SYSTEM AND METHOD OF MANAGING AN INSURANCE SCHEME

• US 20110112872A1
• Filed: 10/26/2010
• Published: 05/12/2011
• Est. Priority Date: 10/26/2009
• Status: Abandoned Application

• Current Assignee: Discovery Life Limited (Discovery Limited)
• Original Assignee: Discovery Life Limited (Discovery Limited)
• Inventors: MAYERS, Herschel Phillip, GORE, Adrian, RABSON, Kenneth Steven
• Application Number:
  US12/912,009
• Publication Number:
  US 20110112872A1
• Time in Patent Office: Days
• US Class Current: 705/4
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G06Q 40/08 Insurance

Abstract

A method of managing an insurance policy includes storing in a memory a policy inception interest rate level which is an interest rate level payable on debt of the insured person. After the policy inception an interest rate level payable on debt of the insured person at that time is determined and compared with the inception interest rate level. If the determined interest rate level is higher than the inception interest rate level then a debt protector amount to be paid to the insured person is calculated and on the occurrence of an insured event the debt protector amount is paid to the insured person or their nominated beneficiary.

Claims

1. A method of managing an insurance policy including:

storing in a memory a policy inception interest rate level which is an interest rate level payable on debt of the insured person;

determining after the policy inception an interest rate level payable on debt of the insured person at that time;

comparing the determined interest rate level with the inception interest rate level;

if the determined interest rate level is higher than the inception interest rate level then calculating a debt protector amount to be paid to the insured person; and

on the occurrence of an insured event paying the debt protector amount to the insured person or their nominated beneficiary.

2. A method according to claim 1 further including:

periodically determining after the policy inception an interest rate level payable on debt of the insured person at that time;

comparing the determined interest rate level with the inception interest rate level;

if the determined interest rate level is higher than the inception interest rate level then calculating a debt protector amount to be paid to the insured person;

adding the calculated debt protector amount to any previous periodically calculated debt protector amounts to arrive at a total debt protector amount; and

on the occurrence of an insured event paying the total debt protector amount to the insured person or their nominated beneficiary.

3. A method according to claim 1 wherein if the insured person reaches a predetermined age the debt protector amount is paid out to the insured person or their nominated beneficiary.

4. A method according to claim 2 wherein if the insured person reaches a predetermined age the total debt protector amount is paid out to the insured person or their nominated beneficiary.

5. A method according to claim 1, wherein the inception interest rate level and the determined interest rate level are set by one or more financial institutions.

6. A method according to claim 1, wherein the inception interest rate level and the determined interest rate level are set by a regional authority.

7. A system for managing an insurance policy, the system including:

a memory for storing a policy inception interest rate level which is an interest rate level payable on debt of the insured person;

an interest rate determining module to determine after the policy inception an interest rate level payable on debt of the insured person at that time;

a comparator module to compare the determined interest rate level with the inception interest rate level;

a calculating module to calculate a debt protector amount to be paid to the insured person if the determined interest rate level is higher than the inception interest rate level; and

a payment module to pay the debt protector amount to the insured person or their nominated beneficiary on the occurrence of an insured event.

8. A system according to claim 7 further including:

the interest rate determining module periodically determining after the policy inception an interest rate level payable on debt of the insured person at that time;

the comparator module comparing the determined interest rate level with the inception interest rate level;

calculating module calculating a debt protector amount to be paid to the insured person if the determined interest rate level is higher than the inception interest rate level and adding the calculated debt protector amount to any previous periodically calculated debt protector amounts to arrive at a total debt protector amount; and

the payment module on the occurrence of an insured event paying the total debt protector amount to the insured person or their nominated beneficiary.

9. A system according to claim 7 wherein if the insured person reaches a predetermined age the payment module pays the debt protector amount to the insured person or their nominated beneficiary.

10. A system according to claim 7 wherein if the insured person reaches a predetermined age the payment module pays the total debt protector amount to the insured person or their nominated beneficiary.

11. A system according to claim 7, wherein the inception interest rate level and the determined interest rate level are set by one or more financial institutions.

12. A system according to claim 7, wherein the inception interest rate level and the determined interest rate level are set by a regional authority.