Patent US5884274A successfully refreshed from Google Patents.
US5884274A
Expired / Lapsed
US
⏱️ 0.0 years remaining
System and method for generating and executing insurance policies for foreign exchange losses
Assignee: Inventor Holdings LLC
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Filing: 1996-11-15
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Granted: 1999-03-16
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Expires: 2016-11-15
Abstract
Abstract A system and method for providing a foreign exchange insurance policy that automatically considers factors such as the type of currency, exchange rate, amount of coverage, and period of coverage, to determine a premium. Users can access the system using credit cards, ATMs, banks or other media.
Inventors
- 👤 Jay S. Walker
- 👤 James A. Jorasch
Bibliographic Details
Application Number
—
Jurisdiction
US
Data Source
google_patents
Last Synchronized
2026-11-07 13:37
CPC Classifications
G; G06; G06Q; G06Q40/00; G06Q40/02; G06Q40/03; G06Q40/08
Claims Analysis
Total Claims: 76
Claim 1
Independent Claim
80 words
A method of calculating a premium for a foreign exchange insurance policy, comprising the steps of: receiving, from a user, policy requirements for a foreign exchange insurance policy for a currency, the policy requirements including a user ID; storing the policy requirements and the corresponding user ID; accessing data corresponding to the currency and at least one current market condition of said currency; estimating a currency volatility from the accessed data; and determining a premium based on the currency volatility.
Claim 2
Independent Claim
80 words
A method of calculating a premium for a foreign exchange insurance policy, comprising the steps of: receiving, from a user, policy requirements for a foreign exchange insurance policy for a currency, the policy requirements including a user ID; storing the policy requirements and the corresponding user ID; accessing data corresponding to the currency and at least one current market condition of said currency; estimating a currency volatility from the accessed data; and determining a premium based on the currency volatility.
Claim 3
Dependent Claim
20 words
The method of claim 1 wherein the step of accessing the data includes the substep of accessing historic exchange rates.
Claim 4
Dependent Claim
30 words
The method of claim 1 further including the steps of accessing a period of coverage of the foreign exchange insurance policy, and determining whether the period of coverage has expired.
Claim 5
Dependent Claim
26 words
The method of claim 1 wherein the step of receiving the policy requirement includes the substep of receiving a credit card number as the user ID.
Claim 6
Dependent Claim
19 words
The method of claim 1 wherein the receiving step includes the substep of authenticating the identity of the user.
Claim 7
Dependent Claim
29 words
The method of claim 1 wherein the receiving step includes the substeps of receiving the user policy requirements in an encrypted format, and decrypting the encrypted user policy requirements.
Claim 8
Dependent Claim
15 words
The method of claim 1 including the step of transmitting the premium to the user.
Claim 9
Dependent Claim
22 words
The method of claim 7 including the step of receiving from the user a confirmation to purchase the foreign exchange insurance policy.
Claim 10
Dependent Claim
45 words
The method of claim 1 wherein the policy requirements further include an exchange rate, an amount of coverage, and a period of coverage, and wherein the determining step further includes the substep of determining the premium based on the policy requirements and the currency volatility.
Claim 11
Dependent Claim
24 words
The method of claim 3 further including the step of updating a status of the foreign exchange insurance policy having an expired coverage period.
Claim 12
Dependent Claim
20 words
The method of claim 1 further including the step of issuing a tracking code for the foreign exchange insurance policy.
Claim 13
Dependent Claim
19 words
The method of claim 11 further including the step of storing the tracking code corresponding to the user ID.
Claim 14
Dependent Claim
25 words
The method of claim 11 wherein the step of issuing a tracking code includes the substep of issuing the tracking code with the policy requirements.
Claim 15
Dependent Claim
21 words
The method of claim 13 wherein the step of issuing the tracking code includes the step of encrypting the tracking code.
Claim 16
Independent Claim
83 words
A method of calculating an insurance adjustment for a foreign currency transaction under a foreign exchange insurance policy, comprising the steps of: receiving transaction data including a user ID, a transaction amount, and a transaction date; accessing a foreign exchange rate corresponding to the transaction date; accessing a policy exchange rate corresponding to the user ID; comparing the foreign exchange rate with the policy exchange rate; and determining the amount of an insurance adjustment using the transaction data and the compared exchange rates.
