PRODUCTS AND PROCESSES FOR INDICATING DOCUMENTS FOR A LIFE BASED PRODUCT

• US 20080183507A1
• Filed: 08/30/2007
• Published: 07/31/2008
• Est. Priority Date: 08/30/2006
• Status: Active Grant

• Current Assignee: CFPH LLC (Cantor Fitzgerald, L.P.)
• Original Assignee: CFPH LLC (Cantor Fitzgerald, L.P.)
• Inventors: Lutnick, Howard W., Rose, Laurence, Hersch, Stuart A.
• Granted Patent: US 8,788,294 B2
• Time in Patent Office: Days
• US Class Current: 705/4
• CPC Class Codes: G06Q 40/08 Insurance
• CPC Class Codes: G06Q 50/18 Legal services

Abstract

A method comprising receiving at least one document that is associated with a life insurance policy; assigning a respective value to each of the at least one document, in which the value indicates a level of importance; determining a summation of the at least one document; determining an indication for the life insurance policy, in which the indication is based on the summation of the at least one document and at least one of the values; and displaying the indication.

Claims

1. A method comprising:

(a) receiving at least one document that is associated with a life insurance policy;

(b) assigning a respective value to each received document, in which the value indicates a level of importance;

(c) determining a summation of each received document(s);

(d) determining an indication for the life insurance policy, in which the indication is based on the summation of the received document(s) and at least one of the values; and

(e) displaying the indication.

2. The method of claim 1 further comprising:

receiving an authentication from a third party.

3. The method of claim 1 further comprising:

determining the value based on at least one of a protocol, a decision tree, a formula, a table or an equation.

4. The method of claim 1, in which displaying an indication comprises:

displaying a color that is based on the indication.

5. The method of claim 4, wherein displaying a color that is based on the indication

comprises:

selecting a color from a plurality of colors based on the indication, and

displaying the selected color.

6. The method of claim 5 in which the color represents a level of completion.

7. The method of claim 5, wherein the color represents a rating for the life insurance policy.

8. The method of claim 1, in which the indication is displayed by an electronic device that communicates the indication in visual form.

9. The method of claim 8, in which the electronic device comprises a video monitor.

10. The method of claim 1, further comprising providing an interface through which a user may purchase the life insurance policy.

11. The method of claim 10, in which the interface comprises at least one of a screen display, a keyboard, a mouse, a touch control and a graphical user interface.

12. The method of claim 10, in which the user comprises a person or a company.

13. The method of claim 1, further comprising

(f) saving policy information into a database, wherein the policy information comprises the documents received, the values for each document and the indication for the life insurance policy.

14. The method of claim 13 further comprising:

(g) entering a search criterion;

(h) matching the search criterion with the policy information contained within the database;

(i) retrieving a matched policy information; and

(j) displaying the matched policy information.

15. The method of claim 14, in which the match policy information is displayed on a remote device.

16. The method of claim 14, in which the search criterion comprises at least one of:

the number of documents received, the value of the documents, the indication, the age of a policy holder, the life expectancy of the policy holder, a type of life insurance policy, a type of disease or a geographic location.

17. The method of claim 14 further comprising:

(k) requesting a recommendation based on a plurality of user preferences.

18. The method of claim 17, in which the user preference comprises at least one of:

the number of documents received, the value of the documents, the indication, the age of a policy holder, the life expectancy of the policy holder, a type of life insurance policy, a type of disease or a geographic location.

19. The method of claim 1, further comprising generating an alert signal to indicate a receipt of a new life insurance policy.

20. The method of claim 19, in which a user may request a notice of the alert.

21. The method of claim 1, further comprising sending a user a notice of the alert signal.

22. The method of claim 1, in which the document associated with the life insurance policy comprises at least one of:

a life settlement application, an indicative purchase offer, a life settlor'"'"'s letter notifying insurer of sale of policy and VOC request, a physician'"'"'s letter of competency regarding insured, a consent of a life settlor'"'"'s spouse, an overview of life settlement process, an acknowledgement of life settlement transaction, a consent to change of beneficiary and release and waiver of beneficiary rights, a life settlement proceeds distribution form, an insured'"'"'s designation of contacts, an acknowledgment of primary designated contact responsibility, an acknowledgment of alternate designated contact responsibility, an insured'"'"'s letter of designated contact, an escrow agreement, an authorization for disclosure of protected health information, an authorization of insured for use and disclosure of nonpublic personal information, a policy owner'"'"'s authorization for disclosure of life insurance policy information, a life insurance policy owner'"'"'s disclosure of liens, an acknowledgment of life settler, a life settlement agreement, a disclosure form or a verification of coverage form.

23. The method of claim 1, in which the document associated with the life insurance policy comprises at least one of:

a mortality table, a health history profile, a family history profile, a lifestyle profile, an occupational hazard analysis, a medical record or a correspondence from a medical professional.

33. A computer program product, tangibly embodied in an information carrier, the computer program product being operable to cause a data processing apparatus to perform the method of claim 1.

24. A method comprising:

(a) submitting at least one document associated with a life insurance policy;

(b) assigning a value to each submitted document, in which the value indicates a level of importance; and

(c) receiving an indication for the life insurance policy, in which the indication is based on a summation of the documents received and the value of each document.

25. The method of claim 24 further comprising (d) receiving an authentication from a third party, in which the authentication verifies the authenticity of each document.

26. The method of claim 24 further comprising (d) calculating the value based on a system criterion, in which the system criterion comprises at least one of a protocol, a decision tree, a formula, a table or an equation.

27. The method of claim 24 further comprising (d) saving policy information into a database, in which the policy information comprises the documents received, the values for each document, the indication for the life insurance policy.

28. The method of claim 27 further comprising:

(e) performing a search within the database in accordance to a search criterion;

(f) matching the search criterion with the policy information contained within the database;

(g) retrieving a matched policy information; and

(h) displaying the matched policy information to a third party.

29. The method of claim 24 further comprising (d) saving policy information into a database, in which the policy information comprises the documents received, the values for each document, the indication for the life insurance policy.

30. The method of claim 29 further comprising:

(e) performing a search within the database in accordance to a search criterion;

(f) matching the search criterion with the policy information contained within the database;

(g) retrieving a matched policy information; and

(h) displaying the matched policy information to a third party.

31. The method of claim 24, in which the document that is associated with the life insurance policy comprises at least one of:

a life settlement application, an indicative purchase offer, a life settlor'"'"'s letter notifying insurer of sale of policy and VOC request, a physician'"'"'s letter of competency regarding insured, a consent of a life settlor'"'"'s spouse, an overview of life settlement process, an acknowledgement of life settlement transaction, a consent to change of beneficiary and release and waiver of beneficiary rights, a life settlement proceeds distribution form, an insured'"'"'s designation of contacts, an acknowledgment of primary designated contact responsibility, an acknowledgment of alternate designated contact responsibility, an insured'"'"'s letter of designated contact, an escrow agreement, an authorization for disclosure of protected health information, an authorization of insured for use and disclosure of nonpublic personal information, a policy owner'"'"'s authorization for disclosure of life insurance policy information, a life insurance policy owner'"'"'s disclosure of liens, an acknowledgment of life settler, a life settlement agreement, a disclosure form or a verification of coverage form.

32. The method of claim 24, in which the document that is associated with the life insurance policy comprises at least one of:

a mortality table, a health history profile, a family history profile, a lifestyle profile, an occupational hazard analysis, a medical record or a correspondence from a medical professional.

34. A computer program product, tangibly embodied in an information carrier, the computer program product being operable to cause a data processing apparatus to perform the method of claim 24.