Apparatus, system, and method for funding insurance premium financing contracts
AssigneeCapital Premium Financing, Inc.
InventorsScott L. Crowley, Josef C. Heugly, David F. Gabrielsen
Life of this patent
Estimating the term…
Abstract
An apparatus, system, method, and computer program product for funding insurance premium financing contracts and loans by a premium financier related to an insurance contract on behalf of an insured entity. Interest can be paid from the premium finance company to an insurance company associated with the insurance contract between a start date and a remittance date on which a premium payment is made on the insurance contract.
Claims29
A system for funding insurance premium financing contracts and loans, wherein an insurance contract is executed on behalf of an insured entity and a financing agreement is executed between said insured entity and a premium financier wherein said insured entity agrees to make periodic payments to said premium financier and said premium financier agrees to fund said insurance contract, said system comprising:
- a contract funding host server comprising a data communications interface, and a network interface;
- a contract funding accounts database in communication with the contract funding host server through the data communications interface, said contract funding accounts database comprising a plurality of account entries, one of said account entities comprising information describing a premium payment associated with said insurance contract, an effective date of said insurance contract, a remittance date of said insurance contract, and an insurance company associated with said insurance contract;
- a data entry device in communication with said contract funding host server through said network interface, said data entry device enabling a user to enter information into said accounts database;
- wherein said contract funding host server calculates an interest amount on said premium payment for a period extending between a start date and said remittance date, wherein said start date is on or before said effective date;
- and
- wherein said contract funding host server initiates a premium payment from said premium financier to an insurance company responsible for said insurance contract on said remittance date.
An apparatus for funding insurance premium financing contracts and loans, wherein an insurance contract is executed on behalf of an insured entity and a financing agreement is executed between said insured entity and a premium financier wherein said insured entity agrees to make periodic payments to said premium financier and said premium financier agrees to fund said insurance contract, said apparatus comprising:
- means for initiating a premium payment from said premium financier to an insurance company responsible for said insurance contract on a remittance date subsequent to an effective date of said insurance contract;
- means for determining an interest payment from said premium financier to said insurance company corresponding to a computed interest on said premium payment for a period extending between a start date and said remittance date;
- and
- wherein said start date is on or before said effective date.
A computer program product, comprising a computer usable medium having a computer readable program code embodied therein, said computer readable program code being readable by a computer to cause said computer to execute a process for funding insurance premium financing contracts and loans related to an insurance contract, wherein a financing agreement is associated with said insurance contract wherein an insured entity agrees to make periodic payments to a premium financier and said premium financier agrees to fund said insurance contract, the process comprising:
- providing a system, wherein said system comprises distinct software modules, and wherein said distinct software modules comprise a contract funding account module, an interest calculation module, an account balance module, and a contract funding tracking module;
- accessing an account entry to enter information into said account entry, said information comprising a premium payment associated with said insurance contract, an effective date of said insurance contract, a remittance date of said insurance contract, and wherein said accessing is performed by said contract funding account module in response to input to said computer indicating said financing agreement has been executed;
- computing interest on said premium payment for a period extending between a start date and said remittance date, wherein said start date is on or before said effective date, wherein said computing is performed by said interest calculation module;
- updating a balance in said account entry to account for said interest, and wherein said updating is performed by said account balance module in response to said interest calculation module;
- and
- initiating a premium payment from said premium financier to an insurance company responsible for said insurance contract on said remittance date, and wherein said initiating is performed by said contract funding tracking module.
A method for funding insurance premium financing contracts and loans by a premium financier, wherein an insurance contract is executed on behalf of an insured entity, said insurance contract having an effective date, said method comprising:
- executing a financing agreement between said insured entity and a premium financier wherein said insured entity agrees to make periodic payments and said premium financier agrees to fund said insurance contract;
- providing a contract funding host server in communication with an accounts database;
- establishing an account entry in said contract funding database by said contract funding host server, wherein said account entry comprises:
- information identifying an insurance company associated with said insurance contract,
- a premium payment amount corresponding to said insurance contract,
- a start date,
- a remittance date subsequent to said effective date, and
- information identifying a payment account to which payment of said premium payment is to be made;
- calculating by said contract funding host server an accumulated interest amount on said premium payment amount for a period from said start date to said remittance date;
- and
- making a payment from said premium financier to said insurance company of said accumulated interest.
Dependencies are inferred from the claim text.