System and Method for Assessing Earned Premium for Distance-Based Vehicle Insurance

  • US 20070299700A1
  • Filed: 06/04/2007
  • Published: 12/27/2007
  • Est. Priority Date: 10/29/2004
  • Status: Abandoned Application
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First Claim
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1. A method of calculating earned insurance premium comprising:

  • charging a customer a policy premium for a policy period of an insurance contract defined in part by coverage for a preselected number of units of distance from the inception of the contract;

    determining the number of units of distance lapsed since contract inception; and

    assessing an earned premium against the charged policy premium based on the ratio of units of distance lapsed to units of distance insured under the policy.

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