US6937990B1
Expired / Lapsed
US
⏱️ 0.0 years remaining
System for syndication of insurance
Assignee: Inventor Holdings LLC
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Filing: 1999-12-21
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Granted: 2005-08-30
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Expires: 2019-12-21
Abstract
Abstract A system is described for facilitating a syndicated sale of an insurance policy. The system employs a processor and a storage device connected to the processor, and a data receiving device and data output device connected to the processor. The processor executes a program to receive information relating to the insurance policy, and to transmit for electronic viewing by a potential buyer an invitation to offer to buy a share in the underwriting of the insurance policy. The share has associated therewith a risk cost assessable to the buyer if payment is made on a claim under the insurance policy. The processor receives offers to underwrite the share of the insurance policy; each offer includes information identifying collateral against which the risk cost may be charged in the event of payment on a claim. The transmission of the invitation and the offer to buy a share may advantageously be made on the Internet.
Inventors
- 👤 Jay S. Walker
- 👤 Thomas M. Sparico
Bibliographic Details
Application Number
—
Jurisdiction
US
Data Source
google_patents
Last Synchronized
2026-11-09 20:37
CPC Classifications
G; G06; G06Q; G06Q30/00; G06Q30/06; G06Q20/00; G06Q20/08; G06Q20/10; G06Q40/00; G06Q40/03; G06Q40/04; G06Q40/08
Claims Analysis
Total Claims: 20
Claim 1
Independent Claim
176 words
An apparatus for facilitating a syndicated sale of an underwriting of an insurance policy, the apparatus comprising: a processing system including a processor and a storage device connected to the processor; a data receiving device connected to the processing system for receiving data; and a data output device connected to the processing system for outputting data, wherein the storage device contains a program, adapted to be executed by the processor, to receive a query regarding an availability of credit of a credit account of a buyer of a share of the underwriting of the insurance policy sufficient to cover a risk cost associated with the share, to transit a response to the query, to perform a credit freeze with respect to the credit account so as to secure a credit amount necessary to cover the risk cost, to transmit a verification that the credit freeze has been performed, to receive electronically notice that the credit account is no longer valid; and to cancel participation of the buyer in the insurance policy in response to the notice.
Claim 2
Independent Claim
176 words
An apparatus for facilitating a syndicated sale of an underwriting of an insurance policy, the apparatus comprising: a processing system including a processor and a storage device connected to the processor; a data receiving device connected to the processing system for receiving data; and a data output device connected to the processing system for outputting data, wherein the storage device contains a program, adapted to be executed by the processor, to receive a query regarding an availability of credit of a credit account of a buyer of a share of the underwriting of the insurance policy sufficient to cover a risk cost associated with the share, to transit a response to the query, to perform a credit freeze with respect to the credit account so as to secure a credit amount necessary to cover the risk cost, to transmit a verification that the credit freeze has been performed, to receive electronically notice that the credit account is no longer valid; and to cancel participation of the buyer in the insurance policy in response to the notice.
Claim 3
Dependent Claim
39 words
An apparatus according to claim 1 , wherein the program is further adapted to make a charge against the credit account in accordance with the share if a payment to an insured pursuant to the insurance policy is made.
Claim 4
Dependent Claim
87 words
An automated method of syndicating the underwriting of an insurance policy, comprising the steps of: providing electronic data including information relating to the insurance policy; receiving electronic data identifying a buyer of a share in the underwriting of the insurance policy, the received electronic data including an identifier of a security against which a risk cost to the buyer can be collateralized; receiving electronically notice that the security is no longer valid; and canceling participation of the buyer in the insurance policy in response to the notice.
Claim 5
Dependent Claim
87 words
An automated method of syndicating the underwriting of an insurance policy, comprising the steps of: providing electronic data including information relating to the insurance policy; receiving electronic data identifying a buyer of a share in the underwriting of the insurance policy, the received electronic data including an identifier of a security against which a risk cost to the buyer can be collateralized; receiving electronically notice that the security is no longer valid; and canceling participation of the buyer in the insurance policy in response to the notice.
Claim 6
Dependent Claim
68 words
A method according to claim 3 , wherein the security is a credit account, and further comprising the steps of: initiating an electronic communication with an issuer of the credit account to determine whether sufficient credit is available to cover the risk cost; and electronically initiating a credit freeze with respect to the credit account, so as to secure a credit amount necessary to cover the risk cost.
Claim 7
Dependent Claim
41 words
A method according to claim 3 , further comprising the step of initiating payment of a portion of a premium associated with the insurance policy to the buyer of the share, the portion having a size in accordance with the share.
Claim 8
Dependent Claim
29 words
A method according to claim 3 , further comprising the steps of: encrypting the data provided in the providing step; and decrypting the data received in the receiving step.
Claim 9
Dependent Claim
35 words
A method according to claim 3 , further comprising the step of storing the information relating to the insurance policy and information relating to the buyer, the share, the risk cost and the collateral security.
Claim 10
Dependent Claim
49 words
A method according to claim 4 , further comprising the step of initiating an electronic communication with the issuer of the credit account to make a charge against the credit account in accordance with the share if a payment to an insured pursuant to the insurance policy is made.
