System and method for application processing and policy administration for insurance policies issued before comprehensive underwriting
First Claim
1. A computer system for generating life insurance policy documents, comprising:
- a data storage device configured to;
store first life insurance policy document templates and associated first flags indicative of first documents for generation upon issuing of a life insurance policy issued prior to completion of comprehensive underwriting; and
store second life insurance policy document templates and associated second flags indicative of second documents for generation upon completion of comprehensive underwriting of the life insurance policy; and
a processor in communication with the storage device and configured to;
responsive to receipt of data indicative of issuing of a life insurance policy issued prior to completion of comprehensive underwriting;
access from the storage device one or more of the first templates having the associated first flags;
generate first documents using the accessed first templates and the received data indicative of issuing of the life insurance policy; and
provide an output signal indicative of the generated first documents; and
responsive to receipt of data indicative of completion of comprehensive underwriting of the life insurance policy;
access from the storage device one or more of the second templates having the associated second flags;
generate second documents using the accessed second templates and the received data indicative of completion of comprehensive underwriting; and
provide an output signal indicative of the generated second documents.
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 application data and data indicative of a health of a proposed insured; based on the received data, determine whether the proposed insured is eligible, and generate an output signal to cause a policy to be generated and comprehensive underwriting to commence. Upon completion of comprehensive underwriting, additional policy documents may be determined. Calculations of commissions and reinsurance premiums may be made upon issue of a policy and recalculated upon completion of comprehensive underwriting.
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Citations
17 Claims
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1. A computer system for generating life insurance policy documents, comprising:
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a data storage device configured to; store first life insurance policy document templates and associated first flags indicative of first documents for generation upon issuing of a life insurance policy issued prior to completion of comprehensive underwriting; and store second life insurance policy document templates and associated second flags indicative of second documents for generation upon completion of comprehensive underwriting of the life insurance policy; and a processor in communication with the storage device and configured to; responsive to receipt of data indicative of issuing of a life insurance policy issued prior to completion of comprehensive underwriting; access from the storage device one or more of the first templates having the associated first flags; generate first documents using the accessed first templates and the received data indicative of issuing of the life insurance policy; and provide an output signal indicative of the generated first documents; and responsive to receipt of data indicative of completion of comprehensive underwriting of the life insurance policy; access from the storage device one or more of the second templates having the associated second flags; generate second documents using the accessed second templates and the received data indicative of completion of comprehensive underwriting; and provide an output signal indicative of the generated second documents. - View Dependent Claims (2, 3, 4, 5, 6, 7)
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8. A computer-implemented method for generating life insurance policy documents, comprising:
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receiving by a processor data indicative of issuing of a life insurance policy issued prior to completion of comprehensive underwriting; responsive to the receipt of the data indicative of issuing of the life insurance policy issued prior to completion of comprehensive underwriting, accessing by the processor from a data storage device in communication with the processor first life insurance policy document templates having associated first flags indicative of first documents for generation upon issuing of the life insurance policy issued prior to completion of comprehensive underwriting; generating by the processor first documents using the accessed first templates and the received data indicative of issuing of the life insurance policy; providing by the processor an output signal indicative of the generated first documents; receiving by the processor data indicative of completion of comprehensive underwriting of the life insurance policy; responsive to the receipt of the data indicative of completion of comprehensive underwriting of the life insurance policy, accessing by the processor from the data storage device second templates having second flags associated therewith; and generating second documents using the accessed second templates and the received data indicative of completion of comprehensive underwriting. - View Dependent Claims (9, 10, 11, 12, 13, 14)
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15. A system for life insurance administration comprising:
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at least one policy administration device having a processor and a communications interface, the policy administration device configured to receive data indicative of an application for life insurance and an initial premium payment via the communications interface from a proposed insured for life insurance, the received data being transmitted from at least one handheld communications device operated by the proposed insured; the policy administration device further configured to determine via the processor whether the proposed insured is eligible, and responsive to a determination that the proposed insured is eligible, provide an output signal to a policy generation computer system for generation of first policy documents for transmission to the handheld communications device;
the policy administration device further configured to enable a comprehensive underwriting process and process via the processor a rating of the proposed insured; andbased on the determined rating, provide an output signal via the communications interface to the policy generation computer system for generation of second policy documents to the handheld communications device operated by the proposed insured. - View Dependent Claims (16, 17)
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Specification