Patent ID: 8719134

Claim:
An insurance premium determination system comprising: an input module comprised of at least one of a keypad, mouse, and graphical user display, a modem configured to receive a first desired amount of insurance for insuring a home and to receive replacement cost factor data associated with the home; a first data store configured to store the first desired amount of insurance and the replacement cost factor data; a second data store configured to store personal information associated with a plurality of customers; a third data store configured to store predefined business rules that specify which information in the first data store and the second data store will be used for determining an insurance premium associated with insuring the home; a data analysis processor configured to analyze the replacement cost factor data to determine a first replacement cost for the home; an insurance premium determination processor configured to (1) determine that the first desired amount of insurance for insuring the home is greater than the replacement cost, (2) based on the determination, calculate a first insurance premium associated with insuring the home with the first desired amount of insurance, and (3) confirm that the first insurance premium is less than a second insurance premium for the home for which a second desired amount of insurance and a second replacement cost are both equal to the first desired amount of insurance; an output module including at least a graphical user interface configured to output the first insurance premium to a customer; and a network adapter configured to connect the first data store, the second data store, and the third data store to the input module, data analysis processor, insurance premium determination processor, and the output module.