Online system and method for processing life insurance applications
First Claim
1. A computer-implemented method for online processing of a life insurance application, comprising:
- under control of instructions executed by one or more computing devices in a computer system;
receiving information via an electronic data communications link that identifies an individual to be insured and describes the insurability of the individual, wherein the information includes health information of the individual;
obtaining a commitment for purchase of a life insurance policy to be issued by an insurance provider in accordance with parameters of the life insurance application;
evaluating the health information of the individual;
determining whether to extend temporary insurance coverage to the individual based on the evaluation of the health information of the individual;
if it is determined to extend temporary insurance coverage to the individual, then issuing via an electronic data communications link a temporary insurance certificate that is personalized for the individual according to the life insurance policy to be issued by the insurance provider, accompanied by a temporary life insurance agreement specifying terms of legally binding temporary life insurance that is extended to the individual pending issuance of the life insurance policy, wherein the personalized temporary insurance certificate includes, in a single document, information identifying the individual, information identifying the life insurance policy to be issued to the individual, and the amount of insurance coverage provided by the temporary life insurance agreement; and
if it is determined to not extend temporary insurance coverage to the individual, then refusing to collect a premium for the life insurance policy and not extending temporary insurance coverage to the individual.
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0 Petitions
Accused Products
Abstract
A method and system for online processing of life insurance applications includes receiving information that identifies an individual to be insured and describes the insurability of the individual. A certification may be received via an electronic data communications link confirming whether an illustration of a life insurance policy was delivered to the policy applicant. Furthermore, information may be received via an electronic data communications link from a third party confirming the identity of the individual to be insured. When a commitment to purchase the policy is received, a personalized temporary insurance certificate may be issued to the applicant, preferably accompanied by a temporary insurance agreement specifying the terms of temporary life insurance coverage extended to the individual. An authorization may also be received via an electronic data communications link authorizing immediate collection of medical history information from one or more third parties concerning the individual to be insured.
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Citations
20 Claims
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1. A computer-implemented method for online processing of a life insurance application, comprising:
under control of instructions executed by one or more computing devices in a computer system; receiving information via an electronic data communications link that identifies an individual to be insured and describes the insurability of the individual, wherein the information includes health information of the individual; obtaining a commitment for purchase of a life insurance policy to be issued by an insurance provider in accordance with parameters of the life insurance application; evaluating the health information of the individual; determining whether to extend temporary insurance coverage to the individual based on the evaluation of the health information of the individual; if it is determined to extend temporary insurance coverage to the individual, then issuing via an electronic data communications link a temporary insurance certificate that is personalized for the individual according to the life insurance policy to be issued by the insurance provider, accompanied by a temporary life insurance agreement specifying terms of legally binding temporary life insurance that is extended to the individual pending issuance of the life insurance policy, wherein the personalized temporary insurance certificate includes, in a single document, information identifying the individual, information identifying the life insurance policy to be issued to the individual, and the amount of insurance coverage provided by the temporary life insurance agreement; and if it is determined to not extend temporary insurance coverage to the individual, then refusing to collect a premium for the life insurance policy and not extending temporary insurance coverage to the individual. - View Dependent Claims (2, 3, 4, 5, 6)
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7. A computer system for online processing of a life insurance application, comprising an application processing server configured with computer-implemented instructions that, in response to execution, cause the application processing server to:
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receive information via an electronic data communications link that identifies an individual to be insured and describes the insurability of the individual, wherein the information includes health information of the individual; obtain a commitment for purchase of a life insurance policy to be issued by an insurance provider in accordance with parameters of the life insurance application; evaluate the health information of the individual; determine whether to extend temporary insurance coverage to the individual based on the evaluation of the health information of the individual; if it is determined to extend temporary insurance coverage to the individual, then issue via an electronic data communications link a temporary insurance certificate that is personalized for the individual according to the life insurance policy to be issued by the insurance provider, accompanied by a temporary life insurance agreement specifying terms of legally binding temporary life insurance that is extended to the individual pending issuance of the life insurance policy, wherein the personalized temporary insurance certificate includes, in a single document, information identifying the individual, information identifying the life insurance policy to be issued to the individual, and the amount of insurance coverage provided by the temporary life insurance agreement; and if it is determined to not extend temporary insurance coverage to the individual, then refuse to collect a premium for the life insurance policy and not extend temporary insurance coverage to the individual. - View Dependent Claims (8, 9, 10, 11, 12)
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13. A non-transitory computer-readable medium having program instructions stored thereon for online processing of a life insurance application, wherein in response to execution of the program instructions by one or more computing components, the program instructions cause the computing components to:
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receive information via an electronic data communications link that identifies an individual to be insured and describes the insurability of the individual, wherein the information includes health information of the individual; obtain a commitment for purchase of a life insurance policy to be issued by an insurance provider in accordance with parameters of the life insurance application; evaluate the health information of the individual; determine whether to extend temporary insurance coverage to the individual based on the evaluation of the health information of the individual; if it is determined to extend temporary insurance coverage to the individual, then issue via an electronic data communications link a temporary insurance certificate that is personalized for the individual according to the life insurance policy to be issued by the insurance provider, accompanied by a temporary life insurance agreement specifying terms of legally binding temporary life insurance that is extended to the individual pending issuance of the life insurance policy, wherein the personalized temporary insurance certificate includes, in a single document, information identifying the individual, information identifying the life insurance policy to be issued to the individual, and the amount of insurance coverage provided by the temporary life insurance agreement; and if it is determined to not extend temporary insurance coverage to the individual, then refuse to collect a premium for the life insurance policy and not extend temporary insurance coverage to the individual. - View Dependent Claims (14, 15, 16)
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17. A computer system for online processing of a life insurance application, comprising:
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means for receiving information via an electronic data communications link that identifies an individual to be insured and describes the insurability of the individual, wherein the information includes health information of the individual; means for obtaining a commitment for purchase of a life insurance policy to be issued by an insurance provider in accordance with parameters of the life insurance application; means for evaluating the health information of the individual; means for determining whether to extend temporary insurance coverage to the individual based on the evaluation of the health information of the individual; if it is determined to extend temporary insurance coverage to the individual, then means for issuing via an electronic data communications link a temporary insurance certificate that is personalized for the individual according to the life insurance policy to be issued by the insurance provider, accompanied by a temporary life insurance agreement specifying terms of legally binding temporary life insurance that is extended to the individual pending issuance of the life insurance policy, wherein the personalized temporary insurance certificate includes, in a single document, information identifying the individual, information identifying the life insurance policy to be issued to the individual, and the amount of insurance coverage provided by the temporary life insurance agreement; and if it is determined to not extend temporary insurance coverage to the individual, then means for refusing to collect a premium for the life insurance policy and not extending temporary insurance coverage to the individual. - View Dependent Claims (18, 19, 20)
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Specification