Dynamic policy illustration system
First Claim
1. An apparatus for dynamically displaying future values of a life insurance policy'"'"'s data in graphical format, said apparatus comprising:
- a computer including a memory and a processor,a monitor display coupled to the computer for dynamically displaying the insurance policy'"'"'s data in the graphical format,an input means coupled to the computer for inputting variables related to said insurance policy'"'"'s data into the computer by a user,said memory including;
an insurance calculation means, operable by said processor, for using the variables in a plurality of calculations to create said future values;
a graphical user interface, operable by said insurance calculation means, for providing said insurance policy'"'"'s data in line graphs, area graphs, and bar graphs to the monitor,a charting means for combining said line graphs, area graphs and bar graphs into a single screen display on the monitor,said insurance calculation means controlling the graphical user interface according to a range of values of the at least one variable to generate a continuously changing display of said line graphs, area graphs and bar graphs in said single screen display for demonstrating the effects of modifying the at least one variable, andmeans for modifying the at least one variable by any user to change said display of said line graphs, area graphs and bar graphs to reveal the risk inherent in the life insurance policy.
21 Assignments
0 Petitions
Accused Products
Abstract
A dynamic, user friendly insurance policy illustration system for computing and graphically displaying the future values of a model life insurance policy. Key variables are entered and a graphic display of future values is instantly displayed. Variable keys can be selected to recalculate or solve for a certain stated policy performance, or variables can be entered and changed at will to display various "what if" life insurance scenarios. Variables can be rapidly moved through a range of values to create a "move" of the illustrated values changing from variable "A" to "B."
The dynamic policy illustration system has built-in tables which can be used to view the effect various economic changes may have on a life insurance illustration.
In addition, the dynamic policy illustration system includes an interactive expectations assessment process that uses a questionnaire, inferences and feedback for educating the user about life insurance and thereby leads the user to the most suitable life insurance policy selection based on his/her responses.
318 Citations
55 Claims
-
1. An apparatus for dynamically displaying future values of a life insurance policy'"'"'s data in graphical format, said apparatus comprising:
-
a computer including a memory and a processor, a monitor display coupled to the computer for dynamically displaying the insurance policy'"'"'s data in the graphical format, an input means coupled to the computer for inputting variables related to said insurance policy'"'"'s data into the computer by a user, said memory including; an insurance calculation means, operable by said processor, for using the variables in a plurality of calculations to create said future values; a graphical user interface, operable by said insurance calculation means, for providing said insurance policy'"'"'s data in line graphs, area graphs, and bar graphs to the monitor, a charting means for combining said line graphs, area graphs and bar graphs into a single screen display on the monitor, said insurance calculation means controlling the graphical user interface according to a range of values of the at least one variable to generate a continuously changing display of said line graphs, area graphs and bar graphs in said single screen display for demonstrating the effects of modifying the at least one variable, and means for modifying the at least one variable by any user to change said display of said line graphs, area graphs and bar graphs to reveal the risk inherent in the life insurance policy. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41)
-
-
42. A method for illustrating risk of a life insurance policy, said method comprising the steps of:
-
(a) providing a computer including a memory, a processor, input means and monitor; (b) supplying said computer with user-particular data; (c) supplying said computer with life insurance industry data tables; (d) calculating future values of a life insurance policy using said userparticular data and the insurance industry data tables; (e) modifying at least one variable of an insurance policy; (f) presenting a continuously changing graphical display on said monitor, said changing graphical display graphically demonstrating the effects on the life insurance policy as said at least one variable is modified; and (g) revealing the risk inherent in the life insurance policy as said at least one variable is modified. - View Dependent Claims (43, 44, 45, 46, 47, 48, 49, 50, 51, 52, 53, 54)
-
-
55. A method for comparing a specific life insurance policy to benchmark performance, said method comprising the steps of:
-
(a) providing a computer including a memory, a processor, input means and monitor; (b) supplying said computer with benchmark performance data; (c) supplying said computer with life insurance industry standard tables, (d) supplying said computer with the specific life insurance policy data; (e) calculating future values of the specific life insurance policy using said insurance industry standard tables and the specific life insurance policy data; (f) presenting a graphical display, on said monitor, of the future values of the specific life insurance policy along with the benchmark cash value for comparing the effects on the specific life insurance policy with benchmark performance; and (g) revealing the risk inherent in the specific life insurance policy as compared with said benchmark performance.
-
Specification