Life Insurance Cooperative

• US 20100268554A1
• Filed: 06/28/2010
• Published: 10/21/2010
• Est. Priority Date: 03/21/2008
• Status: Active Grant

• Current Assignee: Michael Richard Hoffman
• Original Assignee: Michael Richard Hoffman
• Inventors: Hoffman, Michael Richard
• Granted Patent: US 8,290,844 B2
• Time in Patent Office: Days
• US Class Current: 705/4
• 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

1-25. -25. (canceled)

26. A method, comprising:

receiving a payment for each participant in a group of participants;

associating the payments with a time period to create a fund for the time period;

identifying deceased participants in the group of participants who died during the time period;

calculating, on a computer, a portion of the fund to disburse to each deceased participant; and

disbursing the portion of the fund to each deceased participant.

27. The method of claim 26, further comprising:

qualifying each participant to receive a death benefit.

28. The method of claim 27, wherein the qualifying of each participant is based on the receiving of the payment for each participant.

29. The method of claim 27, wherein the qualifying of each participant further comprises:

receiving registration information for each participant, the registration information including personal information, contact information, uninsurable trait information, and previous insurance coverage information;

storing the registration information for each participant in the computer; and

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

30. The method of claim 29, wherein the uninsurable trait information includes 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.

31. The method of claim 26, wherein the identifying of the deceased participants further comprises:

receiving a notification of death for each deceased participant.

32. The method of claim 26, wherein the calculating of the portion of the fund to disburse to each deceased participant is based on the payment associated with the time period for the deceased participant.

33. The method of claim 26, wherein the calculating of the portion of the fund to disburse to each deceased participant is based on an average payment for the deceased participant, computed over a number of time periods.

34. The method of claim 26, wherein when the participant is one of the deceased participants, the portion of the fund to disburse to the participant is a death benefit for the participant.

35. A computing system, comprising:

a memory device resident in the computing system; and

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

receive a payment for each participant in a group of participants;

associate the payments with a time period to create a fund for the time period;

identify deceased participants in the group of participants who died during the time period;

calculate, on a computer, a portion of the fund to disburse to each deceased participant; and

disburse the portion of the fund to each deceased participant.

36. The computing system of claim 35, wherein the processor is further configured to:

qualify each participant to receive a death benefit.

37. The computing system of claim 36, wherein the qualifying of each participant is based on the receiving of the payment for each participant.

38. The computing system of claim 36, wherein to qualify each participant, the processor is further configured to:

receive registration information for each participant, the registration information including personal information, contact information, uninsurable trait information, and previous insurance coverage information;

store the registration information for each participant in the computer; and

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

39. The computing system of claim 38, wherein the uninsurable trait information includes 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.

40. The computing system of claim 35, wherein to identify the deceased participants, the processor is further configured to:

receive a notification of death for each deceased participant.

41. The computing system of claim 35, wherein the calculating of the portion of the fund to disburse to each deceased participant is based on the payment associated with the time period for the deceased participant.

42. The computing system of claim 35, wherein the calculating of the portion of the fund to disburse to each deceased participant is based on an average payment for the deceased participant, computed over a number of time periods.

43. The computing system of claim 35, wherein when the participant is one of the deceased participants, the portion of the fund to disburse to the participant is a death benefit for the participant.

44. A computer-readable medium, comprising computer-executable instructions that, when executed on a computing device, perform steps of:

receiving a payment for each participant in a group of participants;

associating the payments with a time period to create a fund for the time period;

identifying deceased participants in the group of participants who died during the time period;

calculating, on a computer, a portion of the fund to disburse to each deceased participant; and

disbursing the portion of the fund to each deceased participant.

45. The computer-readable medium of claim 44, further comprising:

qualifying each participant to receive a death benefit.