Life Insurance Cooperative

• US 20090240612A1
• Filed: 03/21/2008
• Published: 09/24/2009
• Est. Priority Date: 03/21/2008
• Status: Active Grant

• Current Assignee: Michael Reed Hoffman
• Original Assignee: Michael Reed Hoffman
• Inventors: Hoffman, Michael Richard
• Granted Patent: US 7,747,496 B2
• Time in Patent Office: Days
• US Class Current: 705/35
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/06 Asset management; Financial planning or analysis
• CPC Class Codes: G06Q 40/08 Insurance

Abstract

A business method and computing system for providing a death benefit to a participant having an uninsurable trait. The method collects registration information from the participant, and associates the participant with at least one other participant having the uninsurable trait to form a group of participants. The method receives a funding payment from each participant in the group to create a funding pool for a time period. The method disburses the funding pool to deceased participants in the group who died during the time period, each deceased participant receiving a portion of the funding pool. An amount of the portion of the funding pool for each deceased participant is the death benefit for the deceased participant.

Claims

1. A business method for using a computer to provide a death benefit to a participant having an uninsurable trait during a time period having a start time and an end time, comprising:

collecting registration information from the participant;

storing the registration information in the computer;

associating the participant with at least one other participant, each other participant having the uninsurable trait, wherein the participant and said at least one other participant form a group of participants;

before the start time for the time period, receiving a funding payment from each participant in the group of participants;

combining the funding payments received from each participant in the group of participants to create a funding pool for the time period;

after the end time for the time period, disbursing the funding pool to deceased participants in the group of participants,

wherein each deceased participant died during the time period,

wherein the disbursing of the funding pool disburses a portion of the funding pool to each deceased participant, and

wherein when the participant is one of the deceased participants, the portion of the funding pool disbursed to the participant is the death benefit for the participant.

2. The business method of claim 1, wherein the uninsurable trait is a health condition or a lifestyle risk, the health condition including cancer, diabetes, HIV/AIDS, hepatitis, heart disease, a diagnosis of cancer in remission, and a terminal illness, and the lifestyle risk including obesity, smoking, a high risk occupation including law enforcement, or military, and a high-risk activity including rock climbing, mountaineering, or base jumping.

3. The business method of claim 1, wherein the collecting of the registration information further comprises:

sending a request for the registration information to the participant; and

receiving the registration information,

wherein the registration information includes personal information, contact information, uninsurable trait information, and previous insurance coverage information.

4. The business method of claim 3, wherein the associating of the participant is based on the registration information.

5. The business method of claim 1, further comprising:

analyzing the registration information to determine whether the participant qualifies to receive the death benefit.

6. The business method of claim 1, further comprising:

receiving a request from the participant that the death benefit equal a requested coverage amount, or that the funding payment equal a requested funding payment; and

when the request includes the requested coverage amount;

sending a response to notify the participant of a required funding payment to expect to receive the requested coverage amount as the death benefit; and

when the request includes the requested funding payment;

sending a response to notify the participant of an expected coverage amount to receive as the death benefit.

7. The business method of claim 1, wherein the receiving of the funding payment further comprises:

storing an amount of the funding payment received from each participant in the group.

8. The business method of claim 1, wherein each deceased participant is eligible to receive the portion of the funding pool after remitting a number of prior funding payments.

9. The business method of claim 1, wherein each deceased participant is eligible to receive the portion of the funding pool if a cause of death is the uninsured trait.

10. The business method of claim 1, wherein the portion of the funding pool that each deceased participant receives is proportional to an average of the funding payments received from each deceased participant over a number of time periods.

