System and Method for an Emergency Reserve During a Covered Event Using Actuarial Data
First Claim
1. A method for providing conditional credit comprising:
- determining actuarial data using past history of customers incurring specified events, the actuarial data useable to predict future events;
determining a cost for offering an emergency reserve (ER) product using the actuarial data;
determining a qualification standard for the ER product; and
offering the ER product to people,wherein the ER product provides a specific credit disbursement amount to a customer over a specific period of time, for at least one covered event.
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Abstract
A system and method for providing emergency conditional credit to a customer of a financial institution. The system includes a customer site and a financial institution. The financial institution determines actuarial data using past history of customers incurring specified events, the actuarial data useable to predict future specified events, determines a cost for offering an emergency reserve (ER) product using the actuarial data, determines a qualification standard for the ER product, and offers the ER product to a person at the customer site. An emergency reserve protection (ERP) feature that provides protection that cancels any ER balance on a monthly basis during a covered event may also be offered to customers. One or more vendor sites may be used to handle some of the processing or managing of the ER and ERP product offerings.
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Citations
35 Claims
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1. A method for providing conditional credit comprising:
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determining actuarial data using past history of customers incurring specified events, the actuarial data useable to predict future events; determining a cost for offering an emergency reserve (ER) product using the actuarial data; determining a qualification standard for the ER product; and offering the ER product to people, wherein the ER product provides a specific credit disbursement amount to a customer over a specific period of time, for at least one covered event. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19)
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20. A system for providing conditional credit comprising:
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a customer site, the customer site having at least one of a workstation capable of receiving and transmitting information electronically or mail handling capable of receiving and sending information by mail; and a financial institution site, the financial institution site having a workstation capable of receiving and transmitting information electronically and mail handling capable of receiving and sending information by mail, wherein the financial institution determines actuarial data using past history of customers incurring specified events, the actuarial data useable to predict future specified events, determines a cost for offering an emergency reserve (ER) product using the actuarial data, determines a qualification standard for the ER product, and offers the ER product to a person at the customer site. - View Dependent Claims (21, 22)
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23. An article, the article comprising a storage medium with instructions stored therein, the instructions when executed causing a processing device to perform:
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determining actuarial data using past history of customers incurring specified events, the actuarial data useable to predict future specified events; determining a cost for offering an emergency reserve (ER) product using the actuarial data; determining a qualification standard for the ER product; and offering the ER product to people, wherein the ER product provides a specific credit disbursement amount to a customer over a specific period of time, the customer being eligible for the credit disbursement if the customer has previously purchased the ER product, has requested the credit disbursement for an entered event, and the event is a covered event. - View Dependent Claims (24, 25, 26, 27, 28, 29, 30, 31)
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32. A system for providing conditional credit comprising:
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means for determining actuarial data using past history of customers incurring specified events, the actuarial data useable to predict future specified events; means for determining a cost for offering an emergency reserve (ER) product using the actuarial data; means for determining a qualification standard for the ER product; and means for offering the ER product to people, wherein the ER product provides a specific credit disbursement amount to a customer over a specific period of time, for at least one covered event. - View Dependent Claims (33, 34, 35)
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Specification