Systems, Computer-Implemented Methods, and Computer Medium to Determine Premiums and Indemnities for Supplemental Crop Insurance

Abstract

Provided are systems, machines, non-transitory computer medium having computer program instructions stored thereon, and computer-implemented methods for providing a premium or an indemnity for a supplemental crop insurance policy. The methods including providing for display of a supplemental crop insurance policy information content page including one or more loss parameter fields to be populated by a user with a corresponding set of supplemental crop insurance parameters, receiving a set of supplemental crop insurance parameters submitted by a user via populating the one or more parameter fields of the supplemental crop insurance policy information content page, determining a premium or an indemnity for the supplemental crop insurance policy based at least in part on the set of supplemental crop insurance parameters, and providing for the display of a supplemental crop insurance policy content page including the premium or the indemnity for the supplemental crop insurance policy.

That claimed is: 
     
         1 . A method for presenting a premium for a supplemental crop insurance policy, the method comprising:
 serving, to a user device for display to a user, a supplemental crop insurance policy information content page comprising one or more policy parameter fields configured to be populated by a user with a corresponding set of supplemental crop insurance policy parameters;   receiving a set of supplemental crop insurance policy parameters submitted by a user via populating the one or more policy parameter fields of the supplemental crop insurance policy information content page;   determining, by one or more processors, a premium for a supplemental crop insurance policy corresponding to the set of supplemental crop insurance policy parameters; and   serving, to the user device for display to the user, a supplemental crop insurance policy information content page comprising the premium for the supplemental crop insurance policy.   
     
     
         2 . The method as defined in  claim 1 , wherein determining the premium for a supplemental crop insurance policy corresponding to the set of supplemental crop insurance policy parameters comprises determining the premium for a supplemental crop insurance policy corresponding to the set of supplemental crop insurance policy parameters in real-time using one or more predetermined pricing functions. 
     
     
         3 . The method as defined in  claim 1 , wherein the one or more policy parameter fields comprise fields for at least one of the following: a crop to be insured, an estimate of a number of acres to be planted by type and practice for a crop year, production databases for an insured crop, an estimate of anticipated actual yield by unit, type, and practice for a current crop year, a coverage level elected for a supplemental policy, an insurance plan elected, a liability adjustment factor, an alternative price discovery period, or a maximum price movement limit. 
     
     
         4 . A method for presenting an estimated indemnity for a supplemental crop insurance policy, the method comprising:
 serving, to a user device for display to a user, a supplemental crop insurance policy indemnity information content page comprising one or more loss parameter fields configured to be populated by a user with a corresponding set of supplemental crop insurance loss parameters;   receiving a set of supplemental crop insurance loss parameters submitted by a user via populating the one or more loss parameter fields of the supplemental crop insurance policy indemnity information content page;   determining, by one or more processors, an estimated indemnity for a loss under the supplemental crop insurance policy based at least in part on the set of supplemental crop insurance loss parameters; and   serving, to the user device for display to the user, a supplemental crop insurance policy indemnity information content page comprising the estimated indemnity for the loss under the supplemental crop insurance policy.   
     
     
         5 . The method as defined in  claim 4 , wherein determining the estimated indemnity for a loss under the supplemental crop insurance policy based at least in part on the set of supplemental crop insurance loss parameters comprises determining the estimated indemnity for a loss under the supplemental crop insurance policy based at least in part on the set of supplemental crop insurance loss parameters in real-time using one or more predetermined indemnity functions. 
     
     
         6 . The method as defined in  claim 4 , wherein the one or more policy parameter fields comprise fields for at least one of the following: an indemnity paid under another insurance plan, a production to count, a harvest price, a highest projected price or a projected price. 
     