Claim 17
Independent Claim
83 words
A method of calculating an insurance adjustment for a foreign currency transaction under a foreign exchange insurance policy, comprising the steps of: receiving transaction data including a user ID, a transaction amount, and a transaction date; accessing a foreign exchange rate corresponding to the transaction date; accessing a policy exchange rate corresponding to the user ID; comparing the foreign exchange rate with the policy exchange rate; and determining the amount of an insurance adjustment using the transaction data and the compared exchange rates.
Claim 18
Dependent Claim
17 words
The method of claim 15 further including the step of verifying the validity of the user ID.
Claim 19
Dependent Claim
22 words
The method of claim 15 wherein the receiving step includes the substep of receiving the transaction data from an automatic teller machine.
Claim 20
Dependent Claim
21 words
The method of claim 15 wherein the receiving step includes the substep of receiving the transaction data from a bank terminal.
Claim 21
Dependent Claim
24 words
The method of claim 15 wherein the receiving step includes the substep of receiving the transaction data from a server on a computer network.
Claim 22
Dependent Claim
21 words
The method of claim 15 further including the step of crediting a user's account by the amount of the insurance adjustment.
Claim 23
Dependent Claim
31 words
The method of claim 20 wherein the crediting step includes the substeps of accessing a remaining amount of coverage, and determining whether the remaining amount of coverage exceeds the transaction amount.
Claim 24
Independent Claim
97 words
A method of calculating an insurance adjustment for a foreign currency credit card transaction under a foreign exchange insurance policy, comprising the steps of: receiving transaction data including a user ID, a credit card number, a transaction amount, and a transaction date; verifying the validity of the credit card number; accessing a foreign exchange rate corresponding to the transaction date; accessing a policy exchange rate corresponding to the user ID; comparing the foreign exchange rate with the policy exchange rate; and determining the amount of an insurance adjustment using the transaction data and the compared exchange rates.
Claim 25
Independent Claim
97 words
A method of calculating an insurance adjustment for a foreign currency credit card transaction under a foreign exchange insurance policy, comprising the steps of: receiving transaction data including a user ID, a credit card number, a transaction amount, and a transaction date; verifying the validity of the credit card number; accessing a foreign exchange rate corresponding to the transaction date; accessing a policy exchange rate corresponding to the user ID; comparing the foreign exchange rate with the policy exchange rate; and determining the amount of an insurance adjustment using the transaction data and the compared exchange rates.
Claim 26
Dependent Claim
14 words
The method of claim 22, wherein the user ID comprises the credit card nunber.
Claim 27
Dependent Claim
29 words
The method of claim 22 further including the step of crediting a user's credit card account corresponding to the credit card number by the amount of the insurance adjustment.
Claim 28
Dependent Claim
31 words
The method of claim 24 wherein the crediting step includes the substeps of accessing a remaining amount of coverage, and determining whether the remaining amount of coverage exceeds the transaction amount.
Claim 29
Independent Claim
81 words
A method of processing a transaction at a data processor, based on instructions received from a central controller, relating to a foreign exchange insurance policy, comprising the steps of: receiving from a user a transaction request; receiving from the user transaction data including a tracking number of a foreign exchange insurance policy; transmitting the transaction data to the central controller; receiving from the central controller instructions for processing the transaction request; and processing the transaction request according to the received instructions.
Claim 30
Independent Claim
81 words
A method of processing a transaction at a data processor, based on instructions received from a central controller, relating to a foreign exchange insurance policy, comprising the steps of: receiving from a user a transaction request; receiving from the user transaction data including a tracking number of a foreign exchange insurance policy; transmitting the transaction data to the central controller; receiving from the central controller instructions for processing the transaction request; and processing the transaction request according to the received instructions.
Claim 31
Dependent Claim
27 words
The method of claim 26 wherein the step of receiving transaction data includes the substep of receiving a user ID, a transaction amount, and a transaction date.
Claim 32
Dependent Claim
26 words
The method of claim 26 wherein the step of receiving instructions includes the substep of receiving a currency exchange rate for the foreign exchange insurance policy.
