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Claims card

  • US 8,494,938 B1
  • Filed: 12/10/2010
  • Issued: 07/23/2013
  • Est. Priority Date: 12/10/2010
  • Status: Active Grant
First Claim
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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amount from a reserve account of the membership institution upon receiving the notice of loss, wherein the amount to be withdrawn is based on historical claim data from similar losses and the coverage amount;

    activating a payment device with access to the amount withdrawn from the reserve account to allow the member to directly make loss related payments consistent with the insurance coverage; and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reserve account, wherein the reserve refund amount is the difference between a final settlement amount and the amount withdrawn from the reserve.

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