Insurance rating plan
First Claim
1. An insurance premium determination system comprising:
- an input module comprised of at least one of a keypad, mouse, and graphical user display,a modem configured to receive a first desired amount of insurance for insuring a home and to receive replacement cost factor data associated with the home;
a first data store configured to store the first desired amount of insurance and the replacement cost factor data;
a second data store configured to store personal information associated with a plurality of customers;
a third data store configured to store predefined business rules that specify which information in the first data store and the second data store will be used for determining an insurance premium associated with insuring the home;
a data analysis processor configured to analyze the replacement cost factor data to determine a first replacement cost for the home;
an insurance premium determination processor configured to (1) determine that the first desired amount of insurance for insuring the home is greater than the replacement cost, (2) based on the determination, calculate a first insurance premium associated with insuring the home with the first desired amount of insurance, and (3) confirm that the first insurance premium is less than a second insurance premium for the home for which a second desired amount of insurance and a second replacement cost are both equal to the first desired amount of insurance;
an output module including at least a graphical user interface configured to output the first insurance premium to a customer; and
a network adapter configured to connect the first data store, the second data store, and the third data store to the input module, data analysis processor, insurance premium determination processor, and the output module.
1 Assignment
0 Petitions
Accused Products
Abstract
A first amount of insurance may be determined for a first set of at least one insured entities covered under a single insurance policy. Replacement cost factor data relating to the single insurance policy may be received from at least one source. Received replacement cost factor data may be used to determine a first replacement cost for the first set of at least one insured entities covered under the single insurance policy. A determination may be made that the first amount of insurance is greater than the first replacement cost. A first insurance premium may be calculated for the single insurance policy using at least the first amount of insurance and the first replacement cost. The calculated insurance premium may be less than a second insurance premium for a second set of at least one insured entities for which a second amount of insurance and a second replacement cost are both equal to the first amount of insurance.
62 Citations
20 Claims
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1. An insurance premium determination system comprising:
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an input module comprised of at least one of a keypad, mouse, and graphical user display, a modem configured to receive a first desired amount of insurance for insuring a home and to receive replacement cost factor data associated with the home; a first data store configured to store the first desired amount of insurance and the replacement cost factor data; a second data store configured to store personal information associated with a plurality of customers; a third data store configured to store predefined business rules that specify which information in the first data store and the second data store will be used for determining an insurance premium associated with insuring the home; a data analysis processor configured to analyze the replacement cost factor data to determine a first replacement cost for the home; an insurance premium determination processor configured to (1) determine that the first desired amount of insurance for insuring the home is greater than the replacement cost, (2) based on the determination, calculate a first insurance premium associated with insuring the home with the first desired amount of insurance, and (3) confirm that the first insurance premium is less than a second insurance premium for the home for which a second desired amount of insurance and a second replacement cost are both equal to the first desired amount of insurance; an output module including at least a graphical user interface configured to output the first insurance premium to a customer; and a network adapter configured to connect the first data store, the second data store, and the third data store to the input module, data analysis processor, insurance premium determination processor, and the output module. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9)
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10. An insurance premium determination system comprising:
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an input module comprised of at least one of a keypad, mouse, and graphical user display, a communication device configured to receive a first desired amount of insurance for insuring a home and to receive replacement cost factor data associated with the home; a data analysis processor configured to analyze the replacement cost factor data to determine a first replacement cost for the home; an insurance premium determination processor configured to (1) determine that the first desired amount of insurance for insuring the home is greater than the replacement cost, (2) based on the determination, calculate a first insurance premium associated with insuring the home with the first desired amount of insurance, and (3) confirm that the first insurance premium is less than a second insurance premium for the home for which a second desired amount of insurance and a second replacement cost are both equal to the first desired amount of insurance; and an output module including at least a graphical user interface configured to output the first insurance premium to a customer. - View Dependent Claims (11, 12, 13, 14, 15, 16, 17)
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18. An apparatus comprising:
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an input module comprised of at least one of a keypad, mouse, and graphical user display, a modem configured to receive a first desired amount of insurance for insuring a home and to receive replacement cost factor data associated with the home; a first data store configured to store the first desired amount of insurance and the replacement cost factor data; a second data store configured to store personal information associated with a plurality of customers; a third data store configured to store predefined business rules that specify which information in the first data store and the second data store will be used for determining an insurance premium associated with insuring the home; a first data analysis processor configured to interface with the second data store to determine a geographical region of the home and to analyze material costs, labor costs, replacement item costs, and shipping costs associated with the geographical region of the home; a second data analysis processor configured to analyze the replacement cost factor data and the material costs, labor costs, replacement item costs, and shipping costs to determine a first replacement cost for the home; an insurance premium determination processor configured to (1) determine that the first desired amount of insurance for insuring the home is greater than the replacement cost, (2) based on the determination, calculate a first insurance premium associated with insuring the home with the first desired amount of insurance, and (3) confirm that the first insurance premium is less than a second insurance premium for the home for which a second desired amount of insurance and a second replacement cost are both equal to the first desired amount of insurance; an output module including at least a graphical user interface configured to output the first insurance premium to a customer; and a network adapter configured to connect the first data store, the second data store, and the third data store to the input module, the first data analysis processor, the second data analysis processor, the insurance premium determination processor, and the output module. - View Dependent Claims (19, 20)
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Specification