System for syndication of insurance
Number of patents in Portfolio can not be more than 2000
United States of America Patent
Stats
-
Aug 30, 2005
Issued Date -
N/A
app pub date -
Dec 21, 1999
filing date -
Jul 1, 1997
priority date (Note) -
Expired
status (Latency Note)
Importance
Abstract
A system is described for facilitating a syndicated sale of an insurance policy. The system employs a processor and a storage device connected to the processor, and a data receiving device and data output device connected to the processor. The processor executes a program to receive information relating to the insurance policy, and to transmit for electronic viewing by a potential buyer an invitation to offer to buy a share in the underwriting of the insurance policy. The share has associated therewith a risk cost assessable to the buyer if payment is made on a claim under the insurance policy. The processor receives offers to underwrite the share of the insurance policy; each offer includes information identifying collateral against which the risk cost may be charged in the event of payment on a claim. The transmission of the invitation and the offer to buy a share may advantageously be made on the Internet.
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