System and method for underwriting a prepackaged business owners insurance policy

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United States of America Patent

PATENT NO 8589190
SERIAL NO

11867865

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Abstract

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A method, computer program product and system are provided for underwriting an insurance product such as a business owners policy by establishing a prepackaged policy having predetermined coverages, predetermined limits, and a fixed price, screening a potential customer for eligibility, and issuing the policy. The process may omit application of underwriting models to provide risk profiles and a premium based on a customer's individual data. The screening process may include comparing information from a customer to characteristics of a category of customers eligible for the insurance product, and verifying the information provided by the customer using internal carrier and external sources.

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Patent Owner(s)

  • LIBERTY MUTUAL INSURANCE COMPANY

International Classification(s)

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Inventor(s)

Inventor Name Address # of filed Patents Total Citations
Pugh, Todd Bothell, US 17 48
Ruddy, Brian Bothell, US 2 12

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Maintenance Fees

Fee Large entity fee small entity fee micro entity fee due date
11.5 Year Payment $7400.00 $3700.00 $1850.00 May 19, 2025
Fee Large entity fee small entity fee micro entity fee
Surcharge - 11.5 year - Late payment within 6 months $160.00 $80.00 $40.00
Surcharge after expiration - Late payment is unavoidable $700.00 $350.00 $175.00
Surcharge after expiration - Late payment is unintentional $1,640.00 $820.00 $410.00