Claim 33
Independent Claim
89 words
A method of processing a transaction at an automatic teller machine (ATM), based on data received from a central controller, relating to a foreign exchange insurance policy, comprising the steps of: receiving from a user a transaction request at the ATM; receiving from the user transaction data including a tracking number of a foreign exchange insurance policy; transmitting the transaction data to the central controller; receiving from the central controller instructions for processing the transaction request; and processing the transaction request at the ATM according to the received instructions.
Claim 34
Independent Claim
89 words
A method of processing a transaction at an automatic teller machine (ATM), based on data received from a central controller, relating to a foreign exchange insurance policy, comprising the steps of: receiving from a user a transaction request at the ATM; receiving from the user transaction data including a tracking number of a foreign exchange insurance policy; transmitting the transaction data to the central controller; receiving from the central controller instructions for processing the transaction request; and processing the transaction request at the ATM according to the received instructions.
Claim 35
Dependent Claim
27 words
The method of claim 29 wherein the step of receiving transaction data includes the substep of receiving a user ID, a transaction amount, and a transaction date.
Claim 36
Dependent Claim
26 words
The method of claim 29 wherein the step of receiving instructions includes the substep of receiving a currency exchange rate for the foreign exchange insurance policy.
Claim 37
Independent Claim
87 words
A system for calculating a premium for a foreign exchange insurance policy comprising: means for receiving, from a user, policy requirements for a foreign exchange insurance policy for a currency, the policy requirements including a user ID; a database storing the policy requirements and the corresponding user ID; means for accessing data corresponding to the currency and at least one current market condition of said currency; means for estimating a currency volatility from the accessed data; and means for determining a premium based on the currency volatility.
Claim 38
Independent Claim
87 words
A system for calculating a premium for a foreign exchange insurance policy comprising: means for receiving, from a user, policy requirements for a foreign exchange insurance policy for a currency, the policy requirements including a user ID; a database storing the policy requirements and the corresponding user ID; means for accessing data corresponding to the currency and at least one current market condition of said currency; means for estimating a currency volatility from the accessed data; and means for determining a premium based on the currency volatility.
Claim 39
Dependent Claim
43 words
The system of claim 32 wherein the policy requirements further include an exchange rate, amount of coverage, and a period of coverage, and wherein the determining means further includes means for determining the premium based on the policy requirements and the currency volatility.
Claim 40
Dependent Claim
23 words
The system of claim 32 wherein the accessing means further include means for accessing at least one historic exchange rate for the currency.
Claim 41
Dependent Claim
21 words
The system of claim 32 wherein the receiving means includes means for receiving a credit card number as the user ID.
Claim 42
Dependent Claim
18 words
The system of claim 32 wherein the receiving means includes means for authenticating the identity of the user.
Claim 43
Dependent Claim
30 words
The system of claim 32 wherein the receiving means includes means for receiving the user policy requirements in an encrypted format, and means for decrypting the encrypted user policy requirements.
Claim 44
Dependent Claim
15 words
The system of claim 32 further including means for transmitting the premium to the user.
Claim 45
Dependent Claim
22 words
The system of claim 38 further including means for receiving from the user a confirmation to purchase the foreign exchange insurance policy.
Claim 46
Dependent Claim
34 words
The system of claim 33 further including means for storing in the database the period of coverage of the foreign exchange insurance policy, and means for determining whether the period of coverage has expired.
Claim 47
Dependent Claim
23 words
The system of claim 40 further including means for updating a status of the foreign exchange insurance based on the period of coverage.
Claim 48
Dependent Claim
21 words
The system of claim 32 further including first issuing means for issuing a tracking code for the foreign exchange insurance policy.
Claim 49
Dependent Claim
18 words
The system of claim 42 wherein the database further stores the tracking code corresponding to the user id.
Claim 50
Dependent Claim
21 words
The system of claim 42 wherein the first issuing means includes means for issuing the policy requirements with the tracking code.
Claim 51
Dependent Claim
17 words
The system of claim 42 wherein the first issuing means includes means for encrypting the tracking code.
Claim 52
Independent Claim
94 words
A system for calculating an insurance adjustment for a foreign currency transaction under a foreign exchange insurance policy comprising: means for receiving transaction data including a user ID, a transaction amount, and a transaction date; first accessing means for accessing a foreign exchange rate corresponding to the transaction date; second accessing means for accessing a policy exchange rate corresponding to the user ID; means for comparing the foreign exchange rate with the policy exchange rate; and means for determining the amount of an insurance adjustment using the transaction data and the compared exchange rates.
