System and Method for Assessing Earned Premium for Distance-Based Vehicle Insurance
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United States of America Patent
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app pub date -
Jun 4, 2007
filing date -
Oct 29, 2004
priority date (Note) -
Abandoned
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Abstract
A system and method for calculating and assessing earned insurance premium for a mileage based insurance contract is disclosed. The system includes charging a customer a policy premium for a policy period of an insurance contract defined in part by coverage for a preselected number of units distance from the inception of the contract, determining the number units distance lapsed since contract inception, and assessing an earned premium against the charged policy premium based on the ratio of units distance lapsed to units distance insured under the policy.
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