System and method for providing an insurance premium for price protection
AssigneePricelock, Inc.
InventorsRobert M. Fell, Scott Painter, Brian P. Reed, Michael R. Bonsignore, Gary A. Magnuson
Life of this patent
Estimating the term…
Abstract
Systems and methods for providing an insurance premium in association with an insurance strike price for a commodity are disclosed. By paying the insurance premium a consumer may obtain price protection for a commodity purchase. In particular, in one embodiment a consumer may obtain the right to be reimbursed for any amount paid over the insurance strike price for the commodity.
Claims21
A method for providing insurance for commodity purchasing, comprising:
- creating an insurance strike price matrix corresponding to a commodity, the insurance strike price matrix comprising a set of insurance strike prices and associated insurance premiums;
- obtaining a payment associated with a first insurance strike price and associated insurance premium from first consumer;
- and
- indemnifying the first consumer for purchases of the commodity based upon the first insurance strike price.
A system for commodity purchasing, comprising:
- an insurance system, the insurance system operable for:
- creating an insurance strike price matrix corresponding to a commodity, the insurance strike price matrix comprising a set of insurance strike prices and associated insurance premiums;
- obtaining a payment associated with a first insurance strike price and associated insurance premium from first consumer;
- and
- indemnifying the first consumer for purchases of the commodity based upon the first insurance strike price.
A computer readable media for providing insurance for commodity purchasing, the computer readable media comprising instructions executable for:
- creating an insurance strike price matrix corresponding to a commodity, the insurance strike price matrix comprising a set of insurance strike prices and associated insurance premiums;
- obtaining a payment associated with a first insurance strike price and associated insurance premium from first consumer;
- and
- indemnifying the first consumer for purchases of the commodity based upon the first insurance strike price.
Dependencies are inferred from the claim text.