System and method for providing a line of credit secured by an assignment of a life insurance policy
First Claim
1. A system for providing a line of credit to those insured under an insurance policy without transfer of ownership of the policy, wherein the system determines eligibility and the line of credit for those insured, and wherein the system comprises:
- a) entering means for entering the insured'"'"'s application data including the insured'"'"'s date of birth and the medical diagnosis of the insured, and for generating an output corresponding to said application data;
b) generating means for receiving said output from said entering means, for accessing a set of data relating to diseases, and for generating a function based on said output and said set of data, wherein said function has a probability distribution describing the future life probabilities of the insured;
c) computing means for receiving said function from said generating means and for computing the line of credit to be provided to the insured based upon said received function and the value of the insured'"'"'s insurance policy; and
transferring means for providing a line of credit to said insured and maintaining ownership of the policy with the policyholder during the lifetime of the insured.
1 Assignment
0 Petitions
Accused Products
Abstract
A system for providing loans to owners of life insurance policies who are terminally ill or aged. The system comprises a statistical module, medical module and a financial module which together operate on a preselected group of inputs to yield a line of credit offered to the policyholder. The system provides a line of credit line of credit to those insured under an insurance policy without transfer of ownership of the policy. The system determines eligibility and the line of credit for the insured. The system has an entering device for entering an insured'"'"'s application data, including the insured'"'"'s date of birth and the medical diagnosis of the insured, and for generating an output therefrom. The system also has a generating device for receiving the output from the entering device and for generating a function therefrom having a probability distribution describing the future life distribution of the insured and a computing device for receiving the function from the generating device and for computing the line of credit to be extended to the insured based upon the received function and financial assumptions. The owner retains ownership of the policy during his lifetime, and the insured has a line of credit extended as determined by the system.
513 Citations
11 Claims
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1. A system for providing a line of credit to those insured under an insurance policy without transfer of ownership of the policy, wherein the system determines eligibility and the line of credit for those insured, and wherein the system comprises:
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a) entering means for entering the insured'"'"'s application data including the insured'"'"'s date of birth and the medical diagnosis of the insured, and for generating an output corresponding to said application data; b) generating means for receiving said output from said entering means, for accessing a set of data relating to diseases, and for generating a function based on said output and said set of data, wherein said function has a probability distribution describing the future life probabilities of the insured; c) computing means for receiving said function from said generating means and for computing the line of credit to be provided to the insured based upon said received function and the value of the insured'"'"'s insurance policy; and transferring means for providing a line of credit to said insured and maintaining ownership of the policy with the policyholder during the lifetime of the insured. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10)
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11. A computer implemented method of providing a line of credit to a person insured by an insurance policy without transfer of ownership of the policy, wherein the method comprises:
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a) entering application data of the insured including the birth date and the medical diagnosis of the insured, into an entering device, wherein the entering step comprises generating an output corresponding to said application data; b) accessing a set of data relating to diseases and generating a function having a probability distribution describing the future life expectancy of the insured from the application data from said output and said set of data; and c) computing the line of credit to be provided to the insured based upon the generated function and the value of the insurance policy; providing a line of credit to said insured and maintaining ownership of the policy with the policyholder during the lifetime of the insured.
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Specification