US Patent 7483840 Randomized competitive insurance pricing system and method

A system and method of generating insurance risk samples and for comparing hypothetical and real insurance premiums of different insurance companies is disclosed. In some embodiments, one or more rating factors are defined and have a plurality of possible values at least partially defining an insurance risk. By generating random numbers that are used to select the values of these parameters, a user can generate sample risks, calculate sample premiums for the risks, and/or compare sample premiums for different types of insurance policies.