Insurance Policy and Method for Providing an Insurance Policy Having Dormancy Features
1 Assignment
0 Petitions
Accused Products
Abstract
An insurance policy having a dormancy provision is provided in which the dormancy provision enables a policyholder to activate and deactivate benefits provided under the insurance policy. Also provided is a method for enabling a holder of an insurance policy with a dormancy provision to activate and deactivate benefits of an insurance policy, and includes purchasing an insurance policy having a dormancy provision and a set of associated benefits, paying premiums to maintain the set of benefits in an active state, deactivating the set of benefits; paying dormancy premiums to maintain the set of deactivated benefits in a deactivated state, and reactivating the set of deactivated benefits.
31 Citations
44 Claims
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1-7. -7. (canceled)
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8. A method for enabling a holder of an insurance policy with a dormancy provision to activate and deactivate benefits of an insurance policy comprising:
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purchasing a health insurance policy having a dormancy provision and a set of associated benefits, the dormancy provision providing a right to activate and deactivate the set of associated benefits under the policy; paying premiums to maintain the set of associated benefits in an active state and dormancy premiums to maintain the option of deactivating the set of associated benefits under the dormancy provision; deactivating the set of associated benefits; and paying the dormancy premiums to maintain a set of deactivated the set of benefits in a deactivated policy state; wherein the holder has an option of activating at least a portion of the set of deactivated benefits in accordance with terms of the dormancy provision. - View Dependent Claims (9, 10, 11, 12, 13, 14, 15, 16)
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17. (canceled)
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18. A computer-implemented method of providing an insurance policy comprising:
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issuing a health insurance policy comprising a dormancy provision, said dormancy provision enabling a holder of the insurance policy to activate and deactivate a set of benefits provided under the insurance policy; receiving a notification to activate or deactivate the set of benefits associated with the insurance policy; implementing the set of benefits under the insurance policy when the set of benefits are active; denying the set of benefits under the insurance policy when the set of benefits are deactivated under the dormancy provision; verifying receipt of insurance policy premiums on a periodic basis, said insurance policy premiums corresponding to active insurance policy premiums and dormancy premiums when the insurance policy is in an active state and to dormancy premiums when the benefits of the insurance policy are in a deactivated state. - View Dependent Claims (19, 20, 21, 22, 23, 24, 25, 26)
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27. A method for enabling a holder of an insurance policy with a dormancy provision to activate and deactivate benefits of an insurance policy comprising:
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purchasing a life insurance policy having a dormancy provision and a set of associated benefits, the dormancy provision providing a right to activate and deactivate the set of associated benefits under the policy; paying premiums to maintain the set of associated benefits in an active state and dormancy premiums to maintain the option of deactivating the set of associated benefits under the dormancy provision; deactivating the set of associated benefits; and paying the dormancy premiums to maintain the set of benefits in a deactivated policy state; wherein the holder has an option of activating at least a portion of the set of deactivated benefits in accordance with terms of the dormancy provision. - View Dependent Claims (28, 29, 30, 31, 32, 33, 34, 35)
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36. A computer-implemented method of providing an insurance policy comprising:
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issuing a life insurance policy comprising a dormancy provision, said dormancy provision enabling a holder of the insurance policy to activate and deactivate a set of benefits provided under the insurance policy; receiving a notification to activate or deactivate the set of benefits associated with the insurance policy; implementing the set of benefits under the insurance policy when the set of benefits are active; denying the set of benefits under the insurance policy when the set of benefits are deactivated under the dormancy provision; verifying receipt of insurance policy premiums on a periodic basis, said insurance policy premiums corresponding to active insurance policy premiums and dormancy premiums when the insurance policy is in an active state and to dormancy premiums when the benefits of the insurance policy are in a deactivated state. - View Dependent Claims (37, 38, 39, 40, 41, 42, 43, 44)
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Specification