INVESTMENT STYLE LIFE INSURANCE PRODUCT WITH REPLACABLE INDIVIDUAL POLICY COMPONENTS
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Abstract
The present invention includes a data model which supports database operations that are associated with an insurance product issued by an issuer that provides a consumer with an ability to purchase an investment style life insurance policy, the individual components of which (e.g., term insurance, investments, cash and fees) can be controlled and/or replaced by the consumer. The data model enables the individual components to be tracked by the issuer so that the correct insurance coverage and investment returns are provided (and appropriate fees levied) as the consumer makes changes to the individual insurance policy components.
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Citations
23 Claims
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1-4. -4. (canceled)
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5. An automated method for managing an investment style life insurance policy having replaceable components, the method comprising the steps of:
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utilizing a replaceable insurance component data model by which components are maintained in the investment style life insurance policy as being selectable by a consumer for replacement, the components including at least one of insurance, premium, investment, assets, rights, liabilities, or fees; exposing methods for enabling replacement of the components in response to a selection by the consumer; and tracking replacement of the components in a database. - View Dependent Claims (6, 7, 8, 9, 10, 11, 12, 13, 14)
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15. A computer-readable medium including instructions which, when executed by one or more processors disposed in an electronic device, perform a method for operating an API to a database, the method comprising the steps of:
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configuring the API to expose methods for manipulating replaceable components of an investment style life insurance policy, the components being replaceable under a replaceable insurance component data model in response to selection by a consumer to whom the investment style life insurance policy is issued; receiving a call from a caller at the API to manipulate one or more of the replaceable components of the investment style life insurance policy; executing one or more methods to effectuate replacement of the one or more replaceable components of the investment style life insurance policy responsively to the call; and tracking changes to the investment style life insurance policy in the database. - View Dependent Claims (16, 17)
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18. A method of enabling a consumer to effectuate a replacement of a component in an investment style life insurance policy that is configured to include replaceable components, the method comprising the steps of:
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receiving a selection by the consumer of a component in the investment style life insurance policy that is to be replaced, the replaceable components including one or more of insurance, premium, investment, assets, rights, liabilities, or fees, the selection being facilitated through a portal hosted by a server on the Internet; executing a software script that interacts with an API to a data model used to describe operations on a database, the database being configured to store changes to the investment style life insurance policy, the software script being configured to replace the component specified by the selection in an automated manner; and providing a confirmation of a replacement of the selected component of the investment style life insurance policy, the confirmation being configured to be relayed through the portal to the consumer. - View Dependent Claims (19, 20, 21, 22, 23)
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Specification