System, method and computer program product for facilitating informed decisions relating to the fair sharing of the costs of insurance between a group and a third party

• US 8,463,625 B1
• Filed: 05/28/2010
• Issued: 06/11/2013
• Est. Priority Date: 01/20/2005
• Status: Expired due to Fees

• Current Assignee: Daniel L. Owen
• Original Assignee: Daniel L. Owen
• Inventors: Owen, Daniel L.
• Primary Examiner(s): Borlinghaus, Jason M
• Assistant Examiner(s): Fu, Hao
• Application Number:
  US12/790,717
• Time in Patent Office: 1,110 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

A system, method, and computer program product embodied on a computer readable medium are provided. In use, census information pertinent to a group insured by one or more insurance policies is received from a user. Further, second information describing attributes of one or more insurance policies available to the group for a particular type of insurance is received from the user. In addition, for each individual or family in the group and each of the available one or more insurance policies, an application is executed that is capable of calculating uncovered costs associated with the second information and calculating a total of the uncovered costs for the group. Also, third information regarding a premium of each of the available one or more insurance policies for the group is received from the user. Moreover, fourth information regarding a rule for and type of fair sharing of a total of the premium and the uncovered costs between the group and a third party is received from the user. Still yet, the total of the uncovered costs, the third information, and the fourth information are processed to produce the fair sharing of the total of the premium and the uncovered costs of insurance between the group and the third party. In addition, payments by the group and by the third party that are consistent with the rule for fair sharing provided by the user are delivered to the user.

Claims

1. A method, comprising:

receiving census information from a user pertinent to a group insured by one or more insurance policies;

receiving second information from the user describing attributes of one or more insurance policies available to the group for a particular type of insurance;

executing for each individual or family in the group and each of the available one or more insurance policies, an application configured to calculate uncovered costs associated with the second information based on characteristics of the individual or family, and calculating a total of the uncovered costs for the group, wherein the uncovered costs are costs separate from a premium of each of the available one or more insurance policies which are further not covered by any insurance policy;

receiving third information from the user regarding the premium of each of the available one or more insurance policies for the group;

receiving fourth information from the user regarding a rule for and type of fair sharing of a total of the premium and the uncovered costs between the group and a third party;

processing, by a processor, the total of the uncovered costs, the third information, and the fourth information to produce the fair sharing of the total of the premium and the uncovered costs of insurance between the group and the third party; and

delivering to the user payments by the group and by the third party that are consistent with the rule for fair sharing provided by the user.

2. The method of claim 1, wherein the insurance includes an instrument for risk management of an asset.

3. The method of claim 1, wherein the insurance includes at least one of health insurance, automobile insurance, life insurance, and long term care insurance.

4. The method of claim 1, wherein the uncovered costs are calculated utilizing a database.

5. The method of claim 1, wherein the rule for fair sharing indicates that the third party pay an equal percentage of the total of the premium and the uncovered costs for all of the one or more insurance policies available to the group.

6. The method of claim 1, wherein the rule for and the type of fair sharing are selected by the user from a catalog.

7. A computer program product embodied on a tangible computer readable medium, comprising:

computer code for receiving census information from a user pertinent to a group insured by one or more insurance policies;

computer code for receiving second information from the user describing attributes of one or more insurance policies available to the group for a particular type of insurance;

computer code for executing for each individual or family in the group and each of the available one or more insurance policies, an application configured to calculate uncovered costs associated with the second information based on characteristics of the individual or family, and calculating a total of the uncovered costs for the group, wherein the uncovered costs are costs separate from a premium of each of the available one or more insurance policies which are further not covered by any insurance policy;

computer code for receiving third information from the user regarding the premium of each of the available one or more insurance policies for the group;

computer code for receiving fourth information from the user regarding a rule for and type of fair sharing of a total of the premium and the uncovered costs between the group and a third party;

computer code for processing the total of the uncovered costs, the third information, and the fourth information to produce the fair sharing of the total of the premium and the uncovered costs of insurance between the group and the third party; and

computer code for delivering to the user payments by the group and by the third party that are consistent with the rule for fair sharing provided by the user.

8. The computer program product of claim 7, wherein the insurance includes an instrument for risk management of an asset.

9. The computer program product of claim 7, wherein the insurance includes at least one of health insurance, automobile insurance, life insurance, and long term care insurance.

10. The computer program product of claim 7, wherein the computer program product is operable such that the uncovered costs are calculated utilizing a database.

11. The method of claim 7, wherein the rule for fair sharing indicates that the third party pay an equal percentage of the total of the premium and the uncovered costs for all of the one or more insurance policies available to the group.

12. The computer program product of claim 7, wherein the computer program product is operable such that the rule for and the type of fair sharing are selected by the user from a catalog.

13. A system, comprising:

a processor configured to;

receive census information from a user pertinent to a group insured by one or more insurance policies;

receive second information from the user describing attributes of one or more insurance policies available to the group for a particular type of insurance;

execute for each individual or family in the group and each of the available one or more insurance policies, an application configured to calculate uncovered costs associated with the second information based on characteristics of the individual or family, and calculating a total of the uncovered costs for the group, wherein the uncovered costs are costs separate from a premium of each of the available one or more insurance policies which are further not covered by any insurance policy;

receive third information from the user regarding the premium of each of the available one or more insurance policies for the group;

receive fourth information from the user regarding a rule for and type of fair sharing of a total of the premium and the uncovered costs between the group and a third party;

process the total of the uncovered costs, the third information, and the fourth information to produce the fair sharing of the total of the premium and the uncovered costs of insurance between the group and the third party; and

deliver to the user payments by the group and by the third party that are consistent with the rule for fair sharing provided by the user.

14. The system of claim 13, wherein the insurance includes an instrument for risk management of an asset.

15. The system of claim 13, wherein the insurance includes at least one of health insurance, automobile insurance, life insurance, and long term care insurance.

16. The system of claim 13, wherein the system is operable such that the uncovered costs are calculated utilizing a database.

17. The system of claim 13, wherein the rule for fair sharing indicates that the third party pay an equal percentage of the total of the premium and the uncovered costs for all of the one or more insurance policies available to the group.

18. The system of claim 13, wherein the system is operable such that the rule for and the type of fair sharing are selected by the user from a catalog.