US 8,275,636 B2 · Identity insurance transaction method

Abstract

The instant invention relates to a system and method for ensuring and verifying the identity of all parties involved in an online marketplace transaction involving buyers, sellers, and third parties, such as a marketplace. Anonymous transactions are supported by the present invention. Verification is provided and insurance may be purchased in accordance with the instant invention guaranteeing that the parties are who they represent themselves to be and are capable of entering into the transaction, thereby facilitating completion of the online transaction. Both the verification provided and insurance purchased take into account numerous factors including, but not limited to, the credit score of a user trading counterpart, the amount and type of a user's or trading counterpart's past trading activity, the monetary amount, size, and type of transaction for which verification and/or insurance is sought, and the nature of the goods and/or services involved in the transaction for which verification and/or insurance is sought.

Claims15

Dependent claims

A method for providing insurance coverage guaranteeing to a user the identity of a trading counterpart in an online marketplace transaction as being a specified person, persons, or entity, the method comprising the steps of:

calculating, using a central processing computer, a monetary premium for an identity insurance policy, the premium calculated based upon risk assessment information accessed through the central processing computer relating to a risk of loss caused by the identity of the trading counterpart in the online marketplace transaction being different than the specified person, persons, or entity;
supplying, by an insurer, the identity insurance policy to the user, wherein the identity insurance policy provides coverage for the user against a loss resulting from the identity of the trading counterpart in the online marketplace transaction being different than the specified person, persons, or entity;
receiving, by the insurer, the premium from the user;
supplying, by the insurer, additional insurance to the user, wherein the additional insurance provides coverage for the user against a loss resulting from the financial inability of the trading counterpart to complete an online marketplace transaction, the additional insurance including an additional predetermined monetary premium payable to the insurer;
and
receiving the additional premium by the insurer from the user.

3 more elements

A method for providing insurance to a user for losses caused by the misidentification or misrepresentation of the identity of a trading counterpart in an online marketplace transaction or by the financial inability of the trading counterpart to enter and complete the transaction, the method comprising the steps of:

calculating, using a central processing computer, a monetary premium for an insurance policy, the premium based upon risk assessment information accessed through the central processing computer relating to a risk of loss associated with the identity of the trading counterpart in the online marketplace transaction being different than a specified person, persons, or entity and to a risk of loss associated with the financial inability of the trading counterpart in the online marketplace transaction to complete the online marketplace transaction;
supplying, by an insurer, the insurance policy to the user, wherein the insurance policy provides coverage for the user against a loss resulting from the identity of the trading counterpart being different than the specified person, persons, or entity and against a loss resulting from the financial inability of the trading counterpart to complete the transaction;
and
receiving, by the insurer, the premium from the user.

1 more element

Dependencies are inferred from the claim text.

Identity insurance transaction method

Life of this patent

Identity insurance transaction method

Life of this patent

Abstract

Claims15