SYSTEM AND METHOD FOR PROCESSING DATA RELATED TO LIFE INSURANCE POLICIES ISSUED PRIOR TO UNDERWRITING
First Claim
1. A computer system for administering applications for life insurance, comprising:
- a processor; and
a memory storage device in communication with the processor;
the processor configured to;
receive data indicative of an application and an initial premium payment from a proposed insured for life insurance;
based on the received data indicative of the application, determine whether the proposed insured is uninsurable;
responsive to a determination that the proposed insured is not uninsurable, generate output data indicative of a decision to respond to the application by issuing a policy and commencing a comprehensive underwriting process;
receive data indicative of a result of the comprehensive underwriting process;
based on the result of the comprehensive underwriting process, determine a rating of the proposed insured; and
based on the determined rating, provide output data indicative of a same or changed premium for the policy.
3 Assignments
0 Petitions
Accused Products
Abstract
A computer system for administering applications for life insurance has a processor and a memory storage device in communication with the processor. The processor is configured to receive data indicative of an application and an initial premium payment from a proposed insured for life insurance; based on the received data, determine whether the proposed insured is uninsurable; responsive to a determination that the proposed insured is not uninsurable, generate an output signal having data indicative of a decision to respond to the application by issuing a policy and commencing a comprehensive underwriting process; receive data indicative of a result of the comprehensive underwriting process; based on the result of the comprehensive underwriting process, determine a rating of the proposed insured; and, based on the rating, provide an output signal indicative of a same or changed premium for the policy.
15 Citations
20 Claims
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1. A computer system for administering applications for life insurance, comprising:
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a processor; and a memory storage device in communication with the processor; the processor configured to; receive data indicative of an application and an initial premium payment from a proposed insured for life insurance; based on the received data indicative of the application, determine whether the proposed insured is uninsurable; responsive to a determination that the proposed insured is not uninsurable, generate output data indicative of a decision to respond to the application by issuing a policy and commencing a comprehensive underwriting process; receive data indicative of a result of the comprehensive underwriting process; based on the result of the comprehensive underwriting process, determine a rating of the proposed insured; and based on the determined rating, provide output data indicative of a same or changed premium for the policy. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8)
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9. A computer-implemented method for administering evaluation and issue of life insurance policies, comprising:
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receiving by a processor, and storing by the processor in a memory device in communication with the processor, data indicative of an application for life insurance from a proposed insured and data indicative of an initial premium payment from the proposed insured; based on the received data indicative of an application for life insurance from a proposed insured, determining by the processor whether the proposed insured is uninsurable; responsive to a determination that the proposed insured is not uninsurable, generating by the processor output data indicative of a decision to respond to the application by issuing a policy and commencing a comprehensive underwriting process; receiving by the processor data indicative of a result of the comprehensive underwriting process; based on the result of the comprehensive underwriting process, determining by the processor a rating of the proposed insured; and based on the determined rating, providing by the processor output data indicative of a same or changed premium for the policy. - View Dependent Claims (10, 11, 12, 13, 14, 15, 16)
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17. A non-transitory computer-readable storage medium having a plurality of instructions thereon which, when executed by a processor, cause the processor to:
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receive data indicative of an application for life insurance by a proposed insured and data indicative of an initial premium payment; based on the received data indicative of an application for life insurance, determine whether the proposed insured is uninsurable; responsive to a determination that the proposed insured is not uninsurable, generate output data indicative of a decision to respond to the data indicative of an application for life insurance by issuing a life insurance policy and commencing a comprehensive underwriting process; receive data indicative of a result of the comprehensive underwriting process; based on the result of the comprehensive underwriting process, determine a rating of the proposed insured; and based on the determined rating, provide output data indicative of a same or changed premium for the life insurance policy. - View Dependent Claims (18, 19, 20)
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Specification