System and method for establishing rates for a property insurance policy

US8015035B1 · kind B1 · utility

Assignee

• United Services Automobile Association (USAA) · US

Inventors

• Jerromy Laverne Johnson · San Antonio, US
• Deborah Murphy · Lawrenceville, US
• Mark Garrett · Overland Park, US
• Beverly Lynn Phillips · San Antonio, US

Key dates

• Filing date: Aug 26, 2003
• Grant date: Sep 6, 2011
• Expiry date: Aug 1, 2028

Classification

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

Abstract

Property insurance rates are established by performing calculations for defining a single tier placement dependent upon a combination of mutually exclusive factors based on applicant data. In the case of a renewal policy, the factors include determining a protection class and a previous paid loss history. In the case of a new policy, the factors also include determining an insurance credit score. No single factor is the sole determinant for placement in a tier.