System and method for evaluating underwriting requirements
First Claim
1. A computer method for evaluating expected changes in mortality of an insurable class in response to a change in underwriting requirements, comprising the steps of:
- a. storing data relating to protective values of a plurality of underwriting requirements;
b. determining an expected mortality for the insurable class using a first set of underwriting requirements;
c. changing one or more of said first set of underwriting requirements; and
d. redetermining the expected mortality for the insurable class using the changed set of underwriting requirements and the stored data relating to protective values.
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0 Petitions
Accused Products
Abstract
A computer system and method for evaluating underwriting requirements, and for evaluating expected changes in mortality of an insurable class in response to changes in such requirements. In certain embodiments, the method and system involves storing data relating to the requirements, determining expected mortality using a first set of requirements, changing one or more of the requirements and predetermining expected mortality using the changed set of requirements and the stored data. In addition to evaluating proposed changes in underwriting requirements, the system and method may be used in the design and pricing of insurance products.
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Citations
38 Claims
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1. A computer method for evaluating expected changes in mortality of an insurable class in response to a change in underwriting requirements, comprising the steps of:
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a. storing data relating to protective values of a plurality of underwriting requirements;
b. determining an expected mortality for the insurable class using a first set of underwriting requirements;
c. changing one or more of said first set of underwriting requirements; and
d. redetermining the expected mortality for the insurable class using the changed set of underwriting requirements and the stored data relating to protective values. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10)
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11. A computerized system for evaluating expected changes in mortality of an insurable class in response to a change in underwriting requirements, comprising:
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a. means for storing data relating to protective values of a plurality of underwriting requirements;
b. means for determining an expected mortality for the insurable class using a first set of underwriting requirements;
C. means for changing one or more of said first set of underwriting requirements; and
d. means for redetermining the expected mortality for the insurable class using the changed set of underwriting requirements and the stored data relating to protective values. - View Dependent Claims (12, 13, 14, 15, 16, 17, 18, 19, 20)
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21. A computer method of designing a life insurance product, comprising the steps of:
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a. storing data relating to protective values of a plurality of underwriting requirements;
b. calculating at least one of unique mortality savings, shared mortality savings and total mortality savings for said plurality of underwriting requirements;
c. determining an expected mortality for an insurable class using a first set of underwriting requirements;
d. changing one or more of said first set of underwriting requirements;
e. redetermining the expected mortality for the insurable class using the changed set of underwriting requirements; and
f. using at least one of the determined expected mortality and the redetermined expected mortality, designing a life insurance product. - View Dependent Claims (22, 23, 24, 25, 26, 27, 28, 29, 30)
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31. A computerized system for designing a life insurance product, comprising:
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a. means for storing data relating to protective values of a plurality of underwriting requirements;
b. means for calculating at least one of unique mortality savings, shared mortality savings and total mortality savings for said plurality of underwriting requirements;
c. means for determining an expected mortality for an insurable class using a first set of underwriting requirements;
d. means for changing one or more of said first set of underwriting requirements;
e. means for redetermining the expected mortality for the insurable class using the changed set of underwriting requirements; and
f. means for using at least one of the determined expected mortality and the redetermined expected mortality in the design of an insurance product. - View Dependent Claims (32, 33, 34, 35, 36, 37, 38)
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Specification