Systems and Methods for Administering Work Absence Insurance

Abstract

A computer receives rating information relating to proposed issuance of an insurance policy endorsement. The rating information relates to a proposed insured that employs a number of employees. The computer processes the rating information to generate a premium amount to be charged for the insurance policy endorsement. The endorsement is then issued. The endorsement may provide reimbursement to the insured for losses incurred by the insured arising from absence from work by one or more of the employees.

What is claimed is: 
     
         1 . A computer system for issuing insurance policy coverage for work absences, the computer system comprising:
 one or more data storage devices;   one or more computer processors in communication with the one or more data storage devices;   a communications device in communication with the one or more computer processors and the one or more data storage devices; and   a memory, coupled to the one or more computer processors, storing program instructions which, when executed by the one or more computer processors, cause the one or more computer processors to:
 receive, via the communications device, rating information with respect to a proposed insured, the proposed insured being an employer of a plurality of employees; 
 storing the received rating information in the one or more storage devices; 
 process the rating information to generate a premium amount for the insurance policy coverage; and 
 issue the insurance policy coverage corresponding to the premium amount, wherein the coverage provides a benefit to the proposed insured for a loss arising from an absence from work by at least one of the employees of the proposed insured. 
   
     
     
         2 . The computer system of  claim 1 , wherein the generated premium amount corresponds to benefit duration limits based on a class of each of the plurality of employees and wherein the issued insurance policy coverage comprises the benefit duration limits based on the class of each of the plurality of employees 
     
     
         3 . The computer system of  claim 1 , wherein the insurance policy coverage comprises an endorsement to at least one of: (a) a worker's compensation insurance policy, and (b) a property casualty insurance policy. 
     
     
         4 . The computer system of  claim 1 , wherein the insurance policy coverage comprises a stand-alone insurance policy. 
     
     
         5 . The computer system of  claim 1 , wherein the loss includes one of a cost of hiring a replacement worker to perform tasks assigned to the at least one of the employees, a cost of paying overtime compensation to other employees to perform tasks assigned to the at least one of the employees, and a loss of revenue due to the absence. 
     
     
         6 . The computer system of  claim 1 , wherein the memory storing program instructions that cause the one or more computer processors to process the rating information to generate the premium amount and issue the insurance policy coverage comprises the memory storing program instructions that cause the one or more computer processors to:
 generate a respective premium payment quotation for each of several levels of possible employee absence coverage;   receive, from the proposed insured, a selection of one of the respective premium payment quotations corresponding to a selected level of employee absence coverage; and   issue the insurance policy coverage corresponding to the selected one of the respective premium payment quotations corresponding to the selected level of employee absence coverage.   
     
     
         7 . The computer system of  claim 6 , wherein each of the several levels of possible employee absence coverage covers a different type of possible coverage. 
     
     
         8 . The computer system of  claim 7 , wherein the different types of possible coverage include one of workers' compensation coverage and disability insurance coverage. 
     
     
         9 . The computer system of  claim 6 , wherein each of the several levels of possible employee absence coverage includes a weekly dollar limit applicable to each claim based on a percentage of an absent employee's weekly wage. 
     
     
         10 . The computer system of  claim 1 , wherein the rating information includes a schedule that sets a limit for the weekly or monthly lost revenue that may be claimed for each employee. 
     
     
         11 . The computer system of  claim 1 , wherein the premium amount is calculated based on one or more of: (a) total payroll amount for the employer; (b) categories of the employees; and (c) loss experience of the employer. 
     
     
         12 . A computer-implemented method of issuing an insurance policy coverage for work absences, the method comprising:
 receiving, by one or more computer processors, rating information with respect to a proposed insured, the proposed insured being an employer of a plurality of employees;   storing the rating information in one or more data storage devices;   processing, by the one or more computer processors, the rating information to generate a premium amount for the insurance policy coverage; and   issuing, by the one or more computer processors, the insurance policy coverage, the coverage for reimbursing the proposed insured for at least some loss incurred by the proposed insured arising from absence from work by at least one of the employees.   
     
     
         13 . The computer-implemented method of  claim 12 , further comprising transmitting, by a communications device, documents relating to the insurance policy coverage to the proposed insured. 
     
     
         14 . The computer-implemented method of  claim 12 , wherein issuing, by the one or more computer processors, the insurance policy coverage comprises one of issuing a stand-alone insurance policy and issuing an endorsement to at least one of: (a) a worker's compensation insurance policy, (b) a property insurance policy, and (c) a casualty insurance policy. 
     
     
         15 . The computer-implemented method of  claim 12 , wherein the loss includes one of: (a) expenses incurred by the employer in cases where an injured employee remains on a job but is restricted to light duty; (b) expenses incurred by the employer for another employee or employees to cover for an employee who is restricted to light duty; and (c) a loss of revenue due to the absence. 
     
     
         16 . The computer-implemented method of  claim 12 , wherein generating the premium amount for the insurance policy coverage and issuing the insurance policy coverage corresponding to the premium amount comprises:
 generating, by the one or more computer processors, a respective premium payment quotation for each of several levels of possible employee absence coverage;   receiving, from the proposed insured by a communications device, a selection of one of the respective premium payment quotations corresponding to a selected level of employee absence coverage;   issuing, by the one or more computer processors, the insurance policy coverage corresponding to one of the respective premium payment quotations and the selected level of employee absence coverage, wherein the selected level of employee absence coverage corresponds to benefit duration limits based on a class of each of the plurality of employees; and   transmitting, by the communications device, documents relating to the insurance policy coverage to the proposed insured.   
     
     
         17 . The computer-implemented method of  claim 16 , wherein each of the several levels of possible employee absence coverage covers a different type of possible coverage. 
     
     
         18 . A computer system for issuing an insurance policy endorsement providing coverage for work absences, the computer system comprising:
 one or more data storage devices;   one or more computer processors in communication with the one or more data storage devices;   a communications device in communication with the one or more computer processors and the one or more data storage devices; and   a memory, coupled to the one or more computer processors, storing program instructions which, when executed by the one or more computer processors, cause the one or more computer processors to:
 receive, via the communications device, rating information with respect to a proposed insured, the proposed insured being an employer of a plurality of employees; 
 storing the received rating information in the one or more storage devices; 
 process the rating information to generate a respective premium payment quotation for each of several levels of possible employee absence coverage; 
 receive, from the proposed insured, a selection of one of the respective premium payment quotations corresponding to a selected level of employee absence coverage; 
 issue the insurance policy endorsement corresponding to the selected one of the respective premium payment quotations, wherein the insurance policy endorsement provides for reimbursement to the proposed insured for at least some loss incurred by the proposed insured arising from a work absence by at least one of the employees; and 
 storing data indicative of the insurance policy endorsement corresponding to the selected one of the respective premium payment quotations. 
   
     
     
         19 . The system of  claim 18 , wherein the respective generated premium amount for each of the several levels of possible employee absence coverage corresponds to a coverage duration limit based on a class of each of the plurality of employees. 
     
     
         20 . The system of  claim 19 , wherein the memory stores further program instructions that cause the one or more computer processors to route data indicative of the insurance policy endorsement and data indicative of the respective premium payment quotation to a payroll services company computer for preparation of a bill by a payroll services company.