Life insurance method, and system
First Claim
1. A method for forming a life insurance plan comprising the steps of:
- procuring life insurance product data;
selecting death benefit, cash value and premium obligation amounts based upon gender, age and other riskfactors from said data;
storing factors representing regulatory requirements in a data processing apparatus;
forming in said apparatus at least two separate but related insurance contracts, said contracts being related by tying the total death benefit and cash value amounts for all of said contracts to the total premium obligation amount for all of said contracts;
dividing said death benefit, cash value and premium obligation amounts between said contracts;
comparing each of said contracts with the regulatory requirements; and
displaying the resulting contracts.
1 Assignment
0 Petitions
Accused Products
Abstract
Life insurance methods, systems and products which revolve around having an insurance plan with at least two separate but related insurance contracts on the same insured or insureds. The contracts are developed using life insurance product data to develop tables from which death benefits and premium obligations, and usually cash values, are determined based upon an insured'"'"'s gender, age and other risk factors. The death benefits and premium obligations, and cash values, if any, are divided between the two or more contracts where more of the premium obligations are assigned to one or more of the contracts while more of the death benefits and cash values, if any, are assigned to one or more of the remaining contracts. Nonforfeiture and surrender provisions as well as typical riders can be added to one or all of the contracts. The death benefits and cash values of the contracts are a function of the premiums paid for all of the contracts.
296 Citations
31 Claims
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1. A method for forming a life insurance plan comprising the steps of:
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procuring life insurance product data; selecting death benefit, cash value and premium obligation amounts based upon gender, age and other risk factors from said data; storing factors representing regulatory requirements in a data processing apparatus; forming in said apparatus at least two separate but related insurance contracts, said contracts being related by tying the total death benefit and cash value amounts for all of said contracts to the total premium obligation amount for all of said contracts; dividing said death benefit, cash value and premium obligation amounts between said contracts; comparing each of said contracts with the regulatory requirements; and displaying the resulting contracts.
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2. A method of forming a life insurance plan for an insurable life or lives comprising the steps of:
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providing life insurance product information; determining a death benefit amount, a premium obligation amount and a cash value amount, if any, based upon gender, age and other risk factors from said information; entering data relating to life insurance regulatory requirements into a data processing apparatus; entering data relating to said life insurance product information into said data processing apparatus; forming in said apparatus at least two separate but related insurance contracts covering said same insurable life or lives; dividing in said apparatus said death benefit amount, said premium obligation amount and said cash value amount, if any, between said related contracts in a disproportional manner, said related contracts having different owners, wherein said related contracts create an obligation on the part of an insurer to pay said death benefit amount or said cash value amount according to all of said related contracts upon the happening of a preselected event or events relating to said insurable life or lives, and wherein the obligation on the part of said insurer to pay said death benefit amount or said cash value amount, if any, is legally subject to the payment of said premium obligation amount according to all of said related contracts; comparing in said apparatus each of said related contracts with said life insurance regulatory requirements; reallocating said premium obligation amount, said death benefit amount and/or said cash value amount, if necessary; and displaying the resulting contracts. - View Dependent Claims (3, 4, 5, 6, 7, 8, 9, 10, 11)
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12. A computer implemented method for forming a life insurance plan comprising the steps of:
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procuring life insurance product data; selecting death benefit, cash value and premium obligation amounts based upon gender, age and other risk factors from said data; forming at least two separate but related insurance contracts; dividing said death benefit, cash value and premium obligation amounts between said contracts; comparing in said computer each of said contracts with regulatory requirements; and publishing the resulting contracts. - View Dependent Claims (13, 14, 15)
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16. A computer implemented method for providing a life insurance plan comprising the following steps:
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developing pricing information; developing life insurance products; providing a data processing apparatus; inputting into said apparatus risk factors relating to a prospective insured; deriving from said apparatus premium obligation, death benefit and cash value amounts; instructing said apparatus to disproportionately allocate said premium obligation, said death benefit and said cash value amounts between at least two related insurance contracts; inputting into said apparatus regulatory requirements to be met by a life insurance contract; comparing in said apparatus each of said contracts against said regulatory requirements; displaying said contracts, and the resulting premium obligation, death benefit and cash value amounts allocated to each of said contracts. - View Dependent Claims (17)
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18. A life insurance system comprising:
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a data processing apparatus; means connected to said apparatus for inputting instructions; said apparatus having life insurance base product tables and regulatory requirements stored therein; inputted instruction in said apparatus to divide death benefits, cash values, if any, and premium obligations in a disproportional manner between at least two separate but related life insurance contracts; inputted instructions in said apparatus to compare said contracts against said regulatory requirements; and means connected to said apparatus for displaying the resulting contracts. - View Dependent Claims (19, 20, 21, 22)
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23. A life insurance system comprising:
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a data processing apparatus; life insurance base product data inputted in said apparatus; premium obligation, death benefit and cash value amounts derived from said base product data; and portions of said premium obligation, death benefit and cash value amounts are disposed in at leg two separate but related insurance contracts wherein the premium obligation, the death benefit and the cash value amounts are disproportionately allocated among said insurance contracts, said apparatus including means for displaying said contracts. - View Dependent Claims (24, 25, 26)
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27. A computer implemented method for forming a life insurance plan comprising the steps of:
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inputting life insurance information including death benefits, cash values and premium obligations in said computer; dividing in a disproportional manner said death benefits, cash values and premium obligations between at least two separate but related contracts on the same insured or insureds to optimize financial objectives of owners of the contracts; comparing at least one of said contracts with preselected requirements to ensure conformance therewith; displaying said related contracts; providing for premium obligations payments by the owners; and providing cash values to the owners and death benefit payments to beneficiaries. - View Dependent Claims (28, 29)
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30. A method for providing a life insurance plan comprising the following steps:
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developing pricing information; developing life insurance products; providing a data processing apparatus, inputting into said apparatus risk factors relating to a prospective insured; deriving from said apparatus at least premium obligation and death benefit amounts; instructing said apparatus to disproportionately allocate said premium obligation and said death benefit amounts between at least two separate but related insurance contracts in a disproportional manner; inputting into said apparatus regulatory requirements to be met by a life insurance contract; comparing in said apparatus each of said contracts against said regulatory requirements; and displaying said contracts, and the resulting premium obligation and death benefit amounts allocated to each of said contracts. - View Dependent Claims (31)
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Specification