SYSTEM AND METHOD FOR PROCESSING DATA RELATED TO LAST SURVIVOR LIFE INSURANCE POLICIES
First Claim
1. A computer system for processing data related to last survivor life insurance policies having a death benefit payable on a death of a last to die of two or more insureds, one or more associated single life policies on the lives of one or more of the insureds and having one or more ancillary benefits, comprising:
- a data storage device storing data indicative of rates and corresponding death benefit amounts for last survivor policies and individual life insurance policies based on age and gender of insureds, and rates and available benefit amounts associated with each of the ancillary benefits;
a user accessible device in communication with the data storage device; and
a processor in communication with the data storage device and the user accessible device, the processor configured to;
cause the user accessible device to prompt for face value amounts or a premium amount to be paid, age and gender of the two or more insureds, and user selection of the one or more ancillary benefits;
receive via the user accessible device data indicative of a user selection of a premium amount or face value amounts, age and gender of the two or more insureds, and the one or more ancillary benefits;
determine, based on the received data, face value amounts or premium amounts for a last survivor life insurance policy and the one or more individual life policies having the selected one or more ancillary benefits; and
generate and display on the user accessible device illustrations for each of the policies.
3 Assignments
0 Petitions
Accused Products
Abstract
A computer system for processing data related to last survivor life insurance policies includes a processor configured to process data related to a last survivor policy on two or more insureds, associated single life policies on the two or more insureds, and one or more ancillary benefits. The processing of data may include generation of illustrations, processing of applications, underwriting of applications, and generation of policy documents, employing common data for the last survivor policy and the one or more associated single life policies. The ancillary benefits may include payments based on a medical condition of an insured, payments based on longevity of an insured, and payments based on disability of an insured.
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Citations
23 Claims
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1. A computer system for processing data related to last survivor life insurance policies having a death benefit payable on a death of a last to die of two or more insureds, one or more associated single life policies on the lives of one or more of the insureds and having one or more ancillary benefits, comprising:
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a data storage device storing data indicative of rates and corresponding death benefit amounts for last survivor policies and individual life insurance policies based on age and gender of insureds, and rates and available benefit amounts associated with each of the ancillary benefits; a user accessible device in communication with the data storage device; and a processor in communication with the data storage device and the user accessible device, the processor configured to; cause the user accessible device to prompt for face value amounts or a premium amount to be paid, age and gender of the two or more insureds, and user selection of the one or more ancillary benefits; receive via the user accessible device data indicative of a user selection of a premium amount or face value amounts, age and gender of the two or more insureds, and the one or more ancillary benefits; determine, based on the received data, face value amounts or premium amounts for a last survivor life insurance policy and the one or more individual life policies having the selected one or more ancillary benefits; and generate and display on the user accessible device illustrations for each of the policies. - View Dependent Claims (2, 3, 4, 5, 6, 7)
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8. A computer-implemented method for processing data related to last survivor life insurance policies having a death benefit payable on a death of a last to die of two or more insureds, one or more associated single life policies on the lives of one or more of the insureds and having one or more ancillary benefits, comprising:
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causing, by a policy illustration generation system, a user accessible device in communication with the policy illustration generation system to prompt for face value amounts or a premium amount to be paid, age and gender of the two or more insureds, and one or more ancillary benefits, for a last survivor life insurance policy having a death benefit payable on a death of a last to die of two or more insureds, and one or more associated single life policies on the lives of one or more of the insureds; receiving at the policy illustration generation system via the user accessible device, responsive to the prompting, data indicative of a user selection of a premium amount or face value, age and gender of the two or more insureds, and at least one selected ancillary benefit; determining by the policy illustration generation system, based on the received data and stored data indicative of insurance rates and rates for the at least one selected benefit, face value amounts or premium amounts for the policies, at least one of the policies including the at least one selected ancillary benefit; generating by the policy illustration generation system illustrations for each of the policies, and transmitting the illustrations to the user accessible device; receiving by a policy application processing system via the policy illustration generation system and the user accessible device data for applications for the policies, the policy application processing system employing common data relating to the two or more insureds in the applications; receiving, responsive to completed applications for the policies, by an underwriting administration system, data relating to the policies, and processing by the underwriting administration system data relating to the policies, the underwriting application system employing common data relating to the two or more insureds; and generating, by a policy document generation system, responsive to receipt of data indicating underwriting approval, policy contracts and riders for the policies, the policy contracts providing for issue of the policies on a same day. - View Dependent Claims (9, 10, 11, 12, 13, 14)
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15. A non-transitory computer-readable medium, the computer-readable medium having processor-executable instructions stored thereon, which instructions, when executed by the processor, cause the processor to:
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access data related to a last survivor life insurance policy having a death benefit payable on death of a last to die of at least two insureds and at least one associated single life policy having a death benefit payable on death of one of the at least two insureds, and one or more ancillary benefits; cause a user accessible device to prompt for face value amounts or a premium amount to be paid, age and gender of the two or more insureds, and user selection of the one or more ancillary benefits; receive, responsive to the prompts, data indicative of premium amount or face value, data relating to mortality of the two or more insureds, and a selection of one or more ancillary benefits; determine, based on the received data, face value amounts or premium amounts for a last survivor life insurance policy and the one or more individual life policies having the selected one or more ancillary benefits; and generate and transmit for display on the user accessible device illustrations for each of the policies. - View Dependent Claims (16, 17, 18, 19)
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20. A computer system for processing data related to last survivor life insurance policies having a death benefit payable on a death of a last to die of two or more insureds, one or more associated single life policies on the lives of one or more of the insureds and having one or more ancillary benefits, comprising the following networked systems:
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a policy illustration generation system configured to, responsive to receipt of data indicative of a user selection of face value amounts or a premium amount to be paid, age and gender of the two or more insureds, and one or more ancillary benefits, for a last survivor life insurance policy having a death benefit payable on a death of a last to die of two or more insureds, and one or more associated single life policies on the lives of one or more of the insureds, determine corresponding premium amount or face value, and generate illustrations for each of the policies for transmission and display to a user; a policy application processing system configured to receive, via the policy illustration generation system, data for applications for the policies, and to employ common data relating to the two or more insureds in the applications; an underwriting administration system configured to administer underwriting for the policies, employing common data relating to the two or more insureds; and a policy document generation system configured to generate policy documents for the policies, the policy documents providing for issue of the policies on a same day. - View Dependent Claims (21, 22, 23)
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Specification