Claim 53
Independent Claim
94 words
A system for calculating an insurance adjustment for a foreign currency transaction under a foreign exchange insurance policy comprising: means for receiving transaction data including a user ID, a transaction amount, and a transaction date; first accessing means for accessing a foreign exchange rate corresponding to the transaction date; second accessing means for accessing a policy exchange rate corresponding to the user ID; means for comparing the foreign exchange rate with the policy exchange rate; and means for determining the amount of an insurance adjustment using the transaction data and the compared exchange rates.
Claim 54
Dependent Claim
15 words
The system of claim 46 including means for verifying the validity of the user ID.
Claim 55
Dependent Claim
18 words
The system of claim 46 wherein the receiving means receives the transaction data from an automatic teller machine.
Claim 56
Dependent Claim
17 words
The system of claim 46 wherein the receiving means receives the transaction data from a bank terminal.
Claim 57
Dependent Claim
20 words
The system of claim 46 wherein the receiving means receives the transaction data from a server on a computer network.
Claim 58
Dependent Claim
19 words
The system of claim 46 including means for crediting a user's account by the amount of the insurance adjustment.
Claim 59
Dependent Claim
34 words
The system of claim 51 wherein the crediting means includes third accessing means for accessing a remaining amount of coverage, and means for determining whether the remaining amount of coverage exceeds the transaction amount.
Claim 60
Independent Claim
107 words
A system of calculating an insurance adjustment for a foreign currency credit card transaction under a foreign exchange insurance policy comprising: means for receiving transaction data including a user ID, a credit card number, a transaction amount, and a transaction date; means for verifying the credit card number; first accessing means for accessing a foreign exchange rate corresponding to the transaction date; second accessing means for accessing a policy exchange rate corresponding to the user ID; means for comparing the foreign exchange rate with the policy exchange rate; and means for determining the amount of an insurance adjustment using the transaction data and the compared exchange rates.
Claim 61
Independent Claim
107 words
A system of calculating an insurance adjustment for a foreign currency credit card transaction under a foreign exchange insurance policy comprising: means for receiving transaction data including a user ID, a credit card number, a transaction amount, and a transaction date; means for verifying the credit card number; first accessing means for accessing a foreign exchange rate corresponding to the transaction date; second accessing means for accessing a policy exchange rate corresponding to the user ID; means for comparing the foreign exchange rate with the policy exchange rate; and means for determining the amount of an insurance adjustment using the transaction data and the compared exchange rates.
Claim 62
Dependent Claim
14 words
The system of claim 53, wherein the user ID comprises the credit card number.
Claim 63
Dependent Claim
27 words
The system of claim 53 including means for crediting a user's credit card account corresponding to the credit card number by the amount of the insurance adjustment.
Claim 64
Dependent Claim
34 words
The system of claim 55 wherein the crediting means includes third accessing means for accessing a remaining amount of coverage, and means for determining whether the remaining amount of coverage exceeds the transaction amount.
Claim 65
Independent Claim
90 words
A system for processing a transaction, based on instructions received from a central controller, relating to a foreign exchange insurance policy, comprising: first receiving means for receiving from a user a transaction request; second receiving means for receiving from the user transaction data including a tracking number of a foreign exchange insurance policy; means for transmitting the transaction data to the central controller; third receiving means for receiving from the central controller instructions for processing the transaction request; and means for processing the transaction request according to the received instructions.
Claim 66
Independent Claim
90 words
A system for processing a transaction, based on instructions received from a central controller, relating to a foreign exchange insurance policy, comprising: first receiving means for receiving from a user a transaction request; second receiving means for receiving from the user transaction data including a tracking number of a foreign exchange insurance policy; means for transmitting the transaction data to the central controller; third receiving means for receiving from the central controller instructions for processing the transaction request; and means for processing the transaction request according to the received instructions.
Claim 67
Dependent Claim
26 words
The system of claim 57 wherein the second receiving means includes fourth receiving means for receiving a user ID, a transaction amount, and a transaction date.
Claim 68
Dependent Claim
26 words
The system of claim 57 wherein the third receiving means include fifth receiving means for receiving a currency exchange rate for the foreign exchange insurance policy.