     
         7 . A system comprising:
 an electronic communications network;   a user device; and   a supplemental insurance server communicatively coupled to the user device via the electronic communications network,   the supplemental insurance server being configured to serve, to the user device, a supplemental crop insurance policy information content page comprising one or more policy parameter fields configured to be populated by a user with a corresponding set of supplemental crop insurance policy parameters,   the user device being configured to display the supplemental crop insurance policy information content page, and receive a set of supplemental crop insurance policy parameters submitted by a user via populating the one or more policy parameter fields of the supplemental crop insurance policy information content page, and transmit the set of supplemental crop insurance policy parameters to the supplemental insurance server,   the supplemental insurance server being configured to determine a premium for a supplemental crop insurance policy corresponding to the set of supplemental crop insurance policy parameters, and to serve, to the user device, a supplemental crop insurance policy information content page comprising the premium for the supplemental crop insurance policy, and   the user device being configured to display the supplemental crop insurance policy information content page comprising the premium for the supplemental crop insurance policy.   
     
     
         8 . The system as defined in  claim 7 , wherein determining the premium for a supplemental crop insurance policy corresponding to the set of supplemental crop insurance policy parameters comprises determining the premium for a supplemental crop insurance policy corresponding to the set of supplemental crop insurance policy parameters in real-time using one or more predetermined pricing functions. 
     
     
         9 . The system as defined in  claim 7 , wherein the one or more policy parameter fields comprise fields for at least one of the following: a crop to be insured, an estimate of a number of acres to be planted by type and practice for a crop year, production databases for an insured crop, an estimate of anticipated actual yield by unit, type, and practice for a current crop year, a coverage level elected for a supplemental policy, an insurance plan elected, a liability adjustment factor, an alternative price discovery period, or a maximum price movement limit. 
     
     
         10 . A system comprising:
 an electronic communications network;   a user device; and   a supplemental insurance server communicatively coupled to the user device via the electronic communications network,   the supplemental insurance server being configured to serve, to the user device, a supplemental crop insurance policy indemnity information content page comprising one or more loss parameter fields configured to be populated by a user with a corresponding set of supplemental crop insurance loss parameters,   the user device being configured to display the supplemental crop insurance policy indemnity information content page, and receive a set of supplemental crop insurance loss parameters submitted by a user via populating the one or more loss parameter fields of the supplemental crop insurance policy indemnity information content page, and transmit the set of supplemental crop insurance loss parameters to the supplemental insurance server,   the supplemental insurance server being configured to determine an estimated indemnity for a loss under the supplemental crop insurance policy based at least in part on the set of supplemental crop insurance loss parameters, and to serve, to the user device, a supplemental crop insurance policy indemnity information content page comprising the estimated indemnity for the loss under the supplemental crop insurance policy, and   the user device being configured to display the supplemental crop insurance policy indemnity information content page comprising the estimated indemnity for the loss under the supplemental crop insurance policy.   
     
     
         11 . The system as defined in  claim 10 , wherein determining the estimated indemnity for a loss under the supplemental crop insurance policy based at least in part on the set of supplemental crop insurance loss parameters comprises determining the estimated indemnity for a loss under the supplemental crop insurance policy based at least in part on the set of supplemental crop insurance loss parameters in real-time using one or more predetermined indemnity functions. 
     
     
         12 . The system as defined in  claim 10 , wherein the one or more policy parameter fields comprise fields for at least one of the following: an indemnity paid under another insurance plan, a production to count, a harvest price, a highest projected price or a projected price. 
     
     
         13 . A system comprising:
 one or more processors; and   one or more memories storing program instruction that are executable by the one or more processors to cause the following steps:
 providing for display of a supplemental crop insurance policy information content page comprising one or more policy parameter fields configured to be populated by a user with a corresponding set of supplemental crop insurance policy parameters; 
 receiving a set of supplemental crop insurance policy parameters submitted by a user via populating the one or more policy parameter fields of the supplemental crop insurance policy information content page; 
 determining, by one or more processors, a premium for a supplemental crop insurance policy corresponding to the set of supplemental crop insurance policy parameters; and 
 providing for display of a supplemental crop insurance policy information content page comprising the premium for the supplemental crop insurance policy. 
   
     
     
         14 . The system as defined in  claim 13 , wherein determining the premium for a supplemental crop insurance policy corresponding to the set of supplemental crop insurance policy parameters comprises determining the premium for a supplemental crop insurance policy corresponding to the set of supplemental crop insurance policy parameters in real-time using one or more predetermined pricing functions. 
     
