SYSTEM AND METHOD FOR PROCESSING DATA RELATED TO A LIFE INSURANCE POLICY HAVING A SECONDARY GUARANTEE
First Claim
1. A computer system for processing data related to an universal life insurance policy issued by an issuer to an owner and having a death benefit payable to a beneficiary on death of an insured, comprising:
- a data storage device storing data indicative of rates and formulas applicable to the policy; and
a processor in communication with the data storage device, the processor configured to;
receive data indicative of, for an universal life insurance policy to be illustrated, an age of an insured, a death benefit amount, and timing of payment of premiums;
determine an amount of premiums required for the policy by determining whether a policy protection account will have a minimum balance at a selected future date at least 5 years after policy issue, the policy protection account balance being calculated by crediting to the policy protection account balance amounts of premiums, reduced by a first tier premium charge at a first rate up to a break point amount of premiums, and a second tier premium charge at a second rate above the break point amount of premiums, periodically crediting to the policy protection account an interest credit based on a policy protection account balance and an interest rate, and periodically deducting from the policy protection account balance cost of insurance charges based on death benefit amount;
generate an illustration for the policy including the determined amount of premiums, face value amount, and insured information, andtransmit via a data connection data indicative of the illustration.
3 Assignments
0 Petitions
Accused Products
Abstract
A computer system for processing data related to an universal life insurance policy issued by an issuer to an owner and having a death benefit payable to a beneficiary on death of an insured, includes a data storage device storing data indicative of rates and formulas applicable to the policy, and a processor in communication with the data storage device. The processor is configured to: receive data indicative of, for an universal life insurance policy to be illustrated, an age of an insured, a death benefit amount, and timing of payment of premiums; determine an amount of premiums required for the policy by determining whether a policy protection account will have a minimum balance at a selected future date, the policy protection account balance being calculated by crediting to the policy protection account balance amounts of premiums, reduced by a first tier premium charge at a first rate up to a break point amount of premiums, and a second tier premium charge at a second rate above the break point amount of premiums.
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Citations
32 Claims
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1. A computer system for processing data related to an universal life insurance policy issued by an issuer to an owner and having a death benefit payable to a beneficiary on death of an insured, comprising:
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a data storage device storing data indicative of rates and formulas applicable to the policy; and a processor in communication with the data storage device, the processor configured to; receive data indicative of, for an universal life insurance policy to be illustrated, an age of an insured, a death benefit amount, and timing of payment of premiums; determine an amount of premiums required for the policy by determining whether a policy protection account will have a minimum balance at a selected future date at least 5 years after policy issue, the policy protection account balance being calculated by crediting to the policy protection account balance amounts of premiums, reduced by a first tier premium charge at a first rate up to a break point amount of premiums, and a second tier premium charge at a second rate above the break point amount of premiums, periodically crediting to the policy protection account an interest credit based on a policy protection account balance and an interest rate, and periodically deducting from the policy protection account balance cost of insurance charges based on death benefit amount; generate an illustration for the policy including the determined amount of premiums, face value amount, and insured information, and transmit via a data connection data indicative of the illustration. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11)
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12. A computer-implemented method for processing data related to an universal life insurance policy having a death benefit payable to a beneficiary on death of an insured, comprising:
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receiving by a processor via a network data indicative of, for an universal life insurance policy to be illustrated, an age of an insured, a death benefit amount, and timing of payment of premiums; accessing by the processor from a data storage device in communication with the processor data indicative of values of rates; determining an amount of premiums required for the policy by determining whether a policy protection account will have a minimum balance at a selected future date at least 5 years after policy issue, the policy protection account balance being calculated by crediting to the policy protection account balance amounts of premiums, reduced by a first tier premium charge at a first rate up to a break point amount of premiums, and a second tier premium charge at a second rate above the break point amount of premiums, periodically crediting to the policy protection account an interest credit based on a policy protection account balance and an interest rate, and periodically deducting from the policy protection account balance cost of insurance charges based on death benefit amount; generating by the processor an illustration for the policy including the determined amount of premiums, face value amount, and insured information, and transmitting by the processor via a data connection data indicative of the illustration. - View Dependent Claims (13, 14, 15, 16, 17, 18, 19, 20, 21)
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22. A computer system for processing data related to an universal life insurance policy having a death benefit, comprising:
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a data storage device storing data indicative of a policy owner, an insured under the policy, a death benefit amount, payable under the policy to a beneficiary upon death of the insured, a schedule of premium payments, a formula for calculating a policy protection account balance, and values for use in the formula; and a processor in communication with the data storage device, the processor configured to; receive data indicative of an amount of a premium payment received with respect to the policy; access from the data storage device a break point and at least a first rate for a first tier premium charge; determine whether a second tier premium charge at a second rate is applicable to the premium payment; responsive to determining that the second tier premium charge is applicable, determine a charge using the second rate for premium amounts above the break point, and store the calculated credit to the policy protection account in the memory storage device. - View Dependent Claims (23, 24, 25, 26, 27)
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28. A computer-implemented method for processing data related to a universal life insurance policy, comprising:
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receiving by a processor data indicative of an amount of a premium payment received with respect to the policy; accessing by the processor from a data storage device in communication with the processor a break point and at least a first rate for a first tier premium charge; determining by the processor whether a second tier premium charge at a second rate is applicable to the premium payment; responsive to determining that the second tier premium charge is applicable, determining by the processor a charge using the second rate for premium amounts above the break point, and storing by the processor the calculated credit to the policy protection account in the memory storage device. - View Dependent Claims (29, 30, 31, 32)
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Specification