Online system and method for processing life insurance applications
First Claim
1. A computer-implemented method for online processing of a life insurance application, comprising:
- under control of instructions executed by one or more computing devices in a computer system;
receiving information via an electronic data communications link that identifies an individual to be insured and describes the insurability of the individual;
generating an illustration that provides future values of a proposed life insurance policy to be issued by an insurance provider in accordance with parameters of the life insurance application, wherein the illustration is based on a projection of future performance of the life insurance policy;
obtaining a commitment from the insurance policy applicant for purchase of the life insurance policy in accordance with parameters of the life insurance application; and
receiving a certification via an electronic data communications link that confirms whether the generated illustration was delivered to the insurance policy applicant at the time of commitment for purchase of the life insurance policy,wherein the certification includes at least one of;
(a) a certification from the insurance policy applicant in which the applicant explicitly confirms that the generated illustration has been received;
(b) a certification from an agent in which the agent explicitly confirms that the generated illustration has been delivered electronically to the insurance policy applicant;
(c) a certification from an agent in which the agent explicitly confirms that the generated illustration has been provided to the insurance policy applicant via a postal or courier service;
or(d) a waiver from the insurance policy applicant in which the applicant explicitly confirms an understanding that the generated illustration will be delivered at the time the life insurance policy is delivered, andwherein the certification is received at the time the commitment for purchase of the life insurance policy is obtained.
3 Assignments
0 Petitions
Accused Products
Abstract
A method and system for online processing of life insurance applications includes receiving information that identifies an individual to be insured and describes the insurability of the individual. A certification may be received via an electronic data communications link confirming whether an illustration of a life insurance policy was delivered to the policy applicant. Furthermore, information may be received via an electronic data communications link from a third party confirming the identity of the individual to be insured. When a commitment to purchase the policy is received, a personalized temporary insurance certificate may be issued to the applicant, preferably accompanied by a temporary insurance agreement specifying the terms of temporary life insurance coverage extended to the individual. An authorization may also be received via an electronic data communications link authorizing immediate collection of medical history information from one or more third parties concerning the individual to be insured.
-
Citations
22 Claims
-
1. A computer-implemented method for online processing of a life insurance application, comprising:
under control of instructions executed by one or more computing devices in a computer system; receiving information via an electronic data communications link that identifies an individual to be insured and describes the insurability of the individual; generating an illustration that provides future values of a proposed life insurance policy to be issued by an insurance provider in accordance with parameters of the life insurance application, wherein the illustration is based on a projection of future performance of the life insurance policy; obtaining a commitment from the insurance policy applicant for purchase of the life insurance policy in accordance with parameters of the life insurance application; and receiving a certification via an electronic data communications link that confirms whether the generated illustration was delivered to the insurance policy applicant at the time of commitment for purchase of the life insurance policy, wherein the certification includes at least one of; (a) a certification from the insurance policy applicant in which the applicant explicitly confirms that the generated illustration has been received; (b) a certification from an agent in which the agent explicitly confirms that the generated illustration has been delivered electronically to the insurance policy applicant; (c) a certification from an agent in which the agent explicitly confirms that the generated illustration has been provided to the insurance policy applicant via a postal or courier service;
or(d) a waiver from the insurance policy applicant in which the applicant explicitly confirms an understanding that the generated illustration will be delivered at the time the life insurance policy is delivered, and wherein the certification is received at the time the commitment for purchase of the life insurance policy is obtained. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8)
-
9. A computer system for online processing of a life insurance application, comprising an application processing server configured with computer-implemented instructions that, when executed, cause the application processing server to:
-
receive information via an electronic data communications link identifying an individual to be insured and describing the insurability of the individual; generate an illustration providing future values of a life insurance policy for the individual to be insured, wherein the illustration is based on a projection of future performance of the life insurance policy; obtain a commitment for purchase of the life insurance policy to be issued by an insurance provider; and receive a certification via an electronic data communications link from the insurance policy applicant or an agent providing explicit information indicating whether the generated illustration was delivered to the insurance policy applicant at the time of commitment for purchase of the life insurance policy, wherein the certification is received at the time the commitment for purchase of the life insurance policy is obtained. - View Dependent Claims (10, 11, 12, 13, 14, 15)
-
-
16. A computer-implemented method for online processing of a life insurance application, the method comprising:
under control of instructions that are executed by an application processing server; receiving information via an electronic data communications link identifying an individual to be insured and describing the insurability of the individual; generating an illustration providing future values of a life insurance policy for the individual to be insured, wherein the illustration is based on a projection of future performance of the life insurance policy; obtaining a commitment for purchase of the life insurance policy to be issued by an insurance provider; and receiving a certification via an electronic data communications link from the insurance policy applicant or an agent providing explicit information indicating whether the generated illustration was delivered to the insurance policy applicant at the time of commitment for purchase of the life insurance policy, wherein the certification is received at the time the commitment for purchase of the life insurance policy is obtained. - View Dependent Claims (17, 18, 19, 20, 21, 22)
Specification