Deductibles are a problem in all property insurance claims. Policyholders hate to pay them but love the discount in the insurance price when a higher deductible is part of the insurance. I wrote about a new deductible under High Deductible? Test FundMyDeductible.com . Some questioned whether this was correct and what the insurance industry's answer would be.
Cypress Property and Casualty runs this ad on its website:
The deductible installment plan *, only available from Cypress Property & P&C Insurance Company makes delayed repairs a thing of the past.
AN IDEA SO INNOVATIVE, WE HAVE TO PATENT IT!
Now if you suffer property losses from a hurricane or other disaster, you no longer need to delay your necessary repairs until you can pay your deductible.
NO OTHER INSURANCE COMPANY CAN OFFER YOU THIS BENEFIT!
It is amazing what can give rise to an unconnected state patent today. Merlin Law Group Knowledge Manager Ruck DeMinico tracked down four different deductible patent issues for your review.
The person involved in Hartford Insurance stated in part:
For insurance, a deductible is typically the amount that must be paid out of pocket before the insurer pays out an associated claim. The deductible is normally quoted as a fixed dollar amount and is a common part of the insurance. In the event of a loss, in some insurances, the deductible must be paid by the insured before the benefits of the insurance are paid out. In some insurances, the insurance amount for a covered loss is reduced by the deductible, but there is no requirement for the insured to pay the amount out of pocket before the insurer pays. The higher the deductible, the lower the premium and vice versa. For example, an insurance policy with an annual premium of $ 1,000 may have a deductible of $ 500, an insurance policy with an annual premium of $ 1,500 may have a deductible of $ 250 and so on. Depending on the policy, the deductible may apply per event, per year or during the entire insurance period. In a typical car insurance, a deductible applies to receivables that arise due to damage to or loss of the policyholder's vehicle without regard to faults.
Another type of deductible on the market is the so-called disappearing or disappearing type of deductible. The so-called disappearing type of deductible is a deductible formula that decreases when the amount of loss increases or in car insurance, where the insured has no losses / accidents. The disappearing deductible can eventually disappear completely over a period of years if the policyholder has no receivables or losses.
A negative consequence of having a deductible is that many policyholders never report many minor accidents, losses or receivables as the bulk of the cost will be borne by the policyholder who requires a one-time payment from the policyholder on their behalf. For example, if a policyholder has a loss of $ 600 and a deductible of $ 500, the policyholder is unlikely to report the claim because the policyholder would have to pay for most of the loss anyway and then also receive a potential negative rating from the insurer for the loss. As a further example, even if a policyholder would have a loss of $ 1000 with a deductible insurance of $ 500, half of the loss would still have to be borne by the policyholder and thus the policyholder can still be encouraged not to report the claim.  Consequently, it would be desirable to have a system that could provide policyholders with improved deductible choices including a policy with no deductible at all.
In one embodiment, the present invention is a system for administering policies without requiring a one-time deductible payment by a consumer, the system comprising: one or more processors; a memory device connected to one or more processors; and one or more programs, the one or more programs being stored in memory and configured to be executed by one or more processors, one or more programs comprising instructions for: displaying a graphical user interface for an insurance application, providing a deductible screen for options on the graphical user interface; receive a deductible option from the graphical user interface; storing the deductible option in a storage device; and responsive to receive an insured deductible option from the graphical user interface, communicate via a communications network, the deductible option to a primary and a secondary insurance company, the secondary insurer providing deductible insurance coverage without involving the consumer.
At present, the invention in other embodiments is a computer system for providing insured deductible options comprising: a processor; and a memory storage device in communication with the processor; the processor configured to: receive via a data communication network applicant data related to an optional deductible option; store the option for no deductible option in the memory storage device; determine, based on the choice of non-deductible options, a premium associated with the choice of no deductible alternative; and transmitting information related to the selection of no deductible alternative to at least two insurers, with at least two insurers sharing the determined premium.
In other embodiments, the present invention is a computer-implemented method of administering insurance in a – insurance platform, the insurances having separable deductible coverages, comprising: receiving, via a communication interface, data for an insurance related to at least one party; determining, via a computer processor, insurance premium information for at least one party; select, via the computer processor, two or more insurers for sharing the insurance policy; storage, via a data storage device information related to the two or more insurers; and transferring data to the two or more selected insurers, whereby one of the selected insurance companies is allocated a deductible coverage. period. This will of course make it easier for policyholders and contractors facing major deductibles to get started with the design. which patents are designed to overcome. That is why the formula for Coca-Cola was never patented. They kept it a trade secret, and they have exceeded the patent laws by 80 years or more.