SYSTEM AND METHOD OF MANAGING AN INSURANCE SCHEME
First Claim
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1. A method of managing an insurance policy including:
- storing in a memory a policy inception interest rate level which is an interest rate level payable on debt of the insured person;
determining after the policy inception an interest rate level payable on debt of the insured person at that time;
comparing the determined interest rate level with the inception interest rate level;
if the determined interest rate level is higher than the inception interest rate level then calculating a debt protector amount to be paid to the insured person; and
on the occurrence of an insured event paying the debt protector amount to the insured person or their nominated beneficiary.
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Abstract
A method of managing an insurance policy includes storing in a memory a policy inception interest rate level which is an interest rate level payable on debt of the insured person. After the policy inception an interest rate level payable on debt of the insured person at that time is determined and compared with the inception interest rate level. If the determined interest rate level is higher than the inception interest rate level then a debt protector amount to be paid to the insured person is calculated and on the occurrence of an insured event the debt protector amount is paid to the insured person or their nominated beneficiary.
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Citations
12 Claims
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1. A method of managing an insurance policy including:
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storing in a memory a policy inception interest rate level which is an interest rate level payable on debt of the insured person; determining after the policy inception an interest rate level payable on debt of the insured person at that time; comparing the determined interest rate level with the inception interest rate level; if the determined interest rate level is higher than the inception interest rate level then calculating a debt protector amount to be paid to the insured person; and on the occurrence of an insured event paying the debt protector amount to the insured person or their nominated beneficiary. - View Dependent Claims (2, 3, 4, 5, 6)
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7. A system for managing an insurance policy, the system including:
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a memory for storing a policy inception interest rate level which is an interest rate level payable on debt of the insured person; an interest rate determining module to determine after the policy inception an interest rate level payable on debt of the insured person at that time; a comparator module to compare the determined interest rate level with the inception interest rate level; a calculating module to calculate a debt protector amount to be paid to the insured person if the determined interest rate level is higher than the inception interest rate level; and a payment module to pay the debt protector amount to the insured person or their nominated beneficiary on the occurrence of an insured event. - View Dependent Claims (8, 9, 10, 11, 12)
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Specification