     
         15 . The system as defined in  claim 13 , wherein the one or more policy parameter fields comprise fields for at least one of the following: a crop to be insured, an estimate of a number of acres to be planted by type and practice for a crop year, production databases for an insured crop, an estimate of anticipated actual yield by unit, type, and practice for a current crop year, a coverage level elected for a supplemental policy, an insurance plan elected, a liability adjustment factor, an alternative price discovery period, or a maximum price movement limit. 
     
     
         16 . A system comprising:
 one or more processors; and   one or more memories storing program instruction that are executable by the one or more processors to cause the following steps:
 providing for display of a supplemental crop insurance policy indemnity information content page comprising one or more loss parameter fields configured to be populated by a user with a corresponding set of supplemental crop insurance loss parameters; 
 receiving a set of supplemental crop insurance loss parameters submitted by a user via populating the one or more loss parameter fields of the supplemental crop insurance policy indemnity information content page; 
 determining an estimated indemnity for a loss under the supplemental crop insurance policy based at least in part on the set of supplemental crop insurance loss parameters; and 
 providing for the display of a supplemental crop insurance policy indemnity information content page comprising the estimated indemnity for the loss under the supplemental crop insurance policy. 
   
     
     
         17 . The system as defined in  claim 16 , wherein determining the estimated indemnity for a loss under the supplemental crop insurance policy based at least in part on the set of supplemental crop insurance loss parameters comprises determining the estimated indemnity for a loss under the supplemental crop insurance policy based at least in part on the set of supplemental crop insurance loss parameters in real-time using one or more predetermined indemnity functions. 
     
     
         18 . The system as defined in  claim 16 , wherein the one or more policy parameter fields comprise fields for at least one of the following: an indemnity paid under another insurance plan, a production to count, a harvest price, a highest projected price or a projected price. 
     
     
         19 . A system comprising:
 an electronic communications network;   a user device; and   a supplemental insurance server communicatively coupled to the user device via the electronic communications network,   the supplemental insurance server being configured to:
 serve, to the user device, a supplemental crop insurance policy information content page comprising one or more policy parameter fields configured to be populated by a user with a corresponding set of supplemental crop insurance policy parameters, and 
 serve, to the user device, a supplemental crop insurance policy indemnity information content page comprising one or more loss parameter fields configured to be populated by a user with a corresponding set of supplemental crop insurance loss parameters, 
   the user device being configured to:
 display the supplemental crop insurance policy information content page, and receive a set of supplemental crop insurance policy parameters submitted by a user via populating the one or more policy parameter fields of the supplemental crop insurance policy information content page, and transmit the set of supplemental crop insurance policy parameters to the supplemental insurance server, and 
 display the supplemental crop insurance policy indemnity information content page, and receive a set of supplemental crop insurance loss parameters submitted by a user via populating the one or more loss parameter fields of the supplemental crop insurance policy indemnity information content page, and transmit the set of supplemental crop insurance loss parameters to the supplemental insurance server, 
   the supplemental insurance server being configured to:   determine a premium for a supplemental crop insurance policy corresponding to the set of supplemental crop insurance policy parameters, and to serve, to the user device, a supplemental crop insurance policy information content page comprising the premium for the supplemental crop insurance policy, and   determine an estimated indemnity for a loss under the supplemental crop insurance policy based at least in part on the set of supplemental crop insurance loss parameters, and to serve, to the user device, a supplemental crop insurance policy indemnity information content page comprising the estimated indemnity for the loss under the supplemental crop insurance policy, and   the user device being further configured to:
 display the supplemental crop insurance policy information content page comprising the premium for the supplemental crop insurance policy, and 
 display the supplemental crop insurance policy indemnity information content page comprising the estimated indemnity for the loss under the supplemental crop insurance policy. 
   
     
     
         20 . The system as defined in  claim 19 , wherein determining the premium for a supplemental crop insurance policy corresponding to the set of supplemental crop insurance policy parameters comprises determining the premium for a supplemental crop insurance policy corresponding to the set of supplemental crop insurance policy parameters in real-time using one or more predetermined pricing functions. 
     
