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  Virtual share exchange apparatus and methodUSPTO Application #: 20060111934Title: Virtual share exchange apparatus and method Abstract: A method and apparatus that includes a method and apparatus for pooling resources into a common fund such that the risk benefit is held low by assigning rating to the individual members as well as allowing people with similar characteristic or profiles to participate in the pool. (end of abstract) Agent: Baker & Hostetler LLP - Washington, DC, US Inventor: Anthony F. Meggs USPTO Applicaton #: 20060111934 - Class: 705002000 (USPTO) Related Patent Categories: Data Processing: Financial, Business Practice, Management, Or Cost/price Determination, Automated Electrical Financial Or Business Practice Or Management Arrangement, Health Care Management (e.g., Record Management, Icda Billing) The Patent Description & Claims data below is from USPTO Patent Application 20060111934. Brief Patent Description - Full Patent Description - Patent Application Claims
FIELD OF THE INVENTION [0001] The present invention relates generally to association benefit plans. More particularly, the present invention relates to the creation of a method and apparatus that enables similar individuals to join or become part of a group or association that shares burdens in a defined way, such as a member to member relationship, such that the impact is lessened as opposed to an individual undertaking the burden themselves or in groups that do not include similar people with similar characteristics. BACKGROUND OF THE INVENTION [0002] Grouping of individuals is common in many facets of our everyday life in order to achieve certain benefits or advantages. The grouping is done largely in the insurance industry. By pooling resources into a common fund, the group members are able to afford insurance coverage for such things as health, automobile and life. Without being able to pool resources, the individual would have to bear the entire costs for such things as health or automobile expenses. [0003] With respect to health care, the average consumer would not be able to afford much more than the basic healthcare coverage if grouping of resources was not available. Cutting edge surgical or drug treatments would be difficult, if not, impossible for the average consumer based upon current medical rates being charged in the medical industry. [0004] By placing all individuals into one group, insurance coverage and the benefits obtained there from are made more affordable. This coverage is primarily based, though, upon the overall health of the group. There will be individuals in the group that would just use the insurance for yearly checkups and there will other individuals, who will use the system much more extensively. It is the later group that has a greater effect on the premiums in the group. For those that do not use the insurance that frequently, being lumped with the more extensive users is a downside or disadvantage. On the other side, the individuals, who demand a greater share of the benefits, have the advantage of keeping their premiums lower than usual because of the individuals that demand little if any benefits from the program. [0005] As can be seen, one of the benefits of insurance programs is the ability to pool resources so that the group as a whole is able to share in its benefits. However, a downside of this is that the group is generally composed of individuals that either makes frequent requests for the benefits or others that do not require benefits that often. Another disadvantage is that the beneficiaries, at any point, could lead unhealthy or at risk lifestyles such as high risk diets, low exercise, smoking, excessive alcohol intake and the use of illicit drugs. By engaging in such lifestyles, these individuals are at a greater likelihood to use the health insurance and its benefits. With more of these people using the benefits, the more likely the premiums and associated costs with providing these benefits for all the individuals increases. [0006] An additional disadvantage of the present system for pooling resources is that the benefits are distributed to the individuals such that no other individual in the participating in the program has any real sense of what types of requests are being made and what types of service are being paid for by the insurance company. This disadvantage with such a system is that a beneficiary is less likely to be held accountable in a system where it is known how much everyone in the group has contributed and how each and every person in the group has requested in the form of benefits. [0007] Accordingly, it is desirable to provide a method and apparatus that enables similar individuals with similar backgrounds to pool their resources such that the cost to each individual is reduced as opposed to groups with a plethora of individuals. Additionally, there is a need that such method and apparatus is available to all participating individuals such that there are able to access or view all the requests for benefits that are received as well as all contributions made by the participating members. SUMMARY OF THE INVENTION [0008] The foregoing needs are met, to a great extent, by the present invention, wherein in one aspect an apparatus is provided that in some embodiments permits people with similar backgrounds and similar experiences to share resources and share the resulting benefits. The individuals and the resulting risk is held lower then traditional business models by assigned ratings to the individuals in any number of categories as well as limiting the types of individuals that are permitted to enter the group. The sharing of resources in the preferred embodiment is based on a member to member association. [0009] In accordance with one embodiment of the present invention, a method for sharing resources among a group of individuals in a processor based system in order to create a stronger risk pool includes providing data relating to a first member of the group, providing data relating to a second member of the group, receiving a request for a benefit from the first member and assigning a portion of the request to a second member. [0010] In accordance with another embodiment of the present invention, a system for allocating resources among a group of individuals in a processor based system in order to create a stronger risk pool includes means for providing data relating to a first member of the group, means for providing data relating to a second member of the group, means for receiving a request for a benefit from the first member and means for assigning a portion of the request to a second member. [0011] In accordance with yet another embodiment of the present invention, a computer medium containing executable code for sharing resources among a group of individuals in a processor based system in order to create a stronger risk pool includes providing data relating to a first member of the group, providing data relating to a second member of the group, receiving a request for a benefit from the first member and assigning a portion of the request to a second member. [0012] In accordance with yet another embodiment of the present invention, an apparatus for enabling individuals to share resources in order to create a stronger risk pool includes a central repository configured to contain data provided by the individuals, a needs posting configured to accept a request for a resources from an first individual and a share posting configured to assign the request of the resources to a second individual. [0013] There has thus been outlined, rather broadly, certain embodiments of the invention in order that the detailed description thereof herein may be better understood, and in order that the present contribution to the art may be better appreciated. There are, of course, additional embodiments of the invention that will be described below and which will form the subject matter of the claims appended hereto. [0014] In this respect, before explaining at least one embodiment of the invention in detail, it is to be understood that the invention is not limited in its application to the details of construction and to the arrangements of the components set forth in the following description or illustrated in the drawings. The invention is capable of embodiments in addition to those described and of being practiced and carried out in various ways. Also, it is to be understood that the phraseology and terminology employed herein, as well as the abstract, are for the purpose of description and should not be regarded as limiting. [0015] As such, those skilled in the art will appreciate that the conception upon which this disclosure is based may readily be utilized as a basis for the designing of other structures, methods and systems for carrying out the several purposes of the present invention. It is important, therefore, that the claims be regarded as including such equivalent constructions insofar as they do not depart from the spirit and scope of the present invention. BRIEF DESCRIPTION OF THE DRAWINGS [0016] FIG. 1 is an example of the present invention illustrating a member profile according to a preferred embodiment of the present invention. [0017] FIG. 2 is an example of the present invention illustrating the virtual share exchange according to a preferred embodiment of the present invention. [0018] FIG. 3 is a schematic of the present invention according to a preferred embodiment of the present invention. DETAILED DESCRIPTION [0019] The invention will now be described with reference to the drawing figures, in which like reference numerals refer to like parts throughout. An embodiment in accordance with the present invention provides a method and apparatus in which beneficiaries of similar backgrounds share or allocate their resources to achieve intended benefits as well as achieve an overall cost savings. An additional benefit is it that all members or participants of the group are able to monitor the status of the contributions and benefits. Continue reading... Full patent description for Virtual share exchange apparatus and method Brief Patent Description - Full Patent Description - Patent Application Claims Click on the above for other options relating to this Virtual share exchange apparatus and method patent application. ###  How KEYWORD MONITOR works... a FREE service from FreshPatents1. Sign up (takes 30 seconds). 2. Fill in the keywords to be monitored. 3. Each week you receive an email with patent applications related to your keywords. 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