Systems, Methods, and Apparatus for Utilizing Revenue Information in Composite-Rated Premium Determination
First Claim
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1. A specially-programmed computerized processing device, comprising:
- a computerized processor; and
a computer readable memory device in communication with the computerized processing device, the computer readable memory device storing instructions that when executed by the computerized processor direct the computerized processor to;
determine insurance policy information associated with a business, the insurance policy information comprising;
revenue information associated with the business, anda property loss limit;
determine, based on the insurance policy information, a revenue-to-property exposure rating adjustment factor; and
determine, based on the revenue-to-property exposure rating adjustment factor, a premium for a business insurance product for the business.
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Abstract
Systems, apparatus, methods, and articles of manufacture provide for determining a premium for an insurance product (e.g., a composite-rated business insurance policy). In one embodiment, revenue information for a business may be used to determine an adjustment factor for calculating premium.
109 Citations
20 Claims
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1. A specially-programmed computerized processing device, comprising:
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a computerized processor; and a computer readable memory device in communication with the computerized processing device, the computer readable memory device storing instructions that when executed by the computerized processor direct the computerized processor to; determine insurance policy information associated with a business, the insurance policy information comprising; revenue information associated with the business, and a property loss limit; determine, based on the insurance policy information, a revenue-to-property exposure rating adjustment factor; and determine, based on the revenue-to-property exposure rating adjustment factor, a premium for a business insurance product for the business. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10)
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11. A non-transitory computer readable memory device storing instructions, the instructions being configured so that when executed by a computerized processor the instructions direct the computerized processor to perform:
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determining insurance policy information associated with a business, the insurance policy information comprising; revenue information associated with the business, and a property loss limit; determining, based on the insurance policy information, a revenue-to-property exposure rating adjustment factor; and determining, based on the revenue-to-property exposure rating adjustment factor, a premium for a business insurance product for the business. - View Dependent Claims (12, 13, 14, 15, 16, 17, 18, 19, 20)
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Specification