Patent ID: 7707051
Filing Date: 2010-04-27
Classification: G06Q,G09B

Abstract:
1. A method for teaching how insurance is provided for an entity with a processor that enables actions, comprising: providing at least one factor associated with the entity, wherein the factor is associated with a potential likelihood of a claim by the entity for insurance reimbursement over a period of time; bidding on a premium to provide insurance for the entity over the period of time, wherein the bid is based at least in part on the at least one factor associated with the entity; generating at least one claim for the entity over the period of time; and identifying, via said processor, a user that bid for the premium at a lowest cost over the period of time, and identifying via said processor, a winner as at least one user with a largest positive reserve of funds after deducting the generated at least one claim from the premium that was lowest bid by the winner.