Computer apparatus and method for generating documentation using a computed value for a claims cost affected by at least one concurrent, different insurance policy for the same insured

• US 6,163,770 A
• Filed: 08/25/1998
• Issued: 12/19/2000
• Est. Priority Date: 08/25/1998
• Status: Expired due to Fees

• Current Assignee: Financial Growth Resources, Inc., Mega Group International Ltd., Mega Group Interntiona Limited
• Original Assignee: Financial Growth Resources, Inc.
• Inventors: Gamble, Michael R., Wilson, Jerry D.
• Primary Examiner(s): Trammell, James P.
• Assistant Examiner(s): ROSEN, NICHOLAS D
• Application Number:
  US09/139,863
• Time in Patent Office: 847 Days
• Field of Search: 705/4, 283/54
• US Class Current: 705/4
• CPC Class Codes: G06Q 40/08 Insurance

Abstract

A method for using a digital electrical apparatus to electrically process signals in generating output for insurance documentation for a first insurance policy for a first risk having a claims cost reflecting: a concurrent second insurance policy for a second risk, the second risk being different from the first, the policies being for the same insured person, and the second policy affecting a claims cost of the first policy; the method including the steps of: in a digital electrical computer apparatus comprising a digital computer having a processor, the processor electrically connected to a memory device for storing and retrieving operations including machine-readable signals in the memory device, to an input device for receiving input data and converting the input data into input electrical data, to a visual display unit for converting output electrical data into output having a visual presentation, to a printer for converting the output electrical data into printed documentation, wherein the processor is programmed to control the apparatus to receive the input data and to produce the output data by steps including: inputting actuarial assumptions defining the first insurance policy; and computing a value of a specific financial attribute of the first insurance policy; the method further including the step of inserting the value of the financial attribute in the first insurance policy and other printed documentation related to the first insurance policy.

Claims

1. A method for using an apparatus to process digital electrical signals to generate documentation using a computed value for claims cost affected by at least one concurrent, different insurance policy, the method including the steps of:

providing an apparatus including a digital electrical computer having a processor, the processor electrically connected to an input device, for receiving input data and for converting the input data into input electrical signals, and to a printer, for converting output electrical signals into printed documentation, the processor being programmed to control the apparatus in changing the input electrical signals to produce the output electrical signals in accordance with said method;

receiving, as part of the input data, actuarial assumptions defining a first insurance policy for a first risk having a claims cost affected by at least a second concurrent insurance policy for a respectively different risk for an insured person;

wherein

the changing of the input electrical signals into the output electrical signals includes computing a first value for the claims cost for the first insurance policy and computing a second value representing an extent to which the claims cost for the first insurance policy is influenced by the second insurance policy; and

using the first value to generate printed insurance documentation at said printer.

2. The method of claim 1, wherein the extent represents a savings in claims cost for the first insurance policy, and wherein the changing of the input electrical signals into the output electrical signals includes applying the savings in claims cost, at least partially, as an offset to a premium for the first insurance policy when it is concurrently in force along with the second insurance policy;

and

wherein the step of generating printed insurance documentation includes generating a representation of the reduced premium cost.

3. The method of claim 1, wherein the extent represents a savings in claims cost for the first insurance policy, and wherein the changing of the input electrical signals into the output electrical signals includes applying the savings in claims cost, at least partially, as an offset to a cost for providing at least one additional benefit to the first insurance policy when it is concurrently in force along with the second insurance policy;

and

wherein the step of generating printed insurance documentation includes generating a representation of the at least one additional benefit.

4. The method of claim 1, wherein the extent represents a savings in claims cost for the first insurance policy, and wherein the changing of the input electrical signals into the output electrical signals includes applying the savings in claims cost, at least partially, as an offset to a cost for providing at least one benefit enhancement to the first insurance policy when it is concurrently in force along with the second insurance policy;

and

wherein the step of generating printed insurance documentation includes generating a representation of the at least one enhanced benefit.

5. The method of claim 1, wherein the extent represents a savings in claims cost for the first insurance policy, and wherein the changing of the input electrical signals into the output electrical signals includes applying the savings in claims cost, at least partially, to a value reflecting profit for the insurer of the first insurance policy.

6. The method of claim 1, wherein the actuarial assumptions reflect that the first insurance policy is for life insurance and the second insurance policy is for health insurance.

