Insurance product and related system and method
OwnerJohn M. Guerreroinventor
Life of this patent
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Abstract
A defendant protection policy is purchased by a plaintiff in connection with pursuing a lawsuit against a defendant, and pays out to the defendant in the event of an outcome unfavorable to the plaintiff. The plaintiff can be required to purchase the defendant protection policy by law or by contract. A computer-based system for facilitating the underwriting of the defendant protection policy includes at least one processor and computer-readable memory configured to execute a claim data entry module for receiving claim data about a litigation claim, a policy risk module for assessing insurer risk of payment under the claim based at least in part on risk data corresponding to the claim data, and a policy pricing module for determining policy pricing based at least in part on the insurer risk of payment.
Claims8
A method for facilitating insurance underwriting for a litigation defendant protection policy, the method comprising:
- receiving an application for the litigation defendant protection policy;
- inputting claim data about a litigation claim into a computer system;
- using the computer system to calculate insurer risk of payment under the claim based at least in part on risk data corresponding to the claim data;
- using the computer system to determine policy pricing based at least in part of the calculated insurer risk of payment;
- and
- issuing the litigation defendant protection policy to the plaintiff upon receipt of payment;
- and
- paying a defendant as required under conditions of the defendant protection policy;
- wherein the plaintiff is obligated to purchase the defendant protection policy based on a prior contractual agreement with the defendant.
Dependencies are inferred from the claim text.