Insurance premium refund incentive program

• US 20060064331A1
• Filed: 08/22/2005
• Published: 03/23/2006
• Est. Priority Date: 08/18/2004
• Status: Abandoned Application

• Current Assignee: Cassie Odermott, Samara Odermott
• Original Assignee: Cassie Odermott, Samara Odermott
• Inventors: Odermott, Cassie, Odermott, Samara
• Application Number:
  US11/210,146
• Publication Number:
  US 20060064331A1
• Time in Patent Office: Days
• US Class Current: 705/4
• CPC Class Codes: G06Q 10/087 Inventory or stock management, e.g. order filling, procurement or balancing against orders
• CPC Class Codes: G06Q 30/02 Marketing; Price estimation or determination; Fundraising
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/08 Insurance

Abstract

The present invention is an insurance premium refund incentive program for consumers. Under the program, a portion of the premium, known as a “premium deposit”, typically a percentage of the premium, is received by the insurance company from the insured consumer, and held on behalf of the insured by the insurance company during the term of the policy. This “deposit” generates an agreed rate of return, and is available for refund to the insured if no claims are made and, optionally, if other prescribed conditions are met. These other conditions may be designed to encourage behavior which tends to result in reduced claims, for example, good nutrition and exercise habits for a health policy. This way, the insurance company is provided with an enhanced cash flow, and the consumer is provided with a personalized incentive to engage in behavior which tends to minimize claims.

Claims

1. A method for incentivising an insurance policy for consumers, comprising:

a. providing an insurance policy for an insured consumer in return for a premium payment;

b. according to the policy, receiving at least a portion of the premium in trust on behalf of the insured; and

c. upon expiration of the policy, returning said portion of the premium received in trust to the insured if no claim has been made on the policy.

2. The method of claim 1 wherein additional conditions, besides no claim being made on the policy, must be satisfied before return of the premium portion received in trust.

3. The method of claim 1 wherein the premium portion received in trust, plus at least a portion of any interest or other investment return from the premium portion received in trust, is returned to the insured.