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:
“Before I get through with you, you will have a clear case for divorce and so will my wife. Now, the first thing to do is arrange for a settlement. You take the children, your husband takes the house, Junior burns down the house, you take the insurance and I take you!”
—S.J. Perelman, U.S. screenwriter, Arthur Sheekman, Will Johnstone, and Norman Z. McLeod. Groucho Marx, Monkey Business, terms for a divorce settlement proposed while trying to woo Lucille Briggs (Thelma Todd)
“The cigar-box which the European calls a “lift” needs but to be compared with our elevators to be appreciated. The lift stops to reflect between floors. That is all right in a hearse, but not in elevators. The American elevator acts like the man’s patent purge—it works”
—Mark Twain [Samuel Langhorne Clemens] (1835–1910)