System and method for providing financial products for a deductible portion of an insurance policy

• US 8,639,535 B1
• Filed: 07/10/2009
• Issued: 01/28/2014
• Est. Priority Date: 07/10/2009
• Status: Active Grant

• Current Assignee: United Services Automobile Association
• Original Assignee: United Services Automobile Association
• Inventors: Kazenas, Joseph Alfred
• Primary Examiner(s): Tran, Hai
• Application Number:
  US12/500,671
• Time in Patent Office: 1,663 Days
• Field of Search: 705/4, 705 15- 45
• US Class Current: 705/4
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes

Abstract

Methods and systems for providing supplemental insurance to insure the deductible amount of a primary insurance policy are described. In an example, data is received about a first insurance policy of an insured party; a deductible amount of the first insurance policy is determined; a premium to insure the deductible amount is determined using a computing device and a second insurance policy for the deductible amount is offered to the insured party. In an example, the first insurance policy may be provided by a third party provider. In an example, all of the deductible amounts of the insured party'"'"'s insurance policies may be added and supplemental insurance for the total deductible amount offered. In an example, the deductible amounts of a group of insured members may be added and supplemental insurance for the total deductible amount offered. In an example, the deductible amount of an insurance policy may be added to a loan.

Claims

1. A system comprising:

at least one subsystem, within the system, to receive data about a first insurance policy of an insured party;

at least one subsystem, within the system, to determine a deductible amount of the first insurance policy;

at least one subsystem, within the system, to determine a premium to insure the deductible amount using a computing device;

at least one subsystem, within the system, to offer a quote for a second insurance policy for the deductible amount to the insured party; and

at least one subsystem, within the system, to pay the deductible amount to the insured party in the event of a claim against the first insurance policy.

2. The system of claim 1, wherein at least one subsystem to add the premium for the second insurance policy to a first insurance policy premium.

3. The system of claim 1, wherein a first company provides the first insurance policy and a second company provides the second insurance policy.

4. The system of claim 1, wherein at least one subsystem to automatically debit the premium on a periodic basis from an insured party account.

5. The system of claim 1, wherein at least one subsystem is adapted to receive data about a plurality of insurance policies.

6. The system of claim 1, wherein at least one subsystem is adapted to determine the premium using underwriting data.

7. A system comprising:

at least one subsystem, within the system, to receive data about an insurance policy of an insured party from a third party computer system;

at least one subsystem, within the system, to determine a deductible amount of the insurance policy;

at least one subsystem, within the system, to determine a premium for the deductible amount;

at least one subsystem, within the system, to offer a supplemental insurance policy for the deductible amount to the insured party, the supplemental insurance policy having a term that coincides with a term of the insurance policy; and

at least one subsystem, within the system, to pay the deductible amount to the insured party in the event of a claim against the supplemental insurance policy.

8. The system of claim 7, wherein at least one subsystem receives the premium for the supplemental insurance policy.

9. The system of claim 7, wherein the supplemental insurance policy is in effect for a time period that coincides with a time period that the insurance policy is in effect.

10. The system of claim 7, wherein at least one subsystem automatically debits the premium on a periodic basis from an insured party account.

11. The system of claim 7, wherein at least one subsystem is adapted to receive data about a plurality of insurance policies.

12. The system of claim 7, wherein at least one subsystem is adapted to determine the premium using underwriting data stored on a computing device.

13. A system comprising:

at least one subsystem, within the system, to receive data about a plurality of insurance policies of an insured party;

at least one subsystem, within the system, to calculate a total deductible amount for all of the insurance policies using a computing device;

at least one subsystem, within the system, to determine a premium for the total deductible amount using the computing device;

at least one subsystem, within the system, to offer a quote for a supplemental insurance policy for the total deductible amount to the insured party; and

at least one subsystem, within the system, to pay the deductible amount to the insured party in the event of a claim against the supplemental insurance policy.

14. The system of claim 13, wherein at least one subsystem receives the premium for the supplemental insurance policy.

15. The system of claim 13, further comprising allowing the insured party to select which of the insurance policy deductibles are to be covered by the supplemental insurance policy.

16. The system of claim 13, wherein at least one subsystem automatically debits the premium on a periodic basis from an insured party account.

17. The system of claim 13, wherein the plurality of insurance policies consist of at least one of an auto insurance policy, a home insurance policy, a renters insurance policy, a boat insurance policy, a motorcycle insurance policy, valuable property insurance, juvenile insurance, or a recreational vehicle insurance policy.

18. The system of claim 13, wherein at least one subsystem is adapted to determine the premium using underwriting data.

19. A non-transitory machine-readable medium comprising instructions, which when implemented by a computer performs the following operations:

receive data about a plurality of insurance policies for a plurality of insured parties, the plurality of insured parties forming a group;

determine a total deductible amount for all of the insurance policies of the group;

determine a premium to insure the total deductible amount;

offer a quote for a supplemental insurance policy for the total deductible amount to the group; and

paying a first deductible amount to the group in the event of a claim against the supplemental insurance policy.

20. The non-transitory machine-readable medium of claim 19, wherein the premium for the supplemental insurance policy is added to at least one of the insurance policy premiums.

21. The non-transitory machine-readable medium of claim 19, further comprising allowing at least one of the insured parties to select which of the insurance policy deductibles are to be covered by the supplemental insurance policy.

22. The non-transitory machine-readable medium of claim 19, wherein the premium is automatically deducted on a periodic basis.

23. The non-transitory machine-readable medium of claim 19, wherein the group consists of at least one of an immediate family, an extended family, employees of a business or members of an organization.

24. The non-transitory machine-readable medium of claim 19, wherein a primary policy holder is responsible for payment of the premium for the supplemental insurance policy.

25. A non-transitory machine-readable medium comprising instructions, which when implemented by a computer performs the following operations:

receive data about an insurance policy and a loan of a first party;

determine a deductible amount of the insurance policy;

offer a quote for a supplemental insurance policy for at least a portion of the deductible amount to the first party;

allow the first party to add the at least the portion of the deductible amount to a principal balance of the loan; and

pay the deductible amount to the first party.

26. The non-transitory machine-readable medium of claim 25, wherein a total of the deductible amount is added to the principal balance when the loan is originated.

27. The non-transitory machine-readable medium of claim 25, at least the portion of the deductible amount is added to the principal balance after the loan is originated.

28. The non-transitory machine-readable medium of claim 25, wherein the deductible amount is escrowed to the loan over a time period.

29. The non-transitory machine-readable medium of claim 28, further comprising determining an escrow payment for the deductible amount using the computing device.

30. The non-transitory machine-readable medium of claim 25, further comprising accruing interest on the deductible amount.