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.

1 . 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. 
   
     
     
         2 . The system of  claim 1 , wherein 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 comprises 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 in real-time using one or more predetermined indemnity functions. 
     
     
         3 . The system of  claim 1 , wherein 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 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 an estimated indemnity for a loss under the supplemental crop insurance policy is zero.   
     
     
         4 . The system of  claim 1 , wherein 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 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 an 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 an estimated indemnity for a loss under the supplemental crop insurance policy using one or more predetermined indemnity functions associated with GRIP insurance plans.   
     
     
         5 . The system of  claim 4 , wherein determining an 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; 
 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 an estimated indemnity for the supplemental crop insurance policy. 
   
     
     
         6 . The system of  claim 4 , wherein determining an 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 at least in part on expected county yield, highest projected price, and selected coverage level;   determining a county ratio based at least in part 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.   
     
     
         7 . A computer implemented 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.   
     
     
         8 . The method of  claim 7 , wherein 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 comprises 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 in real-time using one or more predetermined indemnity functions. 
     
     
         9 . The method of  claim 7 , wherein 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 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 an estimated indemnity for a loss under the supplemental crop insurance policy is zero.   
     
     
         10 . The method of  claim 7 , wherein 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 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 an 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 an estimated indemnity for a loss under the supplemental crop insurance policy using one or more predetermined indemnity functions associated with GRIP insurance plans.   
     
     
         11 . The method of  claim 10 , wherein determining an 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;   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 an estimated indemnity for the supplemental crop insurance policy.   
     
     
         12 . The method of  claim 10 , wherein determining an 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; and   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 at least in part on expected county yield, highest projected price, and selected coverage level;   determining a county ratio based at least in part 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.