Claim 69
Dependent Claim
98 words
An automatic teller machine (ATM) for processing a transaction based on instructions received from a central controller for a foreign exchange insurance policy, comprising: first receiving means for receiving from a user a transaction request at the ATM; second receiving means for receiving from the user transaction data including a tracking number of a foreign exchange insurance policy; means for transmitting the transaction data to the central controller; third receiving means for receiving from the central controller instructions for processing the transaction request; and means for processing the transaction request at the ATM according to the received instructions.
Claim 70
Dependent Claim
98 words
An automatic teller machine (ATM) for processing a transaction based on instructions received from a central controller for a foreign exchange insurance policy, comprising: first receiving means for receiving from a user a transaction request at the ATM; second receiving means for receiving from the user transaction data including a tracking number of a foreign exchange insurance policy; means for transmitting the transaction data to the central controller; third receiving means for receiving from the central controller instructions for processing the transaction request; and means for processing the transaction request at the ATM according to the received instructions.
Claim 71
Dependent Claim
26 words
The system of claim 60 wherein the second receiving means includes fourth receiving means for receiving a user ID, a transaction amount, and a transaction date.
Claim 72
Dependent Claim
26 words
The system of claim 60 wherein the third receiving means includes fifth receiving means for receiving a currency exchange rate for the foreign exchange insurance policy.
Claim 73
Dependent Claim
114 words
A computer-readable medium for calculating a premium for a foreign exchange insurance policy, the computer-readable medium comprising: means for causing a data processor to receive, from a user, policy requirements for a foreign exchange insurance policy for a currency, the policy requirements including a user ID; means for causing a database to store the policy requirements and the corresponding user ID; means for causing the data processor to access data corresponding to the currency and at least one current market condition of said currency; means for causing the data processor to estimate currency volatility from the accessed data; and means for causing the data processor to determine a premium based on the currency volatility.
Claim 74
Dependent Claim
114 words
A computer-readable medium for calculating a premium for a foreign exchange insurance policy, the computer-readable medium comprising: means for causing a data processor to receive, from a user, policy requirements for a foreign exchange insurance policy for a currency, the policy requirements including a user ID; means for causing a database to store the policy requirements and the corresponding user ID; means for causing the data processor to access data corresponding to the currency and at least one current market condition of said currency; means for causing the data processor to estimate currency volatility from the accessed data; and means for causing the data processor to determine a premium based on the currency volatility.
Claim 75
Dependent Claim
120 words
A computer-readable medium for calculating a premium for a foreign exchange insurance policy, said computer-readable medium comprising: means for causing a data processor to receive, from a user, policy requirements for a foreign exchange insurance policy for a currency, the policy requirements including a user ID; means for causing the data processor to store in a data storage device the policy requirements and the corresponding user ID; means for causing the data processor to access data corresponding to the currency and at least one current market condition of said currency; means for causing the data processor to estimate currency volatility from the accessed data; and means for causing the data processor to determine a premium based on the currency volatility.
Claim 76
Dependent Claim
120 words
A computer-readable medium for calculating a premium for a foreign exchange insurance policy, said computer-readable medium comprising: means for causing a data processor to receive, from a user, policy requirements for a foreign exchange insurance policy for a currency, the policy requirements including a user ID; means for causing the data processor to store in a data storage device the policy requirements and the corresponding user ID; means for causing the data processor to access data corresponding to the currency and at least one current market condition of said currency; means for causing the data processor to estimate currency volatility from the accessed data; and means for causing the data processor to determine a premium based on the currency volatility.
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USPTO Annuity & Maintenance Windows
| Annuity Stage | Window Opens | Payment Deadline | Surcharge Period Until | Estimated Fee | Status |
|---|---|---|---|---|---|
| 3.5 Years (Year 4) | 2002-03-15 | 2002-09-14 | 2003-03-16 | $2000.00 | Window Closed / Lapsed |
| 7.5 Years (Year 8) | 2006-03-15 | 2006-09-14 | 2007-03-16 | $3760.00 | Window Closed / Lapsed |
| 11.5 Years (Year 12) | 2010-03-15 | 2010-09-14 | 2011-03-16 | $7700.00 | Window Closed / Lapsed |