US Patent Issued to State Farm Mutual Automobile Insurance on Nov. 18 for "Systems and methods for generating usage-based insurance contracts for peer-to-peer transactions" (Illinois Inventor)

ALEXANDRIA, Va., Nov. 18 -- United States Patent no. 12,475,514, issued on Nov. 18, was assigned to State Farm Mutual Automobile Insurance Co. (Bloomington, Ill.).

"Systems and methods for generating usage-based insurance contracts for peer-to-peer transactions" was invented by Matt Floyd (Bloomington, Ill.).

According to the abstract* released by the U.S. Patent & Trademark Office: "A system for generating and managing usage-based insurance contracts configured to (i) store a plurality of offers for sharing transactions, where each of the plurality of offers includes an item being offered and an associated offerer; (ii) receive a selection from a buyer of an offer that is accepted by the buyer of the plurality of offers; (iii) automatica...