System and method for administering insurance policies issued before comprehensive underwriting