ray Strech
• Original Assignee: Kenneth Ray Strech
• Inventors: Strech, Kenneth Ray
• Primary Examiner(s): Morgan, Robert W.
• Assistant Examiner(s): Nguyen, Tran N
• Application Number:
  US10/315,959
• Publication Number:
  US 20030139948A1
• Time in Patent Office: 2,031 Days
• Field of Search: 705/4
• 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 40/08 Insurance

Abstract

An intermittent risk exposure liability insurance method comprising the steps of: establishing an Internet business site enabled for communication with insurers and insureds through Internet service providers; enrolling the insureds in intermittent risk exposure liability insurance policies, the policies providing for a variable insurance premium rate depending upon an intermittent use of an insured article; logging start and completion times of each intermittent use of the insured article on the Internet business site by the insured; verifying start and completion times of use of the insured article in accordance with the logged start and completion times; and applying and billing premium insurance rates in accordance with the verified and logged start and completion times of use.

Claims

1. A method of providing on-demand access to intermittent risk exposure liability insurance, comprising:

(a) establishing an Internet Web site;

(b) providing access to said Internet Web site to a plurality of insurers and an insured;

(c) requesting, through said Internet Web site, insurance coverage for the insured from the plurality of insurers;

(d) issuing an insurance policy for the insured and preparing an insurance contract, wherein said issuing and preparing are performed in realtime and in parallel;

(e) specifying, by the insured through said Internet Web site, a plurality of future time periods wherein the insured is exposed to said intermittent risk, wherein each future time period comprises a start time and a completion time;

(f) as time progresses, allowing the insured to amend the plurality of future time periods through said Internet Web site, wherein each amended future time period has not occurred, and wherein said amending comprises at least one of;

(i) modifying the start time if the start time has not occurred;

(ii) modifying the stop time if the stop time has not occurred;

(g) logging the actual start time and actual completion time of each future time period via said Internet Web site, wherein the future time period has occurred;

(h) providing said insurance coverage for the insured, wherein said insurance coverage comprises coverage for said intermittent risk exposure liability based upon the occurred time periods, wherein each time period is specified by an actual start time and an actual completion time;

(i) terminating said insurance coverage after all future time periods have occurred.