US20130090954A1
Mistaken Conviction Insurance Product and Related Systems and Methods
Harding
William A., Cocoa Beach, FL
Filed
2012-10-09
Published
2013-04-11
Abstract:
An
insurance product is presented that may cover the risk of compensating an exoneree
for damages resulting from mistaken conviction The mistaken conviction
insurance product may include a coverage amount, a premium amount, and a
trigger of coverage payout. The trigger of coverage payout may be the
overturning of a mistaken conviction. The coverage amount may compensate the
exoneree for damages such as injury and expenses resulting from incarceration.
The premium amount may be calculated based on factors that may include coverage
payout elections and triggering event likelihood. The insurance product may be
of the liability policy type to cover the person or entity liable to an
exoneree, or of a first-person type to cover an insured's risk of mistaken
conviction. A business method for offering and issuing a mistaken conviction
insurance policy, and a computer-based system for facilitating the same, are
also disclosed.
Some
highlights on POS and Mobile Apps…
“…alternatively, a mistaken conviction insurance point of sale may be established in a court room or other official facility where criminal justice proceedings take place. For example, a mobile application may accept mistaken conviction policy applications from users present at the conclusion of a sentencing hearing. The mobile application may return a premium quote based on actuarial information collected regarding the convicted person and the conviction proceedings. For example, and without limitation, characteristics of the responsible court, such as the trial records of the court's attorneys and the number of cases tried in the pertinent past, may be weighted and analyzed by the automated system for purposes of calculating a premium quote. Payment of a premium using a credit card or a pre-established account may be processed by the mobile application, and confirmation of the issuance of mistaken conviction insurance may be returned by the insurer through the mobile application.”
“…alternatively, a mistaken conviction insurance point of sale may be established in a court room or other official facility where criminal justice proceedings take place. For example, a mobile application may accept mistaken conviction policy applications from users present at the conclusion of a sentencing hearing. The mobile application may return a premium quote based on actuarial information collected regarding the convicted person and the conviction proceedings. For example, and without limitation, characteristics of the responsible court, such as the trial records of the court's attorneys and the number of cases tried in the pertinent past, may be weighted and analyzed by the automated system for purposes of calculating a premium quote. Payment of a premium using a credit card or a pre-established account may be processed by the mobile application, and confirmation of the issuance of mistaken conviction insurance may be returned by the insurer through the mobile application.”
What about Fraud…
“It is
understood that not every applicant utilizing the systems and methods disclosed
herein will qualify for mistaken conviction insurance coverage. For example,
those who have been found to have intentionally confessed or staged a
conviction may not qualify for coverage.”
Read more
Great background and stats…
Wrongful
Convictions: What Governmental Risk Pools, And The Public Entities They Insure,
Need To Know. Martin
G. Hacala, Genesis Insights, Genesis Management and Insurance Services
Corporation, May 2012
No comments:
Post a Comment