METHOD OF MANAGING A LIFE INSURANCE PLAN AND A SYSTEM THEREFOR

• US 20090198525A1
• Filed: 05/23/2007
• Published: 08/06/2009
• Est. Priority Date: 06/07/2006
• Status: Abandoned Application

• Current Assignee: Discovery Holdings Limited (Prudential PLC)
• Original Assignee: Discovery Holdings Limited (Prudential PLC)
• Inventors: Gore, Adrian, Mayers, Herschel Phillip, Rabson, Kenneth Steven
• Application Number:
  US12/303,395
• Publication Number:
  US 20090198525A1
• Time in Patent Office: Days
• US Class Current: 705/4
• CPC Class Codes: G06Q 40/08 Insurance

Abstract

A method of managing a life insurance plan includes receiving a premium from an insured life. On occurrence of an insured event to the insured life, a predetermined amount is paid out to the insured life and on occurrence of an insured event to a parent of the insured life a predetermined amount is paid out to the insured life.

Claims

1. A method of managing a life insurance plan, the method including:

receiving a premium from an insured life;

on occurrence of an insured event to the insured life, paying out a predetermined amount to the insured life; and

on occurrence of an insured event to a parent of the insured life, paying out a predetermined amount to the insured life.

2. A method according to claim 1 wherein the insured event is at least one of disability;

contracting at least one of a plurality of predetermined diseases; and

dying.

3. A method according to claim 1 wherein the insured event for the parent or parents of the insured life is contracting at least one of a plurality of predetermined diseases.

4. A method according to claim 3 wherein the insured event is at least one of disability;

contracting at least one of a plurality of predetermined diseases; and

dying.

11. A method according to claim 2 wherein the insured event for the parent or parents of the insured life is contracting at least one of a plurality of predetermined diseases.

12. A method according to claim 11 wherein the insured event is at least one of disability;

contracting at least one of a plurality of predetermined diseases; and

dying.

5. An electronic system for managing a life insurance plan includes:

a memory for storing;

information relating to premiums received from an insured life; and

information relating to parents of the insured life; and

a processor disposed in communication with the memory, the processor being adapted to;

receive data indicating the occurrence of an insured event to the insured life, and in response thereto to effect the paying out of a predetermined amount to the insured life; and

receive data indicating the occurrence of an insured event to a parent of the insured life, and in response thereto to effect the paying out of a predetermined amount to the insured life.

6. A system according to claim 5 wherein the insured event is at least one of disability;

contracting at least one of a plurality of predetermined diseases; and

dying.

7. A system according to claim 5 wherein the insured event for the parent or parents of the insured life is contracting at least one of a plurality of predetermined diseases.

8. A system according to claim 7 wherein the insured event is at least one of disability;

contracting at least one of a plurality of predetermined diseases; and

dying.

9. A system according to claim 6 wherein the insured event for the parent or parents of the insured life is contracting at least one of a plurality of predetermined diseases.

10. A system according to claim 9 wherein the insured event is at least one of disability;

contracting at least one of a plurality of predetermined diseases; and

dying.