Product and processes for managing life instruments
First Claim
1. A receiving, from a remote device, a settlement contract for exchange on a trading system, in which the settlement contract, in which the settlement contract comprises a futures contract for a of a death benefit of a life insurance policycomputing, via a processor, a rating of the settlement contract, in which the processor and the remote device are in communication over a network;
- computing, via a processor based on the rating, an initial bid price for the settlement contract;
storing, via the processor, the settlement contract in a database that comprises a plurality of settlement contracts;
receiving, via a processor, a plurality of bids for a first settlement contract, in which each of the plurality of bids comprises a bid amount that is equal to or greater than the initial bid price;
selecting, via a processor from the plurality of bids, a winning bid to receive the settlement contract, in which the winning bid comprises a bid amount that is greater than the bid amounts submitted by each of the plurality of bids; and
transmitting to a remote device an indication that an agreement to exchange the settlement contract to the winning bid has been made.
1 Assignment
0 Petitions
Accused Products
Abstract
Product and processes that comprise receiving a query for a settlement contract that is available for sale. The query is based on at least one field. The settlement contract comprises a sale of a policyholder'"'"'s death benefit in a life insurance policy in exchange for money. A first settlement contract that comprises information matching the at least one queried field is retrieved. A plurality of potential purchasers received communication that the first settlement contract is available for purchase. During a pre-determined period of time, a plurality of bids for the first settlement contract is received. Each of the plurality of bids comprises a bid price. It is determined that a first bidder has submitted a best bid price for the settlement contract. The first bidder and the policyholder are notified of an agreement to sell the first settlement contract at the best bid price.
67 Citations
23 Claims
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1. A receiving, from a remote device, a settlement contract for exchange on a trading system, in which the settlement contract, in which the settlement contract comprises a futures contract for a of a death benefit of a life insurance policy
computing, via a processor, a rating of the settlement contract, in which the processor and the remote device are in communication over a network; -
computing, via a processor based on the rating, an initial bid price for the settlement contract; storing, via the processor, the settlement contract in a database that comprises a plurality of settlement contracts; receiving, via a processor, a plurality of bids for a first settlement contract, in which each of the plurality of bids comprises a bid amount that is equal to or greater than the initial bid price; selecting, via a processor from the plurality of bids, a winning bid to receive the settlement contract, in which the winning bid comprises a bid amount that is greater than the bid amounts submitted by each of the plurality of bids; and transmitting to a remote device an indication that an agreement to exchange the settlement contract to the winning bid has been made. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21)
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22. An apparatus comprising:
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a processor; and a memory, in which the memory stores instructions which, when executed by the processor, direct the processor to; receive a settlement contract for exchange on a trading system, in which the settlement contract comprises a futures contract for a death benefit of a life insurance policy; compute a rating of the settlement contract; compute, based on the rating, an initial bid price for the settlement contract; store the settlement contract in a database that comprises a plurality of settlement contracts; receive a plurality of bids for the settlement contract, in which each of the plurality of bids comprises a bid amount that is equal to or greater than the initial bid price; select, from the plurality of bids, a winning bid to receive the settlement contract, in which the winning bid comprises a bid amount that is greater than the bid amounts submitted by each of the plurality of bids; and transmit an indication that an agreement to exchange the settlement contract to the winning bid has been made.
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23. An article of manufacture comprising:
a storage medium, in which the storage medium stores instructions which, when executed by a processor, direct the processor to; receive a settlement contract for exchange on a trading system, in which the settlement contract comprises a futures contract for a death benefit of a life insurance policy; compute a rating of the settlement contract; compute, based on the rating, an initial bid price for the settlement contract; store the settlement contract in a database that comprises a plurality of settlement contracts; receive a plurality of bids for the settlement contract, in which each of the plurality of bids comprises a bid amount that is equal to or greater than the initial bid price; select, from the plurality of bids, a winning bid to receive the settlement contract, in which the winning bid comprises a bid amount that is greater than the bid amounts submitted by each of the plurality of bids; and transmit an indication that an agreement to exchange the settlement contract to the winning bid has been made.
Specification