Universal payment protection
First Claim
1. A computer implemented method of relieving an entity from at least one future payment obligation, the computer implemented method comprising:
- receiving, at a web page, information relating to the entity;
deciding whether to issue an account to the entity;
issuing an account to the entity in response to the step of deciding, wherein the entity uses the account for purchases from third parties;
receiving data provided by the entity at a web page, the data being associated with at least one of the entity and the account, the data comprising;
first information reflecting a trigger circumstance, the first information defining a potential future situation, and second information reflecting a line of credit intended to address at least one payment obligation;
wherein the payment obligation is not initially associated with the account and not in existence at a time of issuance of the account, and wherein the payment obligation is owed to a third party;
processing, using a programmed computer, at least a portion of the data using at least one actuarial computation, the actuarial computation reflecting an expected value of the line of credit;
receiving from the entity at least one payment associated with the trigger circumstance and the line of credit, the at least one payment providing the entity with the ability to receive the line of credit upon occurrence of the trigger circumstance, the at least one payment comprising the expected value of the line of credit and at least one additional fee;
receiving an indication that a trigger circumstance has occurred;
comparing information in the indication to account information associated with the entity;
determining, based on the account information associated with the entity and consistent with the data received from the entity, that the entity is entitled to the line of credit; and
providing the line of credit to the entity in accordance with the account information associated with the entity.
1 Assignment
0 Petitions
Accused Products
Abstract
A system for and method of providing payment protection upon the occurrence of trigger events. The system and method include an account, which may be associated with a credit card or other financial product. An accountholder may select trigger events and associated benefits. Upon the occurrence of a trigger event, the issuing entity will evaluate whether the accountholder is entitled to receive an associated benefit. Each benefit is intended to address at least one payment obligation. For example, an account may include payment protection in the form of automatic payment of minimum monthly credit card fees should the accountholder involuntarily become unemployed.
-
Citations
21 Claims
-
1. A computer implemented method of relieving an entity from at least one future payment obligation, the computer implemented method comprising:
-
receiving, at a web page, information relating to the entity; deciding whether to issue an account to the entity; issuing an account to the entity in response to the step of deciding, wherein the entity uses the account for purchases from third parties; receiving data provided by the entity at a web page, the data being associated with at least one of the entity and the account, the data comprising;
first information reflecting a trigger circumstance, the first information defining a potential future situation, and second information reflecting a line of credit intended to address at least one payment obligation;
wherein the payment obligation is not initially associated with the account and not in existence at a time of issuance of the account, and wherein the payment obligation is owed to a third party;processing, using a programmed computer, at least a portion of the data using at least one actuarial computation, the actuarial computation reflecting an expected value of the line of credit; receiving from the entity at least one payment associated with the trigger circumstance and the line of credit, the at least one payment providing the entity with the ability to receive the line of credit upon occurrence of the trigger circumstance, the at least one payment comprising the expected value of the line of credit and at least one additional fee; receiving an indication that a trigger circumstance has occurred; comparing information in the indication to account information associated with the entity; determining, based on the account information associated with the entity and consistent with the data received from the entity, that the entity is entitled to the line of credit; and providing the line of credit to the entity in accordance with the account information associated with the entity. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9)
-
-
10. A system for relieving an entity from at least one future payment obligation, the system comprising:
-
a computer configured to receive information relating to the entity; an account associated with the entity, wherein the account is usable by the entity to make purchases from third parties; a web page configured to receive data selected by the entity, the data being associated with the account, the data comprising;
first information reflecting a trigger circumstance, the first information defining a potential future situation, and second information reflecting a line of credit being intended to address at least one payment obligation, wherein the payment obligation is not initially associated with the account and not in existence at a time of issuance of the account, and wherein the payment obligation is owed to a third party;a computer configured to process at least a portion of the data using at least one actuarial computation, the actuarial computation reflecting an expected value of the line of credit; means for receiving from the entity at least one payment associated with the trigger circumstance and the line of credit, the at least one payment providing the entity with the ability to receive the line of credit upon occurrence of the trigger circumstance, the at least one payment comprising the expected value of the line of credit and at least one additional fee; a web page configured to receive a request, the request indicating that a trigger circumstance has occurred; a computer configured to compare information in the request to account information associated with the entity; a computer configured to determine, based on the account information associated with the entity and consistent with the data received from the entity, that the entity is entitled to the line of credit; and means for providing the line of credit to the entity in accordance with the account information associated with the entity. - View Dependent Claims (11, 12, 13, 14, 15, 16, 17, 18, 19)
-
-
20. A system for of relieving an entity from at least one future payment obligation, the system comprising:
-
means for receiving an application from the entity; means for accepting the application; means for issuing an account to the entity in response to said accepting, wherein the entity uses the account for purchases from third parties; means for receiving data selected by the entity, the data being associated with the account, the data comprising;
first information reflecting a trigger circumstance, the first information defining a potential future situation, and second information reflecting a line of credit, the line of credit being intended to address at least one payment obligation, wherein the at least one payment obligation is not initially associated with the account and wherein the payment obligation is owed to a third party;means for processing at least a portion of the data using at least one actuarial computation, the actuarial computation reflecting an expected value of the line of credit; means for receiving from the entity at least one fee associated with the trigger circumstance and the line of credit, the at least one fee providing the entity with the ability to receive the line of credit upon occurrence of the trigger circumstance, the at least one fee comprising the expected value of the line of credit and at least one additional fee; means for receiving a request, the request indicating that a trigger circumstance has occurred; means for comparing information in the request to account information associated with the entity; means for determining, based on the account information associated with the entity and consistent with the data received from the entity that the entity is entitled to the line of credit; and means for providing the line of credit to the entity in accordance with the account information associated with the entity.
-
-
21. A computer implemented method of relieving an entity from at least one future payment obligation, the computer implemented method comprising:
-
receiving, at a web page, information relating to the entity; deciding whether to issue an account to the entity; issuing an account to the entity in response to the step of deciding, wherein the entity uses the account for purchases from third parties; receiving data provided by the entity at a web page, the data being associated with at least one of the entity and the account, the data comprising;
first information reflecting a trigger circumstance, the first information defining a potential future situation, and second information reflecting a line of credit intended to address at least one payment obligation, wherein the payment obligation is not initially associated with the account and wherein the payment obligation is owed to a third party, and wherein the trigger circumstance is selected from the group consisting of;
loss of employment, divorce, disability, hospitalization, medical treatment, family leave, natural disaster, judicial proceeding, tax event, call to duty, fire, flood, marriage, child birth, child adoption, retirement, and death;processing, using a programmed computer, at least a portion of the data using at least one actuarial computation, the actuarial computation reflecting an expected value of the line of credit; receiving from the entity at least one payment associated with the trigger circumstance and the line of credit, the at least one payment providing the entity with the ability to receive the line of credit upon occurrence of the trigger circumstance, the at least one payment comprising the expected value of the line of credit and at least one additional fee; receiving an indication that a trigger circumstance has occurred; comparing information in the indication to account information associated with the entity; determining, based on the account information associated with the entity and consistent with the data received from the entity, that the entity is entitled to the line of credit; and providing the line of credit to the entity in accordance with the account information associated with the entity.
-
Specification