Method for actuarial determination of the cost of one-time procedural or professional liability insurance policy
First Claim
1. A method for providing insurance services comprising the steps of:
- assigning a first numerical factor related to risks associated with a particular service, proposed by a service provider, to be provided to a prospective services consumer;
assigning a second numerical factor to information reflecting a prospective services consumer'"'"'s personal history;
calculating, using computing means, an insurance premium for an insurance policy providing coverage expressly related to said particular service, said calculating including the use of said first numerical factor and said second numerical factor.
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Accused Products
Abstract
A new business method involving the algorithmic use of data from a wide variety of sources to provide the actuarial information needed to accurately assess the exposure liability and risk probabilities associated with the performance of any specific medical (or other) procedure or service. The major factors include, but are not necessarily limited to, 1) the procedure, 2) the physician or individual, 3) the patient (procedure recipient), and 4) regional or geographic considerations. In the case of medical procedures, an algorithmic actuarial determination of a per-procedure, one-time application insurance policy specific to the procedure, physician, patient, and location of region (e.g., state, county, city, etc.), as well as any additional risk factors which my be applicable.
19 Citations
22 Claims
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1. A method for providing insurance services comprising the steps of:
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assigning a first numerical factor related to risks associated with a particular service, proposed by a service provider, to be provided to a prospective services consumer; assigning a second numerical factor to information reflecting a prospective services consumer'"'"'s personal history; calculating, using computing means, an insurance premium for an insurance policy providing coverage expressly related to said particular service, said calculating including the use of said first numerical factor and said second numerical factor. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14)
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15. A method for providing insurance services comprising the steps of:
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assigning a first numerical factor related to risks associated with a particular service, proposed by a service provider, to be provided to a prospective services consumer; assigning a third numerical factor to information reflecting jury award statistics and calculating said insurance premium through use of said third numerical factor; and calculating, using computing means, an insurance premium for an insurance policy providing coverage expressly insuring said services provider related to said particular service, said calculating including the use of said first numerical factor and said third numerical factor. - View Dependent Claims (16, 17, 18)
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19. A method for providing insurance services comprising the steps of:
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assigning a first numerical factor related to risks associated with a particular service, proposed by a service provider, to be provided to a prospective services consumer; assigning a fourth numerical factor to information reflecting said service provider'"'"'s qualifications for performing said particular service, and calculating said insurance premium through use of said fourth numerical factor; and calculating, using computing means, an insurance premium for an insurance policy providing coverage expressly insuring said services provider related to said particular service, said calculating including the use of said first numerical factor and said fourth numerical factor. - View Dependent Claims (20, 21, 22)
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Specification