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System and method for providing reduced insurance premiums

  • US 8,090,597 B1
  • Filed: 10/22/2000
  • Issued: 01/03/2012
  • Est. Priority Date: 10/22/2000
  • Status: Expired due to Fees
First Claim
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1. A method of providing insurance coverage to a customer, the method comprising:

  • (a) during a preliminary period of time;

    (1) receiving an initial inquiry from the customer;

    (2) providing an input form including at least one field for an entry of a piece of information concerning at least one of a characteristic of the customer and a characteristic of an item to be insured;

    (3) receiving the piece of information following its entry into the input form and submission;

    (4) performing processing in relation to the piece of information;

    (5) providing a preliminary indication to the customer that the customer will have an ability to order at least one of temporally-limited amounts of insurance and geographically-limited amounts of insurance; and

    (6) providing an identifier to the customer; and

    (b) at a subsequent period of time;

    (1) providing a field for an input of a limitation relating to a desired insurance coverage regarding the item, which is a customer-owned item, the limitation including a time period indication of a time period less than a month;

    (2) receiving the limitation at a central processor as provided by way of a customer-operated terminal;

    (3) performing processing in relation to the limitation to determine whether the desired insurance coverage as restricted by the limitation can be provided;

    (4) sending a confirmation to the customer-operated terminal concerning whether the desired insurance coverage corresponding to the limitation can be provided;

    (5) receiving a further signal from the customer-operated terminal indicating that the desired insurance coverage is still desired;

    (6) concluding an arrangement so that the desired insurance coverage concerning the time period is provided to the customer;

    (7) receiving credit card information from the customer, wherein the central processor does not bill a customer credit card for the desired insurance coverage as restricted by the limitation until the central processor receives a confirmation from the customer-operated terminal via an internet-type connection that a newly-quoted price for the desired insurance coverage is satisfactory; and

    (8) recording information regarding the desired insurance coverage as restricted by the limitation in an insurance company database.

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