System and Method for Assessing Earned Premium for Distance-Based Vehicle Insurance
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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Abstract
A system and method for calculating and assessing earned insurance premium for a mileage based insurance contract is disclosed. The system includes 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 distance from the inception of the contract, determining the number units distance lapsed since contract inception, and assessing an earned premium against the charged policy premium based on the ratio of units distance lapsed to units distance insured under the policy.
255 Citations
20 Claims
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1. A method of calculating earned insurance premium comprising:
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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. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8)
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9. A method of assessing an earned premium of an automobile insurance policy, the method comprising:
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determining a first earned premium based upon a ratio of units of distance lapsed since inception of the insurance policy to units of distance insured under the insurance policy;
determining a second earned premium based upon a ratio of units of time lapsed since inception of the insurance policy to units of time for which the insurance policy is in force;
determining a greatest earned premium between at least the first earned premium and the second earned premium; and
assessing the greatest earned premium against the insurance policy. - View Dependent Claims (10, 11, 12, 13, 14, 15)
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16. A system for assessing an earned premium of an automobile insurance policy, the method comprising:
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a memory with processor-executable instructions for;
determining a first earned premium based upon a ratio of units of distance lapsed since inception of the insurance policy to units of distance insured under the insurance policy;
determining a second earned premium based upon a ratio of units of time lapsed since inception of the insurance policy to units of time for which the insurance policy is in force; and
determining a greatest earned premium between at least the first earned premium and the second earned premium; and
a processor for executing the instructions in the memory. - View Dependent Claims (17, 18, 19, 20)
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Specification