System for electronically auditing exposures used for determining insurance premiums

US5855005A · kind A · utility

Assignee

• Insurance Company of North America · US

Inventors

• Michael S. Schuler · Lockport, US
• Kristin Ford · Cinnaminson, US
• George Snyder · Brookline, US

Key dates

• Filing date: Jun 24, 1996
• Grant date: Dec 29, 1998
• Expiry date: Jun 24, 2016

Classification

• Technology area (CPC G): Physics
• CPC primary: G06Q40/08
• WIPO field: IT methods for management
• WIPO sector: Electrical engineering

Abstract

A computer-implemented system for auditing a total exposure of an entity, the total exposure forming the basis of a premium amount to be charged to the entity for an insurance policy. A first means for receiving a plurality of exposure information records from a first source is provided. Each of the exposure information records from the first source corresponds to a location of the entity and a class code associated with the location of the entity. A database, coupled to the first means for receiving, is provided for storing the exposure records from the first source. Each of the exposure records from the first source is stored in the database as a datastructure having an entity number field for storing a code that uniquely identifies the entity in the database, a location field for storing information representing a geographical location of the entity, a class code field for storing information representing a class code associated with the entity, and an amount field for storing an exposure amount associated with the geographical location and the class code stored in the location and class code fields, respectively, of the datastructure. A totaling means is provided for determinin…