Method of Purchasing a Product to Avoid Adverse Selection

• US 20140039939A1
• Filed: 10/10/2013
• Published: 02/06/2014
• Est. Priority Date: 10/08/2004
• Status: Active Application

• Current Assignee: Mark Greenstein
• Original Assignee: Mark Greenstein
• Inventors: Greenstein, Mark
• Application Number:
  US14/050,590
• Publication Number:
  US 20140039939A1
• Time in Patent Office: Days
• US Class Current: 705/4
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/08 Insurance
• CPC Class Codes: G06Q 40/12 Accounting

Abstract

A method for providing automatic purchase of products, such as insurance products, by one or more third parties acting on behalf of a purchaser and for automatic deductions from an income source to pay for the product utilizes stored data regarding the products, information provided to a purchaser from the stored data based upon inquiries from the purchaser and concluding a purchase or not along with payment for the purchaser.

Claims

1. A method for automatically selling an investment and using the proceeds to purchase an insurance product, comprising the steps of:

storing personal information corresponding to the investor in a computerized database;

using a computer to automatically purchase an insurance product with the proceeds of the sale of one or more investments in an investment vehicle;

using a computer to inform the investor of the automatic sale of the investment and the automatic purchase of the insurance product;

using a computer to inform the investor that the investor may opt out of the purchase;

where the investor does choose to opt out using a computer to record the decision of the investor and transmit information concerning the opt out to the person operating the investment vehicle concerning the investor'"'"'s decision.

2. The method of claim 1 wherein the insurance product is an annuity.

3. The method of claim 2 wherein the insurance product is a deferred annuity.

4. The method of claim 3 wherein the deferred annuity in combined with a money management product.

5. The method of claim 4 wherein computer and related software are used to determine combinations of deferred annuities and money management which are likely to reduce adverse selection.

6. A computer system for automatically selling an investment and using the proceeds to purchase an insurance product, comprising:

structure for storing information personal information corresponding to an investor in a computerized database;

structure for inputting computer information used to inform the investor concerning the automatic sale of the investment;

structure for automatically purchasing the insurance product;

structure for inputting computer information to inform the investor that the investor may opt out of the purchase; and

structure for recording a decision to opt out and transmit the decision to the operator of the investment vehicle.

7. The system of claim 6, further comprising structure and related software for purchasing a product which is an annuity.

8. The system of claim 7, further comprising structure and related software for purchasing an annuity which is a deferred annuity.

9. The system of claim 7, further comprising structure and related software for combining the annuity with a money management product.

10. The system of claim 9, further comprising structure and related software for projecting combinations of annuities and money-management products which are likely to reduce adverse selection.