System and method for fully automated application and sales process
First Claim
1. A method for generating and processing applications for, and completing the sale of, insurance products over a network, comprising the steps of:
- receiving application data from a third-party provider;
confirming a deposit of an initial premium with an escrow fund;
checking the application data and inputting the application data into an electronic application form;
transmitting the electronic application form over the network to an insurance provider, wherein the insurance provider makes a determination whether to approve or deny the electronic application;
sending an approval confirmation of the application to the applicant if the application is accepted by the insurance provider; and
automatically triggering payment of the initial premium from the escrow fund.
2 Assignments
0 Petitions
Accused Products
Abstract
The present invention provides a system and method for generating and processing applications for life insurance over a network, the method comprising receiving mortgage application data from a mortgage applicant, populating a life insurance application from using the mortgage application data, transmitting the life insurance application form over the network to a life insurance processing server, confirming a deposit of an initial life insurance premium with an escrow fund, inputting the mortgage application data into an electronic life insurance application form, transmitting the electronic life insurance application form over the network to an insurance provider, sending an approval confirmation of the life insurance application to the applicant if the application is accepted by the insurance provider and automatically triggering payment of the initial life insurance premium from the escrow fund.
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Citations
20 Claims
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1. A method for generating and processing applications for, and completing the sale of, insurance products over a network, comprising the steps of:
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receiving application data from a third-party provider;
confirming a deposit of an initial premium with an escrow fund;
checking the application data and inputting the application data into an electronic application form;
transmitting the electronic application form over the network to an insurance provider, wherein the insurance provider makes a determination whether to approve or deny the electronic application;
sending an approval confirmation of the application to the applicant if the application is accepted by the insurance provider; and
automatically triggering payment of the initial premium from the escrow fund. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12)
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13. A method for generating and processing applications for insurance products over a network, comprising the steps of:
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receiving application data from a third-party provider;
inputting the application data into an electronic application form;
transmitting the electronic application form over the network to an insurance provider;
sending an approval confirmation of the application to the applicant if the application is accepted by the insurance provider; and
automatically triggering payment of an initial premium for the insurance product. - View Dependent Claims (14, 15, 16, 17)
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18. A method for generating and processing applications for, and completing the sale of, life insurance over a network, comprising the steps of:
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receiving mortgage application data from a mortgage applicant;
populating a life insurance application form using the mortgage application data;
transmitting the life insurance application form over the network to a life insurance processing server;
confirming a deposit of an initial life insurance premium with an escrow fund;
inputting the mortgage application data into an electronic life insurance application form;
transmitting the electronic life insurance application form over the network to an insurance provider;
sending an approval confirmation of the life insurance application to the applicant if the application is accepted by the insurance provider; and
automatically triggering payment of the initial life insurance premium from the escrow fund. - View Dependent Claims (19, 20)
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Specification