Patent ID: 7516079
Filing Date: 2009-04-07
Classification: G06Q

Abstract:
1. A computer-readable medium including computer-executable instructions stored thereon for causing a computer to perform a method of calculating an insurance premium for an organization, the method comprising: receiving a set of insurance information from a user including a revenue of the organization, a self insured retention (SIR) of the organization, and a loss limit acceptable to the organization; determining a standard premium based on the revenue of the organization; determining a regular premium based on the standard premium and the SIR of the organization; determining an experience rated limit based on the regular premium; and determining an excess premium based on the loss limit acceptable to the organization, the regular premium and the SIR of the organization; wherein determining the standard premium includes: receiving a revenue weighting factor from the user; multiplying an actual revenue of the organization by the revenue weighting factor to get a weighted revenue of the organization; and determining the standard premium by using the equation: where std_prem is the standard premium, a1 is a first constant representing a limit to premium multiplier, and weighted_revenue is the weighted revenue of the organization.