Method of managing a life insurance policy and a system therefor
First Claim
1. A method of managing a life insurance policy, in which the life insurer receives a premium from an insured life and wherein if the insured life suffers an insured event, the life insurer pays a predetermined sum assured to the insured life or a beneficiary nominated by the insured life, the method including:
- defining a retirement age; and
when the insured life reaches the retirement age, paying at least one payment from the life insurer to the insured life.
1 Assignment
0 Petitions
Accused Products
Abstract
The invention relates to a method of managing a life insurance policy in which the life insurer receives a premium from an insured life and wherein if the insured life suffers an insured event, the life insurer pays a predetermined sum assured to the insured life or a beneficiary nominated by the insured life. The method includes defining a retirement age and when the insured life reaches the retirement age, paying at least one payment from the life insurer to the insured life. After the at least one payment the sum assured is reduced so that the amount which will be paid to the insured life or their nominated beneficiary in the event of them suffering an insured event in the future is reduced.
168 Citations
11 Claims
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1. A method of managing a life insurance policy, in which the life insurer receives a premium from an insured life and wherein if the insured life suffers an insured event, the life insurer pays a predetermined sum assured to the insured life or a beneficiary nominated by the insured life, the method including:
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defining a retirement age; and
when the insured life reaches the retirement age, paying at least one payment from the life insurer to the insured life. - View Dependent Claims (2, 3, 4, 5, 6)
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7. An electronic system for managing a life insurance policy, in which the life insurer receives a premium from an insured life and wherein if the insured life suffers an insured event, the life insurer pays a predetermined sum assured to the insured life or a beneficiary nominated by the insured life, the system including:
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a memory for storing;
information relating to the insured life;
information relating to a predefined retirement age of the insured life; and
information relating to a sum assured; and
a processor disposed in communication with the memory, the processor being adapted to;
when the insured life reaches the retirement age, pay at least one payment from the life insurer to the insured life;
- View Dependent Claims (8, 9, 10, 11)
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Specification