System and method for providing additional insurance

• US 20010034619A1
• Filed: 02/09/2001
• Published: 10/25/2001
• Est. Priority Date: 02/10/2000
• Status: Active Grant

• Current Assignee: Value-Security Company LLC
• Original Assignee: Value-Security Company LLC
• Inventors: Sherman, Lawrence M.
• Granted Patent: US 7,370,000 B2
• Time in Patent Office: Days
• US Class Current: 705/4
• CPC Class Codes: G06Q 30/02 Marketing; Price estimation or determination; Fundraising
• CPC Class Codes: G06Q 30/06 Buying, selling or leasing transactions
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G06Q 40/08 Insurance

Abstract

The invention provides a system and method for providing additional insurance to a fully-qualified insured party to increase a total benefit amount of insurance. More particularly, the invention provides a computer system and method for providing additional life insurance to increase a total benefit of life insurance to a fully-qualified insured party based upon an underwriting and medical evaluation performed to assess the eligibility of the insured party for an existing or underlying primary life insurance plan. Additional life insurance according to the invention may be obtained through the internet by remote computers and internet access devices well known in the art.

Claims

1. A method for providing additional insurance to an insured party to increase a total benefit of insurance, the method comprising:

receiving information from a prospective insured party, the information including information concerning a primary insurer of the prospective insured party and information concerning a primary life insurance plan issued by the primary insurer to the prospective insured party;

formulating an offer to the prospective insured party for a secondary insurance plan based upon the information concerning the primary insurer and the primary life insurance plan; and

issuing the secondary life insurance plan to the prospective insured upon acceptance of the offer.