Patent ID: 8554585

Claim:
A computer-implemented system for providing an underwritten insurance policy comprising: a computer processor programmed to: receive underwriting data related to an entity to be insured; issue the underwritten insurance policy to the entity based on the underwriting data, wherein the insurance policy defines an active coverage state and coverage and benefits to be provided to the entity during the active coverage state, and wherein the insurance policy further defines a dormant state during which no coverage or benefits are to be provided to the entity, terms under which the dormant state can be commenced, and terms under which the active coverage state can be commenced to terminate the dormant state; place the insurance policy in the active coverage state; verify receipt of an active coverage premium and a first dormancy premium when the insurance policy is in the active coverage state, wherein verifying receipt of the first dormancy premium maintains an option of placing the insurance policy in the active coverage state into the dormant state; place the insurance policy in the dormant state; and verify receipt of a second dormancy premium when the insurance policy is in the dormant state, wherein verifying receipt of the second dormancy premium maintains an option of placing the insurance policy in the dormant state into the active coverage state; and an electronic database for storing the active coverage premium, and the first and second dormancy premium.