     
         21 . The system as defined in  claim 19 , wherein determining the premium for a supplemental crop insurance policy corresponding to the set of supplemental crop insurance policy parameters comprises:
 determining a premium amount for each selected coverage of a supplemental policy;   summing premium amounts for selected coverages to generate a premium amount; and   applying a coverage factor and quantity factor to a premium amount to generate a premium for the supplemental crop insurance supplemental policy.   
     
     
         22 . The system as defined in  claim 21 , wherein determining a premium amount for each selected coverage of a supplemental policy is based at least in part on application of a policy rating algorithm. 
     
     
         23 . The system as defined in  claim 21 , wherein summing premium amounts for selected coverages to generate a premium amount comprises summing premium amounts per acre for a coverage level for all alternative price discovery periods elected. 
     
     
         24 . The system as defined in  claim 21 , wherein applying a coverage factor and quantity factor to a premium amount to generate a premium for the supplemental policy comprises applying a liability adjustment factor, a percentage protection per acre, a number of insured acres and a share to the premium amount to generate a premium for the supplemental crop insurance policy. 
     
     
         25 . The system as defined in  claim 19 , wherein the one or more policy parameter fields comprise fields for at least one of the following: a crop to be insured, an estimate of a number of acres to be planted by type and practice for a crop year, production databases for an insured crop, an estimate of anticipated actual yield by unit, type, and practice for a current crop year, a coverage level elected for a supplemental policy, an insurance plan elected, a liability adjustment factor, an alternative price discovery period, or a maximum price movement limit. 
     
     
         26 . The system as defined in  claim 19 , wherein determining the estimated indemnity for a loss under the supplemental crop insurance policy based at least in part on the set of supplemental crop insurance loss parameters comprises determining the estimated indemnity for a loss under the supplemental crop insurance policy based at least in part on the set of supplemental crop insurance loss parameters in real-time using one or more predetermined indemnity functions. 
     
     
         27 . The system as defined in  claim 19 , wherein determining the estimated indemnity for a loss under the supplemental crop insurance policy based at least in part on the set of supplemental crop insurance loss parameters comprises:
 determining a highest alternative projected price;   determining whether the highest alternative projected price exceeds a projected price or a RMA harvest price; and   in response to determining that the highest alternative projected price does not exceed the projected price or the RMA harvest price, determining that the estimated indemnity for a loss under the supplemental crop insurance policy is zero.   
     
     
         28 . The system as defined in  claim 19 , wherein determining the estimated indemnity for a loss under the supplemental crop insurance policy based at least in part on the set of supplemental crop insurance loss parameters comprises:
 determining whether the supplemental crop insurance policy is associated with an RP or GRIP insurance plan;   in response to determining that the supplemental crop insurance policy is associated with an RP insurance plan, determining the estimated indemnity for a loss under the supplemental crop insurance policy using one or more predetermined indemnity functions associated with RP insurance plans; and   in response to determining that the supplemental crop insurance policy is associated with a GRIP insurance plan, determining the estimated indemnity for a loss under the supplemental crop insurance policy using one or more predetermined indemnity functions associated with GRIP insurance plans.   
     
     
         29 . The system as defined in  claim 28 , wherein determining the estimated indemnity for a loss under the supplemental crop insurance policy using one or more predetermined indemnity functions associated with RP insurance plans comprises:
 determining a highest alternative projected price;   determining whether the highest alternative projected price exceeds a projected price or a RMA harvest price; and   in response to determining that the highest alternative projected price does exceed the projected price or the RMA harvest price:
 applying a coverage level to an approved yield for each type and practice to generate a yield coverage; 
 applying a highest projected price to the yield coverage to generate a coverage amount; 
 applying the coverage amount to insured acreage to generate an insured coverage amount; 
 applying a production count to a harvest price to generate a production amount; 
 reducing the insured coverage amount by the production amount to generate a production loss; 
 applying a share to the production loss to generate an eligible production loss; 
 determining a RP indemnity; and 
 reducing the eligible production loss by the RP indemnity to generate an eligible loss; and applying a liability adjustment factor to the eligible loss to generate the estimated indemnity for the supplemental crop insurance policy. 
   