11. A method for using a server computer to provide a death benefit to a participant having an uninsurable trait during a time period having a start time and an end time, the server computer connected via a network to a client computer operated by the participant, comprising:

receiving a request from the client computer to register the participant;

collecting registration information from the participant;

storing the registration information in the server computer;

associating the participant with at least one other participant, each other participant having the uninsurable trait, wherein the participant and said at least one other participant form a group of participants;

before the start time for the time period, receiving a funding payment from each participant in the group of participants;

combining the funding payments received from each participant in the group of participants to create a funding pool for the time period;

after the end time for the time period, disbursing the funding pool to deceased participants in the group of participants,

wherein each deceased participant died during the time period, and

wherein the disbursing of the funding pool disburses a portion of the funding pool to each deceased participant;

composing a notification message for each deceased participant, the notification message including an amount of the portion of the funding pool disbursed to the deceased participant, wherein when the participant is one of the deceased participants, the amount is the death benefit for the participant; and

sending the notification message to the client computer.

12. The method of claim 11, wherein the uninsurable trait is a health condition or a lifestyle risk, the health condition including cancer, diabetes, HIV/AIDS, hepatitis, heart disease, a diagnosis of cancer in remission, and a terminal illness, and the lifestyle risk including obesity, smoking, a high risk occupation including law enforcement, or military, and a high-risk activity including rock climbing, mountaineering, or base jumping.

13. The method of claim 11, wherein the collecting of the registration information further comprises:

sending a request for the registration information to the client computer; and

receiving the registration information,

wherein the registration information includes personal information, contact information, uninsurable trait information, and previous insurance coverage information.

14. The method of claim 13, wherein the associating of the participant is based on the registration information.

15. The method of claim 11, further comprising:

analyzing the registration information to determine whether the participant qualifies to receive the death benefit.

16. The method of claim 11, further comprising:

receiving a request from the client computer that the death benefit equal a requested coverage amount, or that the funding payment equal a requested funding payment; and

when the request includes the requested coverage amount;

sending a response to the client computer to notify the participant of a required funding payment to expect to receive the requested coverage amount as the death benefit; and

when the request includes the requested funding payment;

sending a response to the client computer to notify the participant of an expected coverage amount to receive as the death benefit.

17. The method of claim 11, wherein the receiving of the funding payment further comprises:

storing an amount of the funding payment received from each participant in the group.

18. The method of claim 11, wherein each deceased participant is eligible to receive the portion of the funding pool after remitting a number of prior funding payments.

19. The method of claim 11, wherein each deceased participant is eligible to receive the portion of the funding pool if a cause of death is the uninsured trait.

20. The method of claim 11, wherein the portion of the funding pool that each deceased participant receives is proportional to an average of the funding payments received from each deceased participant over a number of time periods.

21. A system for using a computer to provide a death benefit to a participant having an uninsurable trait during a time period having a start time and an end time, comprising:

a memory device resident in the computer; and

a processor disposed in communication with the memory device, the processor configured to;

collect registration information from the participant;

store the registration information in the computer;

associate the participant with at least one other participant, each other participant having the uninsurable trait, wherein the participant and said at least one other participant form a group of participants;

before the start time for the time period, receive a funding payment from each participant in the group of participants;

combining the funding payments received from each participant in the group of participants to create a funding pool for the time period;

after the end time for the time period, disburse the funding pool to deceased participants in the group of participants,

wherein each deceased participant died during the time period,

wherein the disbursing of the funding pool disburses a portion of the funding pool to each deceased participant, and

wherein when the participant is one of the deceased participants, the portion of the funding pool disbursed to the participant is the death benefit for the participant.

22. The system of claim 21, wherein to collect the registration information, the processor is further configured to:

send a request for the registration information to the participant; and

receive the registration information,

wherein the registration information includes personal information, contact information, uninsurable trait information, and previous insurance coverage information.

23. The system of claim 21, wherein the processor is further configured to:

analyze the registration information to determine whether the participant qualifies to receive the death benefit.

24. The system of claim 21, wherein the processor is further configured to:

receiving a request from the participant that the death benefit equal a requested coverage amount, or that the funding payment equal a requested funding payment; and

when the request includes the requested coverage amount;

sending a response to notify the participant of a required funding payment to expect to receive the requested coverage amount as the death benefit; and

when the request includes the requested funding payment;

sending a response to notify the participant of an expected coverage amount to receive as the death benefit.

25. The system of claim 21, wherein to receive the funding payment, the processor is further configured to:

store an amount of the funding payment received from each participant in the group.