Insurance Patent
Under some patent laws, patents may be obtained for insurance-related inventions. Historically, patents could only cover the technological aspects of a new insurance invention. This is still the case in most countries. In the United States, however, recent court decisions have encouraged more inventors to file patent applications on methods of doing business. These patents may be used to get more comprehensive coverage of improvements in basic insurance processes, such as the methods of calculating premiums, reserves, underwriting, etc. This is causing controversy in the insurance industry as some see it as a positive development and others see it as a negative development.
Read more about Insurance Patent: History, Growth, Litigation, Controversy, Public Review, Notable Patents
Famous quotes containing the words insurance and/or patent:
“In taking out an insurance policy one pays for it in dollars and cents, always at liberty to discontinue payments. If, however, woman’s premium is a husband, she pays for it with her name, her privacy, her self-respect, her very life, “until death doth part.””
—Emma Goldman (1869–1940)
“There is a patent office at the seat of government of the universe, whose managers are as much interested in the dispersion of seeds as anybody at Washington can be, and their operations are infinitely more extensive and regular.”
—Henry David Thoreau (1817–1862)