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SYSTEM AND METHOD FOR ADMINISTERING INSURANCE POLICIES ISSUED BEFORE COMPREHENSIVE UNDERWRITING

  • US 20110125536A1
  • Filed: 12/02/2010
  • Published: 05/26/2011
  • Est. Priority Date: 11/23/2009
  • Status: Active Grant
First Claim
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1. A computer system for administering applications for insurance, comprising:

  • a processor;

    a memory storage device having stored data indicative of criteria for eligibility for issue of a life insurance policy prior to comprehensive underwriting, in communication with the processor;

    the processor configured to;

    receive data indicative of an application by a proposed insured for life insurance, the data including data indicative of responses furnished by the proposed insured relating to health conditions of the proposed insured known to the proposed insured, and requested policy data, including data indicative of proposed insured information, requested death benefit amount, type of policy, identification of beneficiary, and initial premium paid;

    store in the memory storage device the received health condition data and requested policy data;

    access from the memory storage device the stored data indicative of criteria for eligibility for issue of a life insurance policy prior to comprehensive underwriting;

    determine based on the received data relating to the health conditions of the proposed insured and the accessed data indicative of criteria for eligibility, whether the proposed insured is eligible for life insurance; and

    responsive to a determination that the proposed insured is eligible, generate an output signal having data indicative of instructions to issue a life insurance policy on the life of the proposed insured, and an output signal having data indicative of instructions to commence comprehensive underwriting of the proposed insured.

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