Method of adjusting an insurance premium
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United States of America Patent
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N/A
Issued Date -
Dec 10, 2009
app pub date -
Jun 4, 2008
filing date -
Jun 4, 2008
priority date (Note) -
Abandoned
status (Latency Note)
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Abstract
The present invention broadly provides an improved method (20) of adjusting, with the aid of a digital computer, an insurance premium charged by a payor to a customer so as to correlate more closely with the expected claims of that customer during a policy period. The improved method broadly includes the steps of: obtaining historical data, including the parameters of a past rate, of the customer (22); determining risk factors that influence or affect the insurance premium (23); creating an algorithm to adjust the insurance premium as a function of the risk factors (24); receiving a request for a rate adjustment (21); and calculating in the computer an adjustment to the premium as a function of the algorithm so as to increase the correlation between the premium to be charged and the expected claims of the customer during the policy period (26).
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