Apparatus and method for providing insurance products, services and/or coverage for leased entities

• US 20040172304A1
• Filed: 01/26/2004
• Published: 09/02/2004
• Est. Priority Date: 07/31/1997
• Status: Active Grant

• Current Assignee: GTJ Ventures, LLC (Raymond Anthony Joao)
• Original Assignee: Raymond Anthony Joao
• Inventors: Joao, Raymond Anthony
• Granted Patent: US 7,870,010 B2
• Time in Patent Office: Days
• US Class Current: 705/2
• CPC Class Codes: G06Q 10/10 Office automation; Time management
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G06Q 40/08 Insurance
• CPC Class Codes: G06Q 40/10 Tax strategies

Abstract

An apparatus and method for processing lease insurance information, including a processor for processing information for generating at least one of an insurance premium and an insurance policy for providing insurance for excess wear or post warranty repairs for a leased entity, wherein the processor generates a information regarding an insurance premium or an insurance policy, wherein the processor generates information regarding at least one of a liability, a potential liability, and a risk of loss, associated with the at least one of an insurance policy and an insurance product, and at least one of a display device and an output device for providing information, the insurance premium, the insurance policy, or the insurance product.

Claims

1. An apparatus for processing lease insurance information, comprising:

a processor for processing a first data set using a second data set and a third data set, wherein the first data set contains information for generating at least one of an insurance premium and an insurance policy for providing insurance for excess wear and tear for a leased entity, wherein the second data set contains information regarding at least one of the entity to be leased and a term of the lease, and wherein the third data set contains information regarding at least one of a driving history of a leasing individual, a driving history of a leasing entity, a usage history of a leasing individual, a usage history of a leasing entity, an insurance history of a leasing individual, an insurance history of a leasing entity, a past leasing history of a leasing individual, a past leasing history of a leasing entity, a desired lease insurance coverage, a lease insurance deductible, and a lease insurance policy term, and further wherein the processor generates a fourth data set containing the at least one of an insurance premium and an insurance policy for providing insurance for excess wear and tear for the leased entity; and

at least one of a display device and an output device for providing information contained in at least one of the fourth data set, the insurance premium, and the insurance policy.

2. The apparatus of claim 1, wherein the entity is one of a vehicle, a motor vehicle, a truck, construction equipment, farm equipment, a boat, a recreational vehicle, an airplane, an aircraft, a motorcycle, office equipment, a computer, computer equipment, a residential premises, a commercial premises, an article of personal property, and an article of commercial property.

3. The apparatus of claim 1, wherein the processor processes information regarding at least one of a vehicle, a motor vehicle, a truck, construction equipment, farm equipment, a boat, a recreational vehicle, an airplane, an aircraft, a motorcycle, office equipment, a computer, computer equipment, a residential premises, a commercial premises, an article of personal property, an article of commercial property, an individual, a business entity, a repair cost, a replacement cost, a probability of damage, a probability of post-warranty repair, historical leasing information, one of locality, regional, geographical, and seasonal, information corresponding to the lease, a usage pattern, a usage habit, a manufacturer'"'"'s warranty, a lease term, a lease duration, historical repair information, repair frequency information, insurance policy information, insurance premium information, insurance product information, insurance service information, an insurance premium rebate incentive program, insurance premium rebate incentive information, actuarial information, statistical information, risk information, and risk of loss information.

4. The apparatus of claim 1, wherein the third data set contains information regarding an insurance premium rebate incentive, and further wherein the processor generates the forth data set containing at least one of information, an insurance premium, and an insurance policy, containing at least one of a premium rebate incentive feature and an premium rebate incentive provision.

5. The apparatus of claim 1, wherein the processor processes information regarding a transaction involving a purchase or a sale of the insurance policy.

6. The apparatus of claim 1, further comprising:

an input device for inputting information contained in at least one of the first data set, the second data set, and the third data set,

and further wherein the at least one of a display device and an output device provides information contained in at least one of the fourth data set, the insurance premium, and the insurance policy, to a prospective policy holder.

7. The apparatus of claim 1, further comprising:

a receiver for receiving a request for information contained in at least one of the first data set, the second data set, the third data set, and the fourth data set, from a remote communication device; and

a transmitter for transmitting information contained in the at least one of the first data set, the second data set, the third data set, and the forth data set, to the remote communication device in response to the request.

8. An apparatus for processing lease insurance information, comprising:

a processor for processing a first data set using a second data set and a third data set, wherein the first data set contains information for generating at least one of an insurance premium and an insurance policy for providing insurance for post-warranty repairs for a leased entity, wherein the second data set contains information regarding at least one of the entity to be leased and a term of the lease, and wherein the third data set contains information regarding at least one of a driving history of the leasing individual, a driving history of the leasing entity, a usage history of the leasing individual, a usage history of the leasing entity, an insurance history of the leasing individual, an insurance history of the leasing entity, a past leasing history of the leasing individual, a past leasing history of the leasing entity, a desired lease insurance coverage, a lease insurance deductible, and a lease insurance policy term, and further wherein the processor generates a fourth data set containing at least one of an insurance premium and an insurance policy for providing insurance for post-warranty repairs for the leased entity; and

at least one of a display device and an output device for providing information contained in at least one of the fourth data set, the insurance premium, and the insurance policy.

