Virtual Share Exchange Apparatus and Method

• US 20100205096A1
• Filed: 04/19/2010
• Published: 08/12/2010
• Est. Priority Date: 11/08/2004
• Status: Active Grant

• Current Assignee: Christian Care Ministry, Inc.
• Original Assignee: Christian Care Ministry, Inc.
• Inventors: Meggs, Anthony F.
• Granted Patent: US 8,239,222 B2
• Time in Patent Office: Days
• US Class Current: 705/44
• CPC Class Codes: G06Q 10/10 Office automation; Time management
• CPC Class Codes: G06Q 20/40 Authorisation, e.g. identification of payer or payee, verification of customer or shop credentials; Review and approval of payers, e.g. check credit lines or negative lists
• CPC Class Codes: G06Q 40/08 Insurance

Abstract

A method and apparatus that includes a method and apparatus for pooling resources into a common fund such that the risk benefit is held low by assigning rating to the individual members as well as allowing people with similar characteristic or profiles to participate in the pool.

Claims

1. A method allowing members of a group to coordinate direct sharing transactions to help share the cost of household expenditures among said members of said group, said method comprising the steps of:

receiving, by a processor based system, a posting from a needing member for one or more specific needs that pertain to said household expenditures of said needing member;

matching, by said processor based system, a sharing member to said one or more specific needs that pertain to said household expenditures of said needing member;

sending, by said processor based system, a request for said sharing member to assist in repayment of said one or more specific needs that pertain to said household expenditures of said needing member;

receiving, by said processor based system, an acceptance to said request for said sharing member to assist in said repayment of said one or more specific needs that pertain to said household expenditures of said needing member;

withdrawing, by said processor based system, share funds for said repayment of at least a portion of said one or more specific needs that pertain to said household expenditures of said needing member from a share account of said sharing member; and

crediting, by said processor based system, said share funds withdrawn from said share account of said sharing member to a needs account of said needing member;

wherein each of said members of said group maintain a cooperative relationship and each of said members can assume the role of said needing member or said sharing member for different said direct sharing transactions.

2. The method of claim 1, further comprising the step of:

displaying, by said processor based system, one or more regulatory disclosures to said sharing member;

requesting, by said processor based system, a confirmation from said sharing member that said sharing member has reviewed said one or more regulatory disclosures; and

receiving, by said processor based system, said confirmation from said sharing member before said direct sharing transaction can be completed.

3. The method of claim 1, further comprising the step of:

calculating, by said processor based system, a share rating for each of said members of said group, wherein said share rating for each of said members is expressed as a percentage value and said share rating is calculated by dividing the total of said one or more needs posted by each respective said member of said group by the total of said share funds provided by each respective said member of said group.

4. The method of claim 3, wherein said step of matching said sharing member to said one or more specific needs further comprises:

prioritizing said matching of said one or more needs of said needing members having higher said share ratings over said one or more needs of said needing members having lower said share ratings.

5. The method of claim 1, further comprising the step of:

requesting, by said processor based system, an election of a benefit rating by each of said members of said group that is expressed as a percentage value that directly corresponds to the proportion of said one or more specific needs that is repaid by said direct sharing transactions when said member assumes the role of said needing member and said benefit rating further limits and directly corresponds to the proportion of said repayment of said one or more specific needs that is requested of said member when said member assumes the role of said sharing member.

6. The method of claim 1, further comprising the step of:

capturing and archiving, by said processor based system, data relating to each of said members of said group, wherein said data is selected from the group consisting of name, dependents, age, sex, religious domination, height, weight, and body mass index (BMI).

7. The method of claim 1, wherein said processor based system is available through a computer network, wherein said computer network selected from the group consisting of the Internet, a local area network, and a wide area network.

8. The method of claim 1, further comprising the step of:

permitting, by said processor based system, each of said members of said group to login to a member profile maintained on a central repository of said processor based system.

