METHODS FOR SELLING INSURANCE USING RAPID DECISION TERM

• US 20090182584A1
• Filed: 01/14/2008
• Published: 07/16/2009
• Est. Priority Date: 01/14/2008
• Status: Active Grant

• Current Assignee: Fidelity Life Association (Investment Portfolio) (Members Mutual Holding Co.)
• Original Assignee: Fidelity Life Association (Investment Portfolio) (Members Mutual Holding Co.)
• Inventors: Harkensee, James, Hemmings, Richard A.
• Granted Patent: US 8,239,221 B2
• Time in Patent Office: Days
• US Class Current: 705/4
• CPC Class Codes: G06Q 40/08 Insurance

Abstract

An insurer sells a life insurance policy having a coverage period equal in length to the term of the policy. The consideration paid by the insured is relatively high compared to conditional receipt coverage, but is generally lower than that charged for standard simplified issue policies. The policy is only underwritten on a limited basis, preferably using information available in remote databases. During a predetermined time period, the insured has the option of providing medical test results or other material sufficient to enable comprehensive medical underwriting. Upon receipt of the information and material, an underwriter comprehensively underwrites the policy. If the results of the underwriting are satisfactory, the premiums are reduced significantly for the remainder of the term of the insurance policy and/or the benefit amount is increased. If the insured does not provide any additional information or materials, or if the materials provided result in unsatisfactory underwriting, the premiums remain unchanged.

Claims

1. A method of providing life insurance, the method comprising:

receiving identification information and underwriting information associated with a person on an application for life insurance covering the person'"'"'s life;

performing at least one database query based on the underwriting information to produce a query result;

determining that the person qualifies for the life insurance based on the query result;

providing the life insurance from a life insurance provider, the life insurance having a first face amount, a first premium amount, and a term;

providing life insurance coverage at the first face amount for the first premium amount without requiring medical test results associated with the person any time during the term; and

modifying the life insurance during the term if the medical test results associated with the person are received and are satisfactory, wherein modifying the life insurance includes at least one of increasing the face amount, decreasing the premium amount, and extending the term.

2. The method of claim 1, wherein the life insurance is modified during the term if the medical test results are received from the person within a predetermined time period.

3. The method of claim 1, including supplying an alternate insurance offer if the person does not qualify for the life insurance.

4. The method of claim 1, including fully guaranteeing the life insurance regardless of a medical condition associated with the person that is discovered after the life insurance is provided to the person.

5. The method of claim 4, including raising the premium amount associated with the life insurance on a going forward only basis after determining the medical condition associated with the person.

6. The method of claim 4, wherein fully guaranteeing the life insurance does not include fully guaranteeing the life insurance if the underwriting information includes false information.

7. The method of claim 1, including receiving the medical test results from a doctor selected by the person.

8. The method of claim 1, including receiving the medical test results from a paramedical examination performed by a paramedical examiner approved by the life insurance provider.

9. The method of claim 1, including receiving the medical test results from an approved laboratory selected by the person.