Insurance policy renewal chain

Abstract

A system and method for the automatic linking of expired, current, and future insurance policies is provided. Within each insurance policy is a plurality of conditions frequently used in the determination of an insurance policy premium or rate quote. Such terms are calculated based upon information either associated with or obtained from a particular policyholder. By automatically linking policy information and policy terms from prior insurance policies, information previously submitted by a policyholder or calculated in regards to activity on a particular policy is used in automatic calculation and generation of a future policy term. Thus, straight-thru processing is achieved via organizing of prior policies for assistance in renewals, loss ratio calculations, shifts in payroll numbers (i.e., the number of employees insured under a single policy), and previous claim activity under the same type of policy.

1 . A method to link, access, and search current and expired insurance policy terms in the renewal of insurance policies; said method comprising: 
 a. linking a root underwriting folder for a renewal policy for a current calendar year to at least one expired policy for a calendar year prior to said calendar year;    b. traversing links to perform any of the following operations: adjusting claims for a prior calendar year, underwriting a new insurance policy, calculating policy terms for said renewal policy, and canceling a current insurance policy;    c. linking said renewal policy to said current policy and propagating said calculated policy terms if said renewal policy was created; and    d. modifying designations of said current and expired policies if either a renewal policy was created or an insurance policy was canceled in said traversing step.    
     
     
         2 . A method to link, access, and search current and expired insurance policy terms, as per  claim 1 , wherein said modifying further comprises: 
 a. designating a current insurance policy as an expired policy, in a calendar year subsequent to said current calendar year; and    b. designating a renewed insurance policy as a current policy, in a calendar year subsequent to said current calendar year.    
     
     
         3 . A method to link, access, and search current and expired insurance policy terms, as per  claim 1 , wherein said renewal insurance policy terms are determined by any of: insurance application, supplemental application, underwriter activity sheet, E-mod worksheet, schedule mod worksheet, Dun and Bradstreet™ report, officer election, drug-free workplace (DFWP) form, managed care form, loss run, and loss control survey information.  
     
     
         4 . A method to link, access, and search current and expired insurance policy terms, as per  claim 1 , wherein any of said: adjusting of claims; 
 underwriting of a new insurance policy; and calculation of renewal policy terms results in an automated search of policy terms on expired policies from calendar years prior to said current calendar year.    
     
     
         5 . A method to link, access, and search current and expired insurance policy terms, as per  claim 4 , wherein said policy terms from said expired insurance policy are linked to said current insurance policy.  
     
     
         6 . A method to link, access, and search current and expired insurance policy terms, as per  claim 4 , wherein said policy terms from said current insurance policy are linked to said renewed insurance policy.  
     
     
         7 . A method to reference and modify current, expired, and renewed policies in an insurance policy renewal chain; said method comprising: 
 a. creating an object representing an insured, effective range date of an insurance policy premium and policy status;    b. linking a current policy for a current calendar year to at least one of: an expired policy for a calendar year prior to said current calendar year and a renewal policy issued for a following calendar year; and    c. traversing said links to perform any of: adjusting claims for a prior calendar year, underwriting an insurance policy, creating a renewal policy, and canceling an insurance policy operations.    
     
     
         8 . An article of manufacture comprising a computer usable medium having computer readable program code embodied therein which implements a method for referencing and modifying current, expired, and renewed policies in an insurance policy renewal chain; said medium comprising: 
 a. computer readable program code creating an object representing an insured, effective range date of an insurance policy premium and policy status;    b. computer readable program code linking a current policy for a current calendar year to at least one of: an expired policy for a calendar year prior to said current calendar year and a renewal policy issued for a following calendar year; and    c. computer readable program code traversing said links to perform any of: adjusting claims for a prior calendar year, underwriting an insurance policy, creating a renewal policy, and canceling an insurance policy operations.    
     
     
         9 . An article of manufacture comprising a computer usable medium having computer readable program code, as per  claim 8 , wherein said medium further comprises: 
 a. computer readable program code designating a current insurance policy as an expired policy, in a calendar year subsequent to said current calendar year; and    b. computer readable program code designating a renewed insurance policy as a current policy, in a calendar year subsequent to said current calendar year.    
     
     
         10 . An article of manufacture comprising a computer usable medium having computer readable program code, as per  claim 8 , wherein said renewed insurance policies are determined by any of: insurance application, supplemental application, underwriter activity sheet, E-mod worksheet, schedule mod worksheet, Dun and Bradstreet™ report, officer election, DFWP form, managed care form, loss run, and loss control survey information.  
     
     
         11 . An article of manufacture comprising a computer usable medium having computer readable program code, as per  claim 8 , wherein any of said: 
 adjusting of claims; underwriting of an insurance policy; and creation of a renewal policy invokes computer readable program code to perform an automated search of policy terms on expired policies from calendar years prior to said current calendar year.    
     
     
         12 . An article of manufacture comprising a computer usable medium having computer readable program code, as per  claim 11 , wherein said policy terms from said expired insurance policy are linked to said current insurance policy.  
     
     
         13 . An article of manufacture comprising a computer usable medium having computer readable program code, as per  claim 11 , wherein said policy terms from said current insurance policy are linked to said renewed insurance policy.