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Workers compensation system for determining a cost of insurance based on collecting selected data having a pre-selected relationship to a risk's business operations

  • US 8,538,784 B2
  • Filed: 03/26/2010
  • Issued: 09/17/2013
  • Est. Priority Date: 05/04/2005
  • Status: Active Grant
First Claim
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1. A system of determining a cost of workers compensation insurance for a selected time period based upon monitoring, collecting and communicating data representative of the risk'"'"'s business characteristics, whereby the cost is adjustable by relating the business characteristics to predetermined standards, said system as implemented in an insurance carrier comprising:

  • means for predetermining a risk profile and a base cost of workers compensation insurance based on said risk profile;

    means for interfacing in real-time with the risk'"'"'s payroll processor during the selected time period;

    means for monitoring, in real-time, a plurality of data elements representative of an operating state of the risk or a payroll modification during the selected time period;

    means for collecting selected data elements out of the plurality of data elements when said ones are determined to have a pre-selected relationship to the risk'"'"'s business operations, the selected data elements comprising at least the following actuarial classes;

    payroll, number of employees, job classification, and payroll per employee;

    means for consolidating said selected ones for identifying a surcharge or discount to be applied to the base cost and,means for producing a final cost for the selected time period from the base cost and the surcharge or discount.

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