9. The apparatus of claim 8, wherein the leased entity is one of a vehicle, a motor vehicle, a truck, construction equipment, farm equipment, a boat, a recreational vehicle, an airplane, an aircraft, a motorcycle, office equipment, a computer, computer equipment, a residential premises, a commercial premises, an article of personal property, and an article of commercial property.

10. The apparatus of claim 8, wherein the processor processes information related to one of a vehicle, a motor vehicle, a truck, construction equipment, farm equipment, a boat, a recreational vehicle, an airplane, an aircraft, a motorcycle, office equipment, a computer, computer equipment, a residential premises, a commercial premises, an article of personal property, an article of commercial property, an individual, a business entity, a repair cost, a replacement cost, a probability of damage, a probability of post-warranty repair, historical leasing information, one of locality, regional, geographical, and seasonal, information corresponding to the lease, a usage pattern, a usage habit, a manufacturer'"'"'s warranty, a lease term, a lease duration, historical repair information, repair frequency information, insurance policy information, insurance premium information, insurance product information, insurance service information, an insurance premium rebate incentive program, insurance premium rebate incentive information, actuarial information, statistical information, risk information, and risk of loss information.

11. The apparatus of claim 8, wherein the third data set contains information regarding an insurance premium rebate incentive, and further wherein the processor generates the forth data set containing at least one of information, an insurance premium, and an insurance policy, containing at least one of a premium rebate incentive feature and an premium rebate incentive provision.

12. The apparatus of claim 11, wherein the processor determines whether the at least one of a premium rebate incentive feature and a premium rebate incentive provision is in effect, and further wherein the processor determines an amount of an insurance premium to be refunded.

13. The apparatus of claim 8, further comprising:

an input device for inputting information contained in at least one of the first data set, the second data set, and the third data set,

and further wherein the at least one of a display device and an output device provides information contained in at least one of the fourth data set, the insurance premium, and the insurance policy, to a prospective policy holder.

14. The apparatus of claim 8, wherein the processor processes information regarding a transaction involving a purchase or a sale of the insurance policy.

15. An apparatus for processing lease insurance information, comprising:

a processor for processing a first data set using a second data set and a third data set, wherein the first data set contains information for generating at least one of an insurance premium and an insurance policy for providing insurance for at least one of excess wear and tear for a leased entity and post warranty repairs for a leased entity, wherein the second data set contains information regarding at least one of the entity to be leased and a term of the lease, and wherein the third data set contains information regarding at least one of a driving history of the leasing individual, a driving history of the leasing entity, a usage history of the leasing individual, a usage history of the leasing entity, an insurance history of the leasing individual, an insurance history of the leasing entity, a past leasing history of the leasing individual, a past leasing history of the leasing entity, a desired lease insurance coverage, a lease insurance deductible, and a lease insurance policy term, wherein the processor generates a fourth data set containing at least one of an insurance premium and an insurance policy for providing at least one of an insurance policy and an insurance product for at least one of excess wear and tear for the leased entity and post warranty repairs for the leased entity, wherein the processor generates a fifth data set containing information regarding at least one of a liability, a potential liability, and a risk of loss, associated with the at least one of an insurance policy and an insurance product;

at least one of a display device and an output device for providing information contained in at least one of the fourth data set, the fifth data set, the insurance premium, the insurance policy, and the insurance product.

16. The apparatus of claim 15, wherein the entity is at least one of a vehicle, a motor vehicle, a truck, construction equipment, farm equipment, a boat, a recreational vehicle, an airplane, an aircraft, a motorcycle, office equipment, a computer, computer equipment, a residential premises, a commercial premises, an article of personal property, and an article of commercial property.

17. The apparatus of claim 15, wherein the processor processes information regarding at least one of one of a vehicle, a motor vehicle, a truck, construction equipment, farm equipment, a boat, a recreational vehicle, an airplane, an aircraft, a motorcycle, office equipment, a computer, computer equipment, a residential premises, a commercial premises, an article of personal property, an article of commercial property, an individual, a business entity, a repair cost, a replacement cost, a probability of damage, a probability of post-warranty repair, historical leasing information, one of locality, regional, geographical, and seasonal, information corresponding to the lease, a usage pattern, a usage habit, a manufacturer'"'"'s warranty, a lease term, a lease duration, historical repair information, repair frequency information, insurance policy information, insurance premium information, insurance product information, insurance service information, an insurance premium rebate incentive program, insurance premium rebate incentive information, actuarial information, statistical information, risk information, and risk of loss information.

18. The apparatus of claim 15, wherein the third data set contains information regarding an insurance premium rebate incentive, and wherein the processor generates the forth data set containing at least one of information, an insurance premium, an insurance policy, and an insurance product, containing at least one of a premium rebate incentive feature and an premium rebate incentive provision.

19. The apparatus of claim 15, wherein the processor identifies a credit derivative for at least one of providing a hedging position, providing insurance, and providing reinsurance, for the at least one of a liability, a potential liability, and a risk of loss, associated with the at least one of an insurance policy and an insurance product.

20. The apparatus of claim 15, wherein the processor processes information regarding a transaction involving at least one of a purchase, a sale, and a trade, regarding a credit derivative associated with at least one of an insurance policy and an insurance product.