Insurance product
OwnerFrederick Van Rensburginventor
Life of this patent
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Abstract
An insurance product, a method of insuring an article and an a method of compensating an insured person. The insured article is, in particular, a vehicle, motor bike or boat. An insurance product is provided comprising a policy whereby the insurer undertakes to compensate an insured person for a loss incurred as a result of the actual consideration obtainable by the insured person for an article being less than an agreed minimum consideration, when the insured person disposes of the article. The compensation is for the loss incurred as a result of the diminution in the value of an insured article due to the article having been damaged in an accident, notwithstanding that the article was competently repaired after the accident.
Claims11
An insurance product comprising a policy whereby the insurer undertakes to compensate an insured person for a loss incurred as a result of the actual consideration obtainable by the insured person for an insured article being less than an agreed minimum consideration, when the insured person disposes of the insured article.
A method of insuring an article which includes undertaking to compensate an insured person for a loss incurred as a result of the actual consideration obtainable by the insured person for the insured article being less than an agreed minimum consideration, when the insured disposes of the insured article.
A method of compensating which includes compensating an insured person, when the insured person disposes of an insured article, for a loss incurred as a result of the actual consideration obtainable by the insured person for the insured article being less that an agreed minimum consideration.
Dependencies are inferred from the claim text.