Insurance rating plan

US8719134B1 · kind B1 · utility

Assignee

• Allstate Insurance Company · US

Inventors

• Eric Huls · Chicago, US
• Carolyn Parker · Libertyville, US
• David MacInnis · Lake Forest, US
• David Chudzicki · San Francisco, US
• Pradraic Sheerin · Dungiven, GB

Key dates

• Filing date: Dec 20, 2012
• Grant date: May 6, 2014
• Expiry date: Dec 20, 2032

Classification

• Technology area (CPC G): Physics
• CPC primary: G06Q30/0283
• WIPO field: IT methods for management
• WIPO sector: Electrical engineering

Abstract

A first amount of insurance may be determined for a first set of at least one insured entities covered under a single insurance policy. Replacement cost factor data relating to the single insurance policy may be received from at least one source. Received replacement cost factor data may be used to determine a first replacement cost for the first set of at least one insured entities covered under the single insurance policy. A determination may be made that the first amount of insurance is greater than the first replacement cost. A first insurance premium may be calculated for the single insurance policy using at least the first amount of insurance and the first replacement cost. The calculated insurance premium may be less than a second insurance premium for a second set of at least one insured entities for which a second amount of insurance and a second replacement cost are both equal to the first amount of insurance.