The patent badge is an abbreviated version of the USPTO patent document. The patent badge does contain a link to the full patent document.
The patent badge is an abbreviated version of the USPTO patent document. The patent badge covers the following: Patent number, Date patent was issued, Date patent was filed, Title of the patent, Applicant, Inventor, Assignee, Attorney firm, Primary examiner, Assistant examiner, CPCs, and Abstract. The patent badge does contain a link to the full patent document (in Adobe Acrobat format, aka pdf). To download or print any patent click here.
Patent No.:
Date of Patent:
Oct. 01, 2024
Filed:
Jun. 07, 2023
State Farm Mutual Automobile Insurance Company, Bloomington, IL (US);
Shawn M. Call, Bloomington, IL (US);
Jaime Skaggs, Chenoa, IL (US);
Eric Bellas, Bloomington, IL (US);
Douglas A. Graff, Mountain View, MO (US);
William J. Leise, Normal, IL (US);
Vicki King, Bloomington, IL (US);
Jacob J. Alt, Downs, IL (US);
Eric R. Moore, Heyworth, IL (US);
Stacie A. McCullough, Bloomington, IL (US);
STATE FARM MUTUAL AUTOMOBILE INSURANCE COMPANY, Bloomington, IL (US);
Abstract
A shared ledger operated by a group of network participants according to a set of consensus rules manages and resolves subrogation claims between a clamant and a defendant with arbitration. Evidence regarding the value of the subrogation claim is sent to the shared ledger by the parties to the subrogation claim, such as sending data to a smart contract deployed on the shared ledger. The parties to the claim may request arbitration, especially after attempts to settle the claim on-chain between the two parties have failed. An arbitrator may request evidence from the parties and/or request responses from the parties to accept damages calculations and/or settlement offers. Once the claim is resolved, the arbitrator may release funds on the chain to the prevailing party or may accept confirmation that any payments have been made between the parties off-chain.