9. The method of claim 8, further comprising the step of:

permitting, by said processor based system, each of said members of said group to view said one or more specific needs, said share funds, a share rating, and a net need for each of said members of said group.

10. The method of claim 1, wherein said household expenditures are selected from the group consisting of investment expenses, automobile expenses, homeowner expenses, life insurance expenses, disability expenses, liability expenses, property expenses, and casualty expenses.

11. The method of claim 1, wherein said household expenditures comprise healthcare expenses.

12. A computer readable memory having executable instructions for coordinating the sharing of resources among a group of members to help repay the cost of household expenditures of said members in said group, which when executed cause a processor based system to perform steps comprising:

receiving, by a processor based system, a posting from a needing member for one or more specific needs that pertain to said household expenditures of said needing member;

matching, by said processor based system, a sharing member to said one or more specific needs that pertain to said household expenditures of said needing member;

sending, by said processor based system, a request for said sharing member to assist in repayment of said one or more specific needs that pertain to said household expenditures of said needing member;

receiving, by said processor based system, an acceptance to said request for said sharing member to assist in said repayment of said one or more specific needs that pertain to said household expenditures of said needing member;

withdrawing, by said processor based system, share funds for said repayment of at least a portion of said one or more specific needs that pertain to said household expenditures of said needing member from a share account of said sharing member; and

crediting, by said processor based system, said share funds withdrawn from said share account of said sharing member to a needs account of said needing member;

wherein each of said members of said group maintain a cooperative relationship and each of said members can assume the role of said needing member or said sharing member for different said direct sharing transactions.

13. The computer readable memory of claim 12, further comprising the step of:

displaying, by said processor based system, one or more regulatory disclosures to said sharing member;

requesting, by said processor based system, a confirmation from said sharing member that said sharing member has reviewed said one or more regulatory disclosures; and

receiving, by said processor based system, said confirmation from said sharing member before said direct sharing transaction can be completed.

14. The computer readable memory of claim 12, further comprising the step of:

calculating, by said processor based system, a share rating for each of said members of said group, wherein said share rating for each of said members is expressed as a percentage value and said share rating is calculated by dividing the total of said one or more needs posted by each respective said member of said group by the total of said share funds provided by each respective said member of said group.

15. The computer readable memory of claim 14, wherein said step of matching said sharing member to said one or more specific needs further comprises:

prioritizing said matching of said one or more needs of said needing members having higher said share ratings over said one or more needs of said needing members having lower said share ratings.

16. The computer readable memory of claim 12, further comprising the step of:

requesting, by said processor based system, an election of a benefit rating by each of said members of said group that is expressed as a percentage value that directly corresponds to the proportion of said one or more specific needs that is repaid by said direct sharing transactions when said member assumes the role of said needing member and said benefit rating further limits and directly corresponds to the proportion of said repayment of said one or more specific needs that is requested of said member when said member assumes the role of said sharing member.

17. The computer readable memory of claim 12, further comprising the step of:

capturing and archiving, by said processor based system, data relating to each of said members of said group, wherein said data is selected from the group consisting of name, dependents, age, sex, religious domination, height, weight, and body mass index (BMI).

18. The computer readable memory of claim 12, wherein said processor based system is available through a computer network, wherein said computer network is selected from the group consisting of the Internet, a local area network, and a wide area network.

19. The computer readable memory of claim 12, further comprising the step of:

permitting, by said processor based system, each of said members of said group to login to a member profile maintained on a central repository of said processor based system.

20. The computer readable memory of claim 19, further comprising the step of:

permitting, by said processor based system, each of said members of said group to view said one or more specific needs, said share funds, a share rating, and a net need for each of said members of said group.

21. The computer readable memory of claim 12, wherein said household expenditures are selected from the group consisting of healthcare expenses, investment expenses, automobile expenses, homeowner expenses, life insurance expenses, disability expenses, liability expenses, property expenses, and casualty expenses.

22. The method of claim 12, wherein said household expenditures comprise healthcare expenses.