Patent ID: 8452678

Claim:
An automated processing system, comprising: a component storage unit storing a plurality of individually selectable components of an insurance coverage, each of the plurality of components having one or more associated properties defining attributes of the component and one or more values associated with the properties, wherein none of the components are stand alone insurance coverages and further wherein at least some of the components are pre-filed with and approved by a regulatory entity having regulatory jurisdiction regarding the insurance coverage and the components include at least all of: a covered property component, a property not covered component, a covered cause of loss component, an exclusion component, a deductible component, and a definition component; a processor coupled to the component storage unit; and an instruction storage unit in communication with said processor and storing instructions adapted to be executed by said processor to: display to a user a first set of potential components via a graphical user interface; facilitate individual selection of a plurality of the components from the first set by the user to include in an insurance coverage product; automatically retrieve and execute at least one rule associated with the selected components; based upon execution of the rule, automatically display a second set of potential components to the user via the graphical user interface, the second set of components being further determined based on the set of selected components and information about the user providing the selection; facilitate individual selection of a plurality of the components from the second set by the user to include in the insurance coverage product; combine the selected plurality of the components from the first and second sets within constraints of the properties and values of the individual components to create a combination of components, wherein said selection or combination are performed in accordance with a component rule associated with at least one of the selected components; and present an insurance coverage policy for the user based on the combination of components.