PRODUCT AND PROCESSES FOR MANAGING LIFE INSTRUMENTS

• US 20100211405A1
• Filed: 04/26/2010
• Published: 08/19/2010
• Est. Priority Date: 10/17/2005
• Status: Active Grant

• Current Assignee: CFPH LLC (Cantor Fitzgerald, L.P.)
• Original Assignee: CFPH LLC (Cantor Fitzgerald, L.P.)
• Inventors: LUTNICK, Howard W., Hersch, Stuart A.
• Granted Patent: US 8,396,724 B2
• Time in Patent Office: Days
• US Class Current: 705/2
• CPC Class Codes: G06Q 10/10 Office automation; Time management
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange
• CPC Class Codes: G06Q 40/06 Asset management; Financial planning or analysis
• CPC Class Codes: G06Q 40/08 Insurance

Abstract

Product and processes that comprise receiving a query for a settlement contract that is available for sale. The query is based on at least one field. The settlement contract comprises a sale of a policyholder'"'"'s death benefit in a life insurance policy in exchange for money. A first settlement contract that comprises information matching the at least one queried field is retrieved. A plurality of potential purchasers received communication that the first settlement contract is available for purchase. During a pre-determined period of time, a plurality of bids for the first settlement contract is received. Each of the plurality of bids comprises a bid price. It is determined that a first bidder has submitted a best bid price for the settlement contract. The first bidder and the policyholder are notified of an agreement to sell the first settlement contract at the best bid price.

Claims

1. A method comprising:

receiving, from the remote device, a query for a settlement contract that is available for sale, in which the query is based on at least one field and the settlement contract comprises a sale of a policyholder'"'"'s death benefit in a life insurance policy in exchange for money;

retrieving, using the processor, a first settlement contract that comprises information matching the at least one queried field;

communicating to a plurality of potential purchasers that the first settlement contract is available for purchase;

receiving at the processor, during a pre-determined period of time, a plurality of bids for the first settlement contract, in which each of the plurality of bids comprises a bid price;

determining, using the processor, that a first bidder has submitted a best bid price for the settlement contract;

notifying, using the processor, the first bidder and the policyholder of an agreement to sell the first settlement contract at the best bid price.

2. The method of claim 1, further comprising:

providing the policyholder of the first settlement contract with an opportunity to rescind the agreement.

3. The method of claim 2 further comprising:

receiving a request to rescind the agreement; and

canceling the agreement.

4. The method of claim 1, in which the best bid price is higher than any other bid prices that were received during the pre-determined period of time.

5. The method of claim 1, further comprising:

determining a life expectancy of the policyholder; and

determining a creditworthiness of an insurance company that is providing the life insurance policy.

6. The method of claim 5 further comprising:

assigning, using the processor, a rating to the received settlement contract based on at least the life expectancy of the policyholder and the creditworthiness of the insurance company, in which the rating determines at least in part a price of the received settlement contract.

7. The method of claim 5, in which the act of determining the life expectancy of the policyholder further comprises:

performing a medical evaluation of the policyholder.

8. An apparatus comprising:

a processor; and

a memory, in which the memory stores instructions which, when executed by the processor, direct the processor to perform the method of claim 1.

9. The apparatus of claim 7, in which the memory stores instructions which, when executed by the processor, direct the processor to perform the method of claim 2.

10. The apparatus of claim 9, in which the memory stores instructions which, when executed by the processor, direct the processor to perform the method of claim 3.

11. The apparatus of claim 7, in which the memory stores instructions which, when executed by the processor, direct the processor to perform the method of claim 4.

12. The apparatus of claim 7, in which the memory stores instructions which, when executed by the processor, direct the processor to perform the method of claim 5.

13. The apparatus of claim 12, in which the memory stores instructions which, when executed by the processor, direct the processor to perform the method of claim 6.

14. The apparatus of claim 12, in which the memory stores instructions which, when executed by the processor, direct the processor to perform the method of claim 7.

15. An article of manufacture comprising:

a storage medium, in which the storage medium stores instructions which, when executed by a processor, direct the processor to perform the method of claim 1.

16. The article of manufacture of claim 15, in which the storage medium stores instructions which, when executed by a processor, direct the processor to perform the method of claim 2.

17. The article of manufacture of claim 16, in which the storage medium stores instructions which, when executed by a processor, direct the processor to perform the method of claim 3.

18. The article of manufacture of claim 15, in which the storage medium stores instructions which, when executed by a processor, direct the processor to perform the method of claim 4.

19. The article of manufacture of claim 15, in which the storage medium stores instructions which, when executed by a processor, direct the processor to perform the method of claim 5.

20. The article of manufacture of claim 19, in which the storage medium stores instructions which, when executed by a processor, direct the processor to perform the method of claim 6.

21. The article of manufacture of claim 19, in which the storage medium stores instructions which, when executed by a processor, direct the processor to perform the method of claim 7.