Method and system for providing low-cost life insurance
First Claim
Patent Images
1. A computer-implemented method of providing insurance, comprising:
- determining a plurality of individuals to be insured based on financing provided by a financial instrument,pooling the individuals into an entity;
receiving the financing instrument issued by a lender and for the benefit of the entity;
providing insurance policies for the individuals based on the financing instrument;
the pooled entity making payments to service the financial instrument, andwherein the individuals do not make premium payments for the insurance policies.
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Abstract
The invention generally concerns systems and methods for providing low-cost insurance to a group of individuals seeking insurance. The system and method may determine a group of individuals to be insured. The individuals may be pooled into a collective entity. The entity may be provided with one or more financing instruments. The financing instruments may be used to purchase insurance policies for the individuals in the pool. In some cases the pool may hold the policies as a custodian, paying maintenance fees on the policies and distributing cash flows from the maturity of the policies.
71 Citations
36 Claims
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1. A computer-implemented method of providing insurance, comprising:
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determining a plurality of individuals to be insured based on financing provided by a financial instrument, pooling the individuals into an entity; receiving the financing instrument issued by a lender and for the benefit of the entity; providing insurance policies for the individuals based on the financing instrument; the pooled entity making payments to service the financial instrument, and wherein the individuals do not make premium payments for the insurance policies. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15)
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16. A computer-implemented method of providing insurance, comprising:
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determining an individual to be insured based on financing provided by a financial instrument; determining an entity; pooling the individual into the entity; receiving the financing instrument issued by a lender and for the benefit of the entity; providing an insurance policy for the individual based on at least a portion of the financing instrument; the pooled entity making payments to service the financial instrument; and wherein the individual does not make premium payments for the insurance policy. - View Dependent Claims (17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31)
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32. A computer-implemented system for providing insurance, comprising:
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a processor that; determines a plurality of individuals to be insured based on financing provided by a financial instrument; pools the individuals into an entity; receives the financing instrument issued by a lender and for the benefit of the entity; and provides insurance policies for the individuals using the financing instrument; wherein the pooled entity makes payments to service the financial instruments; and wherein the individuals do not make premium payments for the insurance policies.
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33. A computer-readable medium with instructions thereon that when read by a processor cause the processor to:
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determine a plurality of individuals to be insured based on financing provided by a financial instrument; pool the individuals into an entity; receive the financing instrument issued by a lender and for the benefit of the entity; provide insurance policies for the individuals based on the financing instrument; wherein the pooled entity makes payments to service the financial instrument, and wherein the individuals do not make premium payments for the insurance policies
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34. A computer-implemented method of pooling an individual to be insured, comprising:
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determining the age of an individual; determining the residence of the individual determining a longevity estimate of the individual; and pooling the individual into an insurance purchasing entity based, at least in part, on the age, the residence, and the longevity estimate of the individual.
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35. A computer-implemented method of distributing a cash flow from a matured insurance policy in an insurance pool, wherein the policy is directed towards an individual and financed by the insurance pool via a lender, comprising:
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distributing a first amount of the cash flow to a beneficiary of the individual; distributing a second amount to pay fees for maintenance of the policy; distributing a third amount to pay for interest and principle to the lender; and distributing a fourth amount to the insurance pool. - View Dependent Claims (36)
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Specification