7. The method of claim 1, wherein the actuarial assumptions reflect that the first insurance policy is for life insurance and the second insurance policy is for medical insurance.

8. The method of claim 1, wherein the actuarial assumptions reflect that the first insurance policy is for medical insurance and the second insurance policy is for home health care insurance.

9. The method of claim 1, wherein the actuarial assumptions reflect that the first insurance policy provides hospitalization insurance benefits, and the second insurance policy is for home health care insurance.

10. The method of claim 1, wherein the actuarial assumptions reflect that the first insurance policy provides benefits for patients in a group living arrangement, said benefits not being based on defined patient-care categories, and the second insurance policy is for home health care insurance.

11. The method of claim 1, wherein the actuarial assumptions reflect that the first insurance policy provides benefits for patients in a group living arrangement, said benefits not being based on defined patient-care categories, and the second insurance policy having maximum aggregate benefit limits for home health care, the benefit limits varying according to relative severity of patient medical conditions.

12. The method of claim 1, wherein the actuarial assumptions reflect that the first insurance policy provides duration-specific benefits for patients in a group living arrangement, the benefits varying according to defined patient-care categories, and the second insurance policy having maximum aggregate benefit limits for home health care, the benefit limits varying according to relative severity of patient medical conditions.

13. The method of claim 1, wherein the at least one other concurrent insurance policy for a respectively different risk for an insured person includes a third insurance policy;

and wherein

the changing of the input electrical signals into the output electrical signals includes computing a third value representing an extent to which the claims cost for one of the first insurance policy and the second insurance policy is influenced by the third policy.

14. The method of claim 13, further including the step of:

applying at least a portion of the third value to a value representing a member of a group consisting of reduced premium, an additional benefit, a benefit enhancement, an increase in profit, and a combination thereof.

15. Apparatus for processing digital electrical signals to generate documentation using a computed value for claims cost affected by at least one concurrent, different insurance policy, the apparatus including:

a digital electrical computer having a processor, the processor electrically connected to an input device, for receiving input data and for converting the input data into input electrical signals, and to a printer, for converting output electrical signals into printed documentation, the processor being programmed to control the apparatus in changing the input electrical signals into the output electrical signals including;

receiving, as part of the input data, actuarial assumptions defining a first insurance policy for a first risk having a claims cost affected by at least a second concurrent insurance policy for a respectively different risk for an insured person;

wherein

the changing of the input electrical signals into the output electrical signals includes computing a first value for the claims cost for the first insurance policy and computing a second value representing an extent to which the claims cost for the first insurance policy is influenced by the second insurance policy; and

using the first value to generate printed insurance documentation at said printer.

16. A method for making an apparatus, the method including the steps of:

providing a digital electrical computer having a processor, the processor electrically connected to an input device, for receiving input data and for converting the input data into input electrical signals, and to a printer, for converting the output electrical signals into printed documentation;

providing a program controlling the processor in controlling the apparatus in changing the input electrical signals into the output electrical signals, including;

receiving, as part of the input data, actuarial assumptions defining a first insurance policy for a first risk having a claims cost affected by at least a second concurrent insurance policy for a respectively different risk for an insured person;

wherein

the changing of the input electrical signals into the output electrical signals includes computing a first value for the claims cost for the first insurance policy and computing a second value representing an extent to which the claims cost for the first insurance policy is influenced by the second insurance policy; and

using the first value to generate printed insurance documentation at said printer.

17. A method for using an apparatus to process digital electrical signals to generate output data using a computed value for claims cost affected by at least one concurrent, different insurance policy, the method including the steps of:

providing an apparatus including a digital electrical computer having a processor, the processor electrically connected to an input device, for receiving input data and for converting the input data into input electrical signals, and to an output device, the processor being programmed to control the apparatus in changing the input electrical signals to produce output data at the output device in accordance with said method;

receiving, as part of the input data, actuarial assumptions defining a first insurance policy for a first risk having a claims cost affected by at least a second concurrent insurance policy for a respectively different risk for an insured person;

wherein

the changing of the input electrical signals to produce the output data includes computing a first value for the claims cost for the first insurance policy and computing a second value representing an extent to which the claims cost for the first insurance policy is influenced by the second insurance policy; and

using the first value to generate the output data at the output device.