Life insurance cooperative
First Claim
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1. A method, comprising:
- receiving a payment for each participant in a group of participants;
associating the payments with a time period;
creating a fund for the time period, where the fund is a designated portion of a sum of the payments;
identifying deceased participants in the group of participants who died during the time period;
calculating, on a computer, a portion of the fund to disburse to each deceased participant; and
disbursing the fund to the deceased participants, where the portion of the fund to disburse to each deceased participant is a share of the fund.
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Abstract
A method and computing system that receives a payment for each participant in a group of participants, and associates the payments with a time period to create a fund for the time period. The method identifies deceased participants in the group of participants who died during the time period, calculates a portion of the fund to disburse to each deceased participant; and disburses the portion of the fund to each deceased participant. When the participant is one of the deceased participants, the portion of the fund to disburse to the participant is a death benefit for the participant.
36 Citations
20 Claims
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1. A method, comprising:
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receiving a payment for each participant in a group of participants; associating the payments with a time period; creating a fund for the time period, where the fund is a designated portion of a sum of the payments; identifying deceased participants in the group of participants who died during the time period; calculating, on a computer, a portion of the fund to disburse to each deceased participant; and disbursing the fund to the deceased participants, where the portion of the fund to disburse to each deceased participant is a share of the fund. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9)
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10. A computing system, comprising:
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a memory device resident in the computing system; and a processor disposed in communication with the memory device, the processor configured to; receive a payment for each participant in a group of participants; associate the payments with a time period; create a fund for the time period, where the fund is a designated portion of a sum of the payments; identify deceased participants in the group of participants who died during the time period; calculate, on a computer, a portion of the fund to disburse to each deceased participant; and disburse the fund to the deceased participants, where the portion of the fund to disburse to each deceased participant is a share of the fund. - View Dependent Claims (11, 12, 13, 14, 15, 16, 17, 18)
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19. A computer-readable medium, comprising computer-executable instructions that, when executed on a computing device, perform steps of:
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receiving a payment for each participant in a group of participants; associating the payments with a time period; creating a fund for the time period, where the fund is a designated portion of a sum of the payments; identifying deceased participants in the group of participants who died during the time period; calculating, on a computer, a portion of the fund to disburse to each deceased participant; and disbursing the fund to the deceased participants, where the portion of the fund to disburse to each deceased participant is a share of the fund. - View Dependent Claims (20)
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Specification