Claim 11
Dependent Claim
36 words
A method according to claim 3 , wherein the electronic data is provided in the providing step to a plurality of buyers on an electronic network and received in the receiving step on the electronic network.
Claim 12
Independent Claim
156 words
A method of facilitating a syndicated sale of an underwriting of an insurance policy, comprising the steps of: providing policy information regarding the insurance policy; initiating a premium payment to a buyer of a share of the underwriting of the policy of a portion of a premium associated with the policy, the portion having a size in accordance with the share; performing a credit freeze with respect to a credit account of the buyer so as to secure a credit amount necessary to cover the risk cost; tranmitting a verification that the credit freeze has been performed; initiating a communication to make a charge against a credit account of the buyer in accordance with the share if a claim payment to an insured pursuant to the insurance policy is made; receiving electronically notice that the credit account is no longer valid; and canceling participation of the buyer in the insurance policy in response to the notice.
Claim 13
Independent Claim
118 words
A method of facilitating a syndicated sale of an underwriting of an insurance policy, comprising the steps of: receiving a query regarding an availability of credit of a credit account of a buyer of a share of the underwriting of the insurance policy sufficient to cover a risk cost associated with the share; transmitting a response to the query; performing a credit freeze with respect to the credit account so as to secure a credit amount necessary to cover the risk cost; transmitting a verification that the credit freeze has been performed; receiving electronically notice at the edit account is no longer valid; and canceling participation of the buyer in the insurance policy in response to the notice.
Claim 14
Independent Claim
118 words
A method of facilitating a syndicated sale of an underwriting of an insurance policy, comprising the steps of: receiving a query regarding an availability of credit of a credit account of a buyer of a share of the underwriting of the insurance policy sufficient to cover a risk cost associated with the share; transmitting a response to the query; performing a credit freeze with respect to the credit account so as to secure a credit amount necessary to cover the risk cost; transmitting a verification that the credit freeze has been performed; receiving electronically notice at the edit account is no longer valid; and canceling participation of the buyer in the insurance policy in response to the notice.
Claim 15
Dependent Claim
135 words
A computer readable medium in which is stored computer readable code to be executed by a computer, the computer readable code for performing a method of syndicating underwriting of an insurance policy comprising the steps of: providing information regarding the insurance policy; initiating payment of a portion of a premium associated with the policy to a buyer of a share of the underwriting of the policy, the portion having a size in accordance with the share; initiating a communication to make a charge against a credit account of the buyer in accordance with the share if a claim payment to an insured pursuant to the insurance policy is made; receiving electronically notice that the credit account is no longer valid; and canceling participation of the buyer in the insurance policy in response to the notice.
Claim 16
Dependent Claim
154 words
A computer readable medium in which is stored computer readable code to be executed by a computer, the computer readable code for performing a method of syndicating underwriting of an insurance policy comprising the steps of: responding to a query regarding an availability of credit of a credit account of a buyer of a share of the underwriting of the insurance policy sufficient to cover a risk cost associated with the share; performing a credit freeze with respect to the credit account so as to secure a credit amount necessary to cover the risk cost; transmitting a verification of the credit freeze; making a charge against the credit account in accordance with the share if a claim payment to an insured pursuant to the insurance policy is made; receiving electronically notice that the credit account is no longer valid; and canceling participation of the buyer in the insurance policy in response to the notice.
Claim 17
Independent Claim
130 words
A method for buying a share of an underwriting of an insurance policy, comprising the steps of: receiving electronically data describing the insurance policy, the data including a risk cost associated with the share of the underwriting of the insurance policy; providing electronically an offer to buy the share of the underwriting of the insurance policy, the offer including identification of a credit account against which the risk cost may be charged if a payment is made to an insured pursuant to the insurance policy; receiving an acceptance of the offer; freezing the credit account in an amount necessary to cover the risk cost; receiving electronically notice that the credit account is no longer valid; and canceling participation of the buyer in the insurance policy in response to the notice.
Claim 18
Independent Claim
130 words
A method for buying a share of an underwriting of an insurance policy, comprising the steps of: receiving electronically data describing the insurance policy, the data including a risk cost associated with the share of the underwriting of the insurance policy; providing electronically an offer to buy the share of the underwriting of the insurance policy, the offer including identification of a credit account against which the risk cost may be charged if a payment is made to an insured pursuant to the insurance policy; receiving an acceptance of the offer; freezing the credit account in an amount necessary to cover the risk cost; receiving electronically notice that the credit account is no longer valid; and canceling participation of the buyer in the insurance policy in response to the notice.
Claim 19
Dependent Claim
35 words
A method according to claim 14 , further comprising the step of receiving a premium payment comprising a portion of a premium associated with the insurance policy, the portion being in accordance with the share.
Claim 20
Dependent Claim
31 words
A method according to claim 14 , wherein the offer is provided in the providing step in encrypted form and the acceptance is received in the receiving step in encrypted form.
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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) | 2008-08-29 | 2009-02-28 | 2009-08-30 | $2000.00 | Window Closed / Lapsed |
| 7.5 Years (Year 8) | 2012-08-29 | 2013-02-28 | 2013-08-30 | $3760.00 | Window Closed / Lapsed |
| 11.5 Years (Year 12) | 2016-08-29 | 2017-02-28 | 2017-08-30 | $7700.00 | Window Closed / Lapsed |