Systems and methods for providing a cash value adjustment to a life insurance policy
First Claim
1. A computer processing system that performs a cash value adjustment to a life insurance policy issued by an insurer and owned by a policy owner, the computer processing system comprising:
- a computer processor executing;
a communication portion;
a relationship processing portion;
a re-underwriting analysis portion; and
a cash value adjustment portion;
the communication portion inputs parameters of a life insurance policy, the parameters including controlling parameters, and the controlling parameters including;
a constraint dictated parameter of the life insurance policy; and
a driven parameter of the life insurance policy;
the relationship processing portion analyzes a relationship between the constraint dictated parameter and the driven parameter;
the re-underwriting analysis portion performs a re-underwriting of the life insurance policy using the parameters of the life insurance policy and a set of re-underwriting criteria, the set of re-underwriting criteria including a constraint relationship, the constraint relationship constituting a relationship between certain of the parameters of the life insurance policy, the re-underwriting analysis portion generating re-underwritten policy data to constitute a re-underwritten policy;
the relationship processing portion determining a magnitude of change, resulting from the re-underwriting, in the constraint dictated parameter;
the cash value adjustment portion performs an adjustment of the driven parameter based on the magnitude of change, before and after the re-underwriting, in the constraint dictated parameter, the adjustment being performed to maintain the relationship between the constraint dictated parameter and the driven parameter under a formula agreed upon by the life insurance policy insurer and the policy owner; and
the communication portion outputting the re-underwritten policy data of the re-underwritten policy along with the adjusted constraint dictated parameter and the adjusted driven parameter; and
wherein the computer processing system is in a form of a computer processing system that processes insurance related information.
2 Assignments
0 Petitions
Accused Products
Abstract
A method and system for performing a cash value adjustment to a life insurance policy issued by an insurer and owned by a policy owner, the method performed by a computer processing system. The method may include (1) inputting parameters of a life insurance policy, the parameters including controlling parameters, and the controlling parameters including: (i) a constraint dictated parameter of the life insurance policy; and (ii) a driven parameter of the life insurance policy. The method may further include analyzing the relationship between the constraint dictated parameter and the driven parameter; and performing a re-underwriting of the life insurance policy using the parameters of the life insurance policy and a set of re-underwriting criteria. The method may further include generating re-underwritten policy data to constitute a re-underwritten policy. The method may include providing an annuity.
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Citations
26 Claims
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1. A computer processing system that performs a cash value adjustment to a life insurance policy issued by an insurer and owned by a policy owner, the computer processing system comprising:
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a computer processor executing; a communication portion; a relationship processing portion; a re-underwriting analysis portion; and a cash value adjustment portion; the communication portion inputs parameters of a life insurance policy, the parameters including controlling parameters, and the controlling parameters including; a constraint dictated parameter of the life insurance policy; and a driven parameter of the life insurance policy; the relationship processing portion analyzes a relationship between the constraint dictated parameter and the driven parameter; the re-underwriting analysis portion performs a re-underwriting of the life insurance policy using the parameters of the life insurance policy and a set of re-underwriting criteria, the set of re-underwriting criteria including a constraint relationship, the constraint relationship constituting a relationship between certain of the parameters of the life insurance policy, the re-underwriting analysis portion generating re-underwritten policy data to constitute a re-underwritten policy; the relationship processing portion determining a magnitude of change, resulting from the re-underwriting, in the constraint dictated parameter; the cash value adjustment portion performs an adjustment of the driven parameter based on the magnitude of change, before and after the re-underwriting, in the constraint dictated parameter, the adjustment being performed to maintain the relationship between the constraint dictated parameter and the driven parameter under a formula agreed upon by the life insurance policy insurer and the policy owner; and the communication portion outputting the re-underwritten policy data of the re-underwritten policy along with the adjusted constraint dictated parameter and the adjusted driven parameter; and wherein the computer processing system is in a form of a computer processing system that processes insurance related information. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11)
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12. A method to perform a cash value adjustment to a life insurance policy issued by an insurer and owned by a policy owner, the method performed by a computer processing system, the method comprising:
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inputting parameters of a life insurance policy, by the computer processing system, the parameters including controlling parameters, and the controlling parameters including; a constraint dictated parameter of the life insurance policy; and a driven parameter of the life insurance policy; the computer processing system analyzing a relationship between the constraint dictated parameter and the driven parameter; the computer processing system performing a re-underwriting of the life insurance policy using the parameters of the life insurance policy and a set of re-underwriting criteria, the set of re-underwriting criteria including a constraint relationship, the constraint relationship constituting a relationship between certain of the parameters of the life insurance policy; the computer processing system generating re-underwritten policy data to constitute a re-underwritten policy, in conjunction with using the re-underwritten policy data to adjust the constraint dictated parameter; the computer processing system; determining a change in the constraint dictated parameter associated with the re-underwritten policy; determining a magnitude of change in the constraint dictated parameter; performing an adjustment of the driven parameter based on the magnitude of change, before and after the re-underwriting, in the constraint dictated parameter, the adjustment being performed to maintain the relationship between the constraint dictated parameter and the driven parameter under a formula agreed upon by the life insurance policy insurer and the policy owner; and determining an available amount, based on at least one of the controlling parameters; and outputting, by a communication portion, the available amount; and wherein the computer processing system is in a form of a computer processing system that processes insurance related information. - View Dependent Claims (13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24)
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25. A computer processing system to perform a cash value adjustment to a life insurance policy issued by an insurer and owned by a policy owner to effect a settlement option in a form of an annuity contract, the computer processing system comprising:
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a computer processor executing; a communication portion; a relationship processing portion; a re-underwriting analysis portion; a cash value adjustment portion; and an annuitization portion; the communication portion inputs parameters of a life insurance policy, the parameters including controlling parameters, and the controlling parameters including; a constraint dictated parameter of the life insurance policy; and a driven parameter of the life insurance policy; the relationship processing portion analyzes a relationship between the constraint dictated parameter and the driven parameter; the re-underwriting analysis portion performs a re-underwriting of the life insurance policy using the parameters of the life insurance policy and a set of re-underwriting criteria, the set of re-underwriting criteria including a constraint relationship, the constraint relationship constituting a relationship between certain of the parameters of the life insurance policy, the re-underwriting analysis portion generating re-underwritten policy data to constitute a re-underwritten policy, the re-underwriting analysis portion using the re-underwritten policy data to adjust the constraint dictated parameter so as to generate an adjusted constraint dictated parameter; the relationship processing portion determining a magnitude of change, resulting from the re-underwriting, in the constraint dictated parameter; the cash value adjustment portion performs an adjustment of the driven parameter based on the magnitude of change, before and after the re-underwriting, in the constraint dictated parameter, the adjustment being performed to maintain a mathematical relationship between the constraint dictated parameter and the driven parameter under a formula agreed upon by the life insurance policy insurer and the policy owner; and the communication portion outputting the re-underwritten policy data of the re-underwritten policy along with the adjusted constraint dictated parameter and the adjusted driven parameter; and the annuitization portion determines an adjusted cash value, based on such output, to determine a premium of an annuity contract. - View Dependent Claims (26)
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Specification