Claims card
First Claim
1. A method comprising:
- receiving a notice of loss relating to a member with insurance coverage provided by a membership institution, wherein the insurance coverage has a coverage amount;
withdrawing an amount from a reserve account of the membership institution upon receiving the notice of loss, wherein the amount to be withdrawn is based on historical claim data from similar losses and the coverage amount;
activating a payment device with access to the amount withdrawn from the reserve account to allow the member to directly make loss related payments consistent with the insurance coverage; and
refunding a reserve refund amount to the reserve account, wherein the reserve refund amount is the difference between a final settlement amount and the amount withdrawn from the reserve.
1 Assignment
0 Petitions
Accused Products
Abstract
Systems and methods for processing insurance claims using a claims card are provided. In accordance with some embodiments, a notice of loss is received. The notice of loss can contain information regarding the insured property, policy information, member information, witness names and contact information, witness statements, police report numbers, date of loss, time of loss, nature of the loss, and/or other information. A determination of liability coverage can then be made by accessing a membership database to retrieve the insurance policy. If the loss is determined to be covered by, or at least within the coverage of, the insurance policy, a claims card can be activated, delivered, or given to an insured accident victim under conditions where liability coverage, claims record, and the liability issues for the accident are sufficiently clear that to indicate that the insurance company will be paying for loss related items.
-
Citations
20 Claims
-
1. A method comprising:
-
receiving a notice of loss relating to a member with insurance coverage provided by a membership institution, wherein the insurance coverage has a coverage amount; withdrawing an amount from a reserve account of the membership institution upon receiving the notice of loss, wherein the amount to be withdrawn is based on historical claim data from similar losses and the coverage amount; activating a payment device with access to the amount withdrawn from the reserve account to allow the member to directly make loss related payments consistent with the insurance coverage; and refunding a reserve refund amount to the reserve account, wherein the reserve refund amount is the difference between a final settlement amount and the amount withdrawn from the reserve. - View Dependent Claims (2, 3, 4, 5, 6, 7)
-
-
8. A system comprising:
-
a notice receiving module to receive a notice of loss with information about a loss relating to a member with insurance coverage provided by a membership institution; an estimation module to receive information about the loss from the notice receiving module, the estimation module to determine an expected loss amount based on historical claim data for similar losses; a reserve module to withdraw the expected loss amount from a reserve account of the membership institution; an activation module to activate a payment device with access to the expected loss amount withdrawn from the reserve account to allow the member to directly make loss related payments consistent with the insurance coverage; and a refund module to determine a reserve refund amount by taking the difference between a final settlement amount and the expected loss amount withdrawn from the reserve account, and the refund module to refund the reserve refund amount to the reserve account. - View Dependent Claims (9, 10, 11, 12, 13, 14)
-
-
15. A computer-readable storage medium containing a set of instructions to cause one or more processors to:
-
receive a notice of loss relating to a member with insurance coverage provided by a membership institution, wherein the insurance coverage has a coverage amount; withdraw an amount from a reserve account of the membership institution upon receiving the notice of loss, wherein the amount to be withdrawn is based on historical claim data from similar losses and the coverage amount; activate a payment device with access to the amount withdrawn from the reserve account to allow the member to directly make loss related payments consistent with the insurance coverage; and refund a reserve refund amount to the reserve account, wherein the reserve refund amount is the difference between a final settlement amount and the amount withdrawn from the reserve. - View Dependent Claims (16, 17, 18, 19, 20)
-
Specification