SYSTEM AND METHOD FOR DATA PROCESSING FOR TERM LIFE INSURANCE POLICIES ISSUED BEFORE COMPREHENSIVE UNDERWRITING
First Claim
1. A computer system for processing data related to term life insurance policies, comprising:
- one or more computer processors; and
one or more memory storage devices having stored data indicative of criteria for eligibility for issue of a life insurance policy prior to comprehensive underwriting, in communication with the one or more computer processors;
wherein the one or more processors are 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 face amount, requested guaranteed level premium period, identification of beneficiary, and initial premium paid;
store in the one or more memory storage devices the received health condition data and requested policy data;
access from the one or more memory storage devices 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 output data indicative of instructions to a policy owner reporting computer system to issue a life insurance policy on the life of the proposed insured, the life insurance policy providing for a first premium rate for a first period after issue, and a second premium rate for a second period commencing on expiration of the first period, at least one of the second premium rate and the commencement of the second period being determined based on data indicative of a result of comprehensive underwriting, and output data indicative of instructions to commence comprehensive underwriting of the proposed insured.
2 Assignments
0 Petitions
Accused Products
Abstract
A computer system for administering applications for term life insurance has a processor and a memory storage device in communication with the processor. The processor is configured to receive data indicative of application data and data indicative of a health of a proposed insured; based on the received data, determine whether the proposed insured is eligible, and generate an output signal to cause a policy to be generated and comprehensive underwriting to commence, the life insurance policy providing for a first premium rate for a first period after issue, and a second premium rate for a second period commencing on expiration of the first period, at least one of the second premium rate being determined based on data indicative of a result of comprehensive underwriting. Upon completion of comprehensive underwriting, data is generated for notification of results of comprehensive underwriting and the second premium rate to the insured.
63 Citations
20 Claims
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1. A computer system for processing data related to term life insurance policies, comprising:
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one or more computer processors; and one or more memory storage devices having stored data indicative of criteria for eligibility for issue of a life insurance policy prior to comprehensive underwriting, in communication with the one or more computer processors; wherein the one or more processors are 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 face amount, requested guaranteed level premium period, identification of beneficiary, and initial premium paid; store in the one or more memory storage devices the received health condition data and requested policy data; access from the one or more memory storage devices 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 output data indicative of instructions to a policy owner reporting computer system to issue a life insurance policy on the life of the proposed insured, the life insurance policy providing for a first premium rate for a first period after issue, and a second premium rate for a second period commencing on expiration of the first period, at least one of the second premium rate and the commencement of the second period being determined based on data indicative of a result of comprehensive underwriting, and output data indicative of instructions to commence comprehensive underwriting of the proposed insured. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 10, 11, 12, 13)
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9. A computer-implemented method for processing data related to term life insurance policies, comprising:
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storing by one or more memory storage devices data indicative of criteria for eligibility for issue of a term life insurance policy prior to comprehensive underwriting; receiving by one or more computer processors 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 face amount, requested guaranteed level premium period, identification of beneficiary, and initial premium paid; storing by the one or more computer processors in the one or more memory storage devices the received health condition data and requested policy data; accessing by the one or more computer processors from the one or more memory storage devices the stored data indicative of criteria for eligibility for issue of a life insurance policy prior to comprehensive underwriting; determining by the one or more computer processors 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, generating by the one or more computer processors output data, for transmission to a policy generation system, indicative of instructions to issue a life insurance policy on the life of the proposed insured, the life insurance policy providing for a first premium rate for a first period after issue, and a second premium rate for a second period commencing on expiration of the first period, at least one of the second premium rate and the commencement of the second period being determined based on data indicative of a result of comprehensive underwriting, and output data indicative of instructions to commence comprehensive underwriting of the proposed insured. - View Dependent Claims (14, 15, 16)
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17. A non-transitory computer-readable storage medium having processor-executable instructions store thereon, which instructions, when executed by one or more processors, cause the one or more processors to:
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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 face amount, requested guaranteed level premium period, identification of beneficiary, and initial premium paid; store in one or more memory storage devices the received health condition data and requested policy data; access from the one or more memory storage devices 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 output data indicative of instructions to a policy owner reporting computer system to issue a life insurance policy on the life of the proposed insured, the life insurance policy providing for a first premium rate for a first period after issue, and a second premium rate for a second period commencing on expiration of the first period, at least one of the second premium rate and the commencement of the second period being determined based on data indicative of a result of comprehensive underwriting, and output data indicative of instructions to commence comprehensive underwriting of the proposed insured. - View Dependent Claims (18, 19, 20)
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Specification