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US 2021/0201419 A1Published application
Method for Subsidizing At-Risk Insurance Policyholders
OwnerKarl Millerinventor
Life of this patent
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Abstract
This invention relates in general to a system and a method which links charitable donations with the subsidizing of insurance policies. The system and process manage donations in such a way as to keep delinquent policyholders from losing coverage while also allowing the insurance company to maintain an uninterrupted flow of income and avoid policy lapses.
Claims6
A method of providing financial support to an insurance program using a computerized system to randomly apply donations to recipients so that both the insurer and the policyholder receive benefit, said method comprising the steps of:
- receiving funds from donors wishing to support insurance efforts especially in the developing world;
- using a computerized system to develop a pool of potential recipients from those policyholders delinquent in making premium payments but not yet at the point of cancellation;
- randomly selecting recipients from said pool;
- applying donated funds to bring such selected delinquent policyholders up-to-date on premium payments;
- and
- using this system to obtain greater underwriting consistency and insurer stability while simultaneously aiding policyholders in financial difficulty.
3 more elements
Dependencies are inferred from the claim text.