     
     
         30 . The system as defined in  claim 28 , wherein determining the estimated indemnity for a loss under the supplemental crop insurance policy using one or more predetermined indemnity functions associated with GRIP insurance plans comprises:
 determining a highest alternative projected price;   determining whether the highest alternative projected price exceeds a projected price or a RMA harvest price;   in response to determining that the highest alternative projected price does exceed the projected price or the RMA harvest price:
 determining a policy protection adjustment factor; 
 applying the policy protection adjustment factor to policy protection for each type and practice to generate a coverage amount; 
 determining a trigger revenue for each type and practice based on expected county yield, highest projected price, and selected coverage level; 
 determining a county ratio based on the county revenue and the trigger revenue for each type and practice; 
 applying the county ratio and the coverage amount to insured acreage and a share to generate an eligible production loss; 
 determining a GRIP indemnity; 
 reducing the eligible production loss by the GRIP indemnity to generate an eligible loss; and 
 applying a liability adjustment factor to the eligible loss to generate an estimated indemnity for the supplemental crop insurance policy. 
   
     
     
         31 . The system as defined in  claim 19 , wherein the one or more loss parameter fields comprise fields for at least one of the following: an indemnity paid under another insurance plan, a production to count, a harvest price, a highest projected price or a projected price. 
     
     
         32 . An electronic interface being displayed on a display device to permit a user to submit a set of supplemental crop insurance policy parameters for use in determining a premium for a supplemental crop insurance policy corresponding to the set of supplemental crop insurance policy parameters, the electronic interface comprising:
 a first display region visualizing a set of personal information fields for the entry of information relating to a producer;   a second display region visualizing a set of crop/policy information fields for the entry of information relating to crops and requested policy terms;   a third display region visualizing a first control element that when selected causes the crop/policy information fields to correspond to either an RP plan or GRIP plan;   a fourth display region visualizing a second control element for selecting an alternative price discovery period, that when selected causes the display and additional control element for selecting an additional alternative price discovery period; and   a fifth display region visualizing a third control element that when selected initiates real-time calculation of a premium for the supplemental crop insurance policy based at least in part on the information relating to the producer submitted via the set of personal information fields and crops and requested policy terms submitted via the set of crop/policy information fields.   
     
     
         33 . The electronic interface as defined in  claim 32 , wherein the set of personal information fields comprise fields for the entry of a full name, an address, a city, a state, a zip code, a county, a telephone. 
     
     
         34 . The electronic interface as defined in  claim 32 , wherein the set of crop/policy information fields comprise fields for the entry of a crop to be insured, an estimate of a number of acres to be planted by type and practice for a crop year, production databases for an insured crop, an estimate of anticipated actual yield by unit, type, and practice for a current crop year, a coverage level elected for a supplemental policy, an insurance plan elected, a liability adjustment factor, an alternative price discovery period, and a maximum price movement limit. 
     
     
         35 . The electronic interface as defined in  claim 32 , further comprising a fifth display region visualizing a premium amount calculated in response to selection of the third control element. 
     
     
         36 . An electronic interface being displayed on a display device to permit a user to submit a set of supplemental crop insurance loss parameters for use in determining an estimated indemnity under a supplemental crop insurance policy corresponding to the set of supplemental crop insurance loss parameters, the electronic interface comprising:
 a first display region visualizing a set of loss parameter fields for the entry of information relating to a loss by a producer; and   a second display region visualizing a control element that when selected initiates real-time calculation of an estimated indemnity under the supplemental crop insurance policy based at least in part on the information relating to the loss by the producer submitted via the loss parameter fields.   
     
     
         37 . The electronic interface of  claim 36 , wherein the set of loss parameter fields comprise fields for the entry of an indemnity paid under another insurance plan, a production to count, a harvest price, a highest projected price or a projected price. 
     
     
         38 . The electronic interface of  claim 36 , further comprising a fourth display region visualizing an estimated indemnity calculated in response to selection of the control element.