US6937990B1 — System for syndication of insurance

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a verification that the credit freeze has been performed, to receive electronically notice that the credit account is no longer valid; and to cancel participation of the buyer in the insurance policy in response to the notice.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a verification that the credit freeze has been performed, to receive electronically notice that the credit account is no longer valid; and to cancel participation of the buyer in the insurance policy in response to the notice.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.

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

System for syndication of insurance

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