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Lump sum disability benefit rider

  • US 8,738,406 B1
  • Filed: 05/09/2012
  • Issued: 05/27/2014
  • Est. Priority Date: 05/12/2011
  • Status: Active Grant
First Claim
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1. A computer implemented method for providing a lump sum disability benefit to a loss payee, the computer implemented method comprising:

  • generating, on a computer, a disability insurance policy that provides insurance coverage for the loss payee upon the occurrence of one or more disabilities defined therein; and

    wherein the disability insurance policy further defines an expiration date for the insurance policy, a date upon which benefits end under the insurance policy and a qualifying amount;

    determining, by the computer, an occurrence of one or more disabilities defined in the disability insurance policy;

    making a plurality of contributing payments to the loss payee upon the occurrence of one or more disabilities;

    determining, by the computer, that two or more requirements separate from the occurrence of the one or more disabilities, have been satisfied;

    wherein one of the two or more requirements is the sum of the plurality of contributing payments being greater than or equal to the qualifying amount;

    calculating, by the computer, the lump sum disability benefit equal to a sum of the plurality of contributing payments multiplied by a predetermined factor;

    producing, by the computer, a lump sum disability benefit to the loss payee upon the later of the expiration date of the policy or the date upon which benefits end under the insurance policy.

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