System and method for administering life insurance policies issued prior to underwriting
First Claim
1. A computer system for administering applications for life insurance, comprising:
- a processor;
a memory storage device in communication with the processor;
the processor configured to;
receive data indicative of an application by a proposed insured for life insurance, the data including a rating category, and an initial premium payment;
based exclusively on the received data indicative of an application by a proposed insured for life insurance, determine whether the proposed insured is uninsurable;
responsive to a determination that the proposed insured is uninsurable, generate an output signal having data indicative of a decision to respond to the application by declining to provide insurance;
responsive to a determination that the proposed insured is not uninsurable, generate an output signal having data indicative of a decision to respond to the application by issuing a policy, having the received rating category assigned to the proposed insured, and commencing a comprehensive underwriting process;
receive data indicative of a result of the comprehensive underwriting process;
based on the result of the comprehensive underwriting process, determine a rating category of the proposed insured; and
if the determined rating category is the same as the received rating category, provide an output signal indicative of no change to the policy, and otherwise provide an output signal indicative of a changed premium for the policy and no other change to the policy.
3 Assignments
0 Petitions
Accused Products
Abstract
A computer system for administering applications for life insurance has a processor and a memory storage device in communication with the processor. The processor is configured to receive data indicative of an application and an initial premium payment from a proposed insured for life insurance; based on the received data, determine whether the proposed insured is uninsurable; responsive to a determination that the proposed insured is not uninsurable, generate an output signal having data indicative of a decision to respond to the application by issuing a policy and commencing a comprehensive underwriting process; receive data indicative of a result of the comprehensive underwriting process; based on the result of the comprehensive underwriting process, determine a rating of the proposed insured; and, based on the rating, provide an output signal indicative of a same or changed premium for the policy.
26 Citations
33 Claims
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1. A computer system for administering applications for life insurance, comprising:
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a processor; a memory storage device in communication with the processor; the processor configured to; receive data indicative of an application by a proposed insured for life insurance, the data including a rating category, and an initial premium payment; based exclusively on the received data indicative of an application by a proposed insured for life insurance, determine whether the proposed insured is uninsurable; responsive to a determination that the proposed insured is uninsurable, generate an output signal having data indicative of a decision to respond to the application by declining to provide insurance; responsive to a determination that the proposed insured is not uninsurable, generate an output signal having data indicative of a decision to respond to the application by issuing a policy, having the received rating category assigned to the proposed insured, and commencing a comprehensive underwriting process; receive data indicative of a result of the comprehensive underwriting process; based on the result of the comprehensive underwriting process, determine a rating category of the proposed insured; and if the determined rating category is the same as the received rating category, provide an output signal indicative of no change to the policy, and otherwise provide an output signal indicative of a changed premium for the policy and no other change to the policy. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11)
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12. A computer-implemented method for processing life insurance applications, comprising:
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receiving by a processor data indicative of an application by a proposed insured for life insurance, the data including a rating category, and an initial premium payment, and storing the received data indicative of an application by a proposed insured for life insurance in a data storage device in communication with the processor; based exclusively on the received data indicative of an application by a proposed insured for life insurance, determining by the processor whether the proposed insured is uninsurable; responsive to a determination that the proposed insured is uninsurable, generating by the processor an output signal having data indicative of a decision to respond to the application by declining to provide insurance and providing the output signal to a network; responsive to a determination that the proposed insured is not uninsurable, generating by the processor an output signal having data indicative of a decision to respond to the application by issuing a policy, having the received rating category assigned to the proposed insured, and commencing a comprehensive underwriting process; receiving by the processor data indicative of a result of the comprehensive underwriting process; based on the result of the comprehensive underwriting process, determining by the processor a rating category of the proposed insured; and if the determined rating category is the same as the received rating category, providing by the processor an output signal for transmission via a network to a user- accessible device having data indicative of no change to the policy, and otherwise providing by the processor an output signal for transmission via a network to a user- accessible device having data indicative of a changed premium for the policy and no other change to the policy. - View Dependent Claims (13, 14, 15, 16, 17, 18, 19, 20, 21, 22)
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23. A non-transitory computer-readable storage medium having processor-executable instructions thereon, which instructions, when executed by a processor, cause the processor to:
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receive data indicative of an application by a proposed insured for life insurance, the data including a rating category, and an initial premium payment, and store the received data indicative of an application by a proposed insured for life insurance in a data storage device in communication with the processor; based exclusively on the received data indicative of an application by a proposed insured for life insurance, determine whether the proposed insured is uninsurable; responsive to a determination that the proposed insured is uninsurable, generate an output signal having data indicative of a decision to respond to the application by declining to provide insurance and providing the output signal to a network; responsive to a determination that the proposed insured is not uninsurable, generate an output signal having data indicative of a decision to respond to the application by issuing a policy, having the received rating category assigned to the proposed insured, and commencing a comprehensive underwriting process; receive data indicative of a result of the comprehensive underwriting process; based on the result of the comprehensive underwriting process, determine a rating category of the proposed insured; and if the determined rating category is the same as the received rating category, provide an output signal for transmission via a network to a user-accessible device having data indicative of no change to the policy, and otherwise provide an output signal for transmission via a network to a user-accessible device having data indicative of a changed premium for the policy and no other change to the policy. - View Dependent Claims (24, 25, 26, 27, 28, 29, 30, 31, 32, 33)
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Specification