Method of providing catastrophic loss protection through a...

Details Method of providing catastrophic loss protection through a... Method of providing catastrophic loss protection through a...

2011-06-07

2011-06-07

Trammell, James P (Department: 3694)

Data processing: financial, business practice, management, or co

Automated electrical financial or business practice or...

Finance

C705S038000

Reexamination Certificate

active

07958034

ABSTRACT:
A catastrophic hazard protection (CHP) mortgage may be provided on real property or structure(s) on the real property of a owner. The CHP mortgage may be structured to include financial protection in the event that one or more structures of the real property is damaged by a catastrophe such as a hurricane or earthquake. The owner may pay an increased interest rate on the CHP mortgage. If catastrophe damage occurs, the principal amount of the CHP mortgage may be reduced by the lesser of the value of the damage or the principal balance. Alternatively, the owner may receive a payment equivalent to the lesser of the value of the damage or the principal balance. A CHP mortgage may be implemented electronically. Additionally, catastrophic hazard protection may be added onto an existing mortgage.

REFERENCES:
patent: 2001/0034607 (2001-10-01), Perschbacher et al.
patent: 2002/0147670 (2002-10-01), Lange
patent: 2003/0009355 (2003-01-01), Gupta
patent: 2004/0128170 (2004-07-01), MacKethan et al.
patent: 2005/0108064 (2005-05-01), Castleman et al.
patent: 2005/0192963 (2005-09-01), Tschiegg et al.
patent: 2006/0282356 (2006-12-01), Andres et al.
patent: 2007/0203759 (2007-08-01), Mathai et al.
patent: 2007/0214023 (2007-09-01), Mathai et al.

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