Products and processes for indicating documents for a life based product

• US 8,788,294 B2
• Filed: 08/30/2007
• Issued: 07/22/2014
• Est. Priority Date: 08/30/2006
• Status: Active Grant

• Current Assignee: CFPH LLC (Cantor Fitzgerald, L.P.)
• Original Assignee: CFPH LLC (Cantor Fitzgerald, L.P.)
• Inventors: Lutnick, Howard W., Hersch, Stuart A., Rose, Laurence
• Primary Examiner(s): Shafi, Muhammad
• Assistant Examiner(s): Malhotra, Sanjeev
• Application Number:
  US11/847,982
• Publication Number:
  US 20080183507A1
• Time in Patent Office: 2,518 Days
• Field of Search: 705/35, 705/4, 705/36.T, 705/36.R, 705/80, 705/37, 705/40, 1/1, 707/999.1, 707/E17.006, 707/4, 707/100, 600/300, 128/920
• US Class Current: 705/4
• CPC Class Codes: G06Q 40/08 Insurance
• CPC Class Codes: G06Q 50/18 Legal services

Abstract

A method comprising receiving at least one document that is associated with a life insurance policy; assigning a respective value to each of the at least one document, in which the value indicates a level of importance; determining a summation of the at least one document; determining an indication for the life insurance policy, in which the indication is based on the summation of the at least one document and at least one of the values; and displaying the indication.

Claims

1. A method comprising

receiving via a processor an indication that an insured intends to sell a life insurance policy in exchange for a settlement amount;

transmitting to a remote device a request for at least one document that supports that the life insurance policy, in which the remote device and the processor are in communication over a network;

receiving via the processor, in response to the request, the at least one document that supports the life insurance policy;

determining a respective quality for each received document based on at least one of;

a source of the document, a type of the document, and a pre-determined level of importance of the document;

determining via the processor a quantity of documents received in response to the request;

assigning via the processor, based on the quantity of documents received and the quality of each received document, a rating to the life insurance policy, in which the rating affects the settlement amount; and

displaying the rating that is assigned to the life insurance policy.

2. The method of claim 1 further comprising:

transmitting a request to authenticate at least one received document; and

receiving an authentication of the at least one received document.

3. The method of claim 1, in which the act of determining the respective quality of each received document further comprising:

determining the quality based on a decision tree.

4. The method of claim 1, in which the act of displaying the rating further comprises:

displaying a color that is based on the rating.

5. The method of claim 4, in which the act of displaying a color further comprises:

assigning a respective color based on each rating, in which a first color corresponds to a first rating and a second color corresponds to a second rating, in which the first rating and the second rating are different.

6. The method of claim 4, in which the color corresponds to the quantity of documents received.

7. The method of claim 4, in which the color corresponds to a marketability of the life insurance policy.

8. The method of claim 1, further comprising:

storing the received documents, the determined quality and the rating into a database that comprises policy information for a plurality of available life insurance policies.

9. The method of claim 8 further comprising:

receiving at least one search criterion from a purchaser;

searching the database for at least one life insurance policy that matches the at least one search criterion;

retrieving the at least one life insurance policy that matches the at least one search criterion; and

displaying the at least one retrieved life insurance policy.

10. The method of claim 1, in which a purchaser of the life insurance policy assumes payment of the life insurance policy until death of the insured.

11. The method of claim 1, in which a purchaser of the insurance policy is listed as a beneficiary of the life insurance policy in exchange for payment of the settlement amount to the insured.

12. An apparatus comprising:

a processor; and

a memory, in which the memory stores instructions which, when executed by the processor, direct the processor to;

receive an indication that an insured intends to sell a life insurance policy in exchange for a settlement amount;

transmit a request for at least one document that supports that the life insurance policy, in which the remote device and the processor are in communication over a network;

receive, in response to the request, the at least one document that supports the life insurance policy;

determine a respective quality for each received document based on at least one of;

a source of the document, a type of the document, and a pre-determined level of importance of the document;

determiner a quantity of documents received in response to the request;

assign, based on the quantity of documents received and the quality of each received document, a rating to the life insurance policy, in which the rating affects the settlement amount; and

display the rating that is assigned to the life insurance policy.

13. The apparatus of claim 12, in which the memory stores instructions which, when executed by the processor, further direct the processor to:

transmit a request to authenticate at least one received document; and

receive an authentication of the at least one received document.

14. The apparatus of claim 12, in which the act of determining the respective quality of each received document further comprising:

determining the quality based on a decision tree.

15. The apparatus of claim 12, in which the act of displaying the rating further comprises:

displaying a color that is based on the rating.

16. The apparatus of claim 15, in which the act of displaying a color further comprises:

assigning a respective color based on each rating, in which a first color corresponds to a first rating and a second color corresponds to a second rating, in which the first rating and the second rating are different.

17. The apparatus of claim 15, in which the color corresponds to the quantity of documents received.

18. The apparatus of claim 15, in which the color corresponds to a marketability of the life insurance policy.

19. The apparatus of claim 12, in which the memory stores instructions which, when executed by the processor, further direct the processor to:

store the received documents, the determined quality and the rating into a database that comprises policy information for a plurality of available life insurance policies.

20. The apparatus of claim 19, in which the memory stores instructions which, when executed by the processor, further direct the processor to:

receive at least one search criterion from a purchaser;

search the database for at least one life insurance policy that matches the at least one search criterion;

retrieve the at least one life insurance policy that matches the at least one search criterion; and

display the at least one retrieved life insurance policy.

21. The apparatus of claim 19, in which a purchaser of the life insurance policy assumes payment of the life insurance policy until death of the insured.

22. The apparatus of claim 19, in which a purchaser of the insurance policy is listed as a beneficiary of the life insurance policy in exchange for payment of the settlement amount to the insured.

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 an indication that an insured intends to sell a life insurance policy in exchange for a settlement amount;

transmit a request for at least one document that supports that the life insurance policy, in which the remote device and the processor are in communication over a network;

receive, in response to the request, the at least one document that supports the life insurance policy;

determine a respective quality for each received document based on at least one of;

a source of the document, a type of the document, and a pre-determined level of importance of the document;

determiner a quantity of documents received in response to the request;

assign, based on the quantity of documents received and the quality of each received document, a rating to the life insurance policy, in which the rating affects the settlement amount; and

display the rating that is assigned to the life insurance policy.

24. The article of manufacture of claim 23, in which the storage medium stores instructions which, when executed by the processor, further direct the processor to:

transmit a request to authenticate at least one received document; and

receive an authentication of the at least one received document.

25. The article of manufacture of claim 23, in which the act of determining the respective quality of each received document further comprising:

determining the quality based on a decision tree.

26. The article of manufacture of claim 23, in which the act of displaying the rating further comprises:

displaying a color that is based on the rating.

27. The article of manufacture of claim 26, in which the act of displaying a color further comprises:

assigning a respective color based on each rating, in which a first color corresponds to a first rating and a second color corresponds to a second rating, in which the first rating and the second rating are different.

28. The article of manufacture of claim 26, in which the color corresponds to the quantity of documents received.

29. The article of manufacture of claim 26, in which the color corresponds to a marketability of the life insurance policy.

30. The article of manufacture of claim 23, in which the storage medium stores instructions which, when executed by the processor, further direct the processor to:

store the received documents, the determined quality and the rating into a database that comprises policy information for a plurality of available life insurance policies.

31. The article of manufacture of claim 30, in which the storage medium stores instructions which, when executed by the processor, further direct the processor to:

receive at least one search criterion from a purchaser;

search the database for at least one life insurance policy that matches the at least one search criterion;

retrieve the at least one life insurance policy that matches the at least one search criterion; and

display the at least one retrieved life insurance policy.

32. The article of manufacture of claim 23, in which a purchaser of the life insurance policy assumes payment of the life insurance policy until death of the insured.

33. The article of manufacture of claim 23, in which a purchaser of the insurance policy is listed as a beneficiary of the life insurance policy in exchange for payment of the settlement amount to the insured.