Patent ID: 8423389

Claim:
A system for providing flight accident insurance to a traveler, said system comprising: a) a computer configured to accept an application for said flight accident insurance from said traveler, said application comprising a listing of a flight on said traveler's itinerary; b) a computer configured to query a flight database to determine if flight accident insurance is available for said flight, said availability being confirmed if there is less than a first number of said flight accident insurance policies already sold for said flight; c) a computer configured to receive confirmation of the availability of said flight accident insurance for said traveler; d) a computer configured to calculate a premium for said flight accident insurance; and e) a computer configured to provide said premium and an offer of coverage to said traveler; wherein said computer configured to calculate said premium comprises computer readable instructions for calculating a minimum Risk Premium at least in part according to the equation: P * = d ⁡ ( μ + Z ( 1 - α ) · σ ) ⁢ ( ⅇ - γ ) n or its equivalent, where P* is the Risk Premium per insured, d is the coverage per insured, n is the number of insureds, μ is the average number of insured deaths per year, Z (1-α) is the Z parameter for a confidence interval of (1-α), σ is the standard deviation of the number of casualties per year and γ is the time value of money discount for the period from when the premium is received to when a claim is paid.