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
First Claim
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.
2 Assignments
0 Petitions
Accused Products
Abstract
A system is disclosed for 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. The system predetermines a risk profile and a base cost of workers compensation insurance based on said risk profile, monitors a plurality of data elements representative of an operating state of the risk or a payroll modification during the selected time period, collects 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, consolidates the selected ones for identifying a surcharge or discount to be applied to the base cost, and produces a final cost for the selected time period from the base cost and the surcharge or discount.
8 Citations
12 Claims
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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:
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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. - View Dependent Claims (2, 3, 4, 5, 6)
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7. 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:
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a processor; computer storage having computer readable program code that is executed by said processor, said computer storage comprising; computer readable program code for predetermining a risk profile and a base cost of workers compensation insurance based on said risk profile; computer readable program code executed by said processor and interfacing in real-time with the risk'"'"'s payroll processor during the selected time period; computer readable program code 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; computer readable program code 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;computer readable program code consolidating said selected ones for identifying a surcharge or discount to be applied to the base cost and, computer readable program code producing a final cost for the selected time period from the base cost and the surcharge or discount. - View Dependent Claims (8, 9, 10, 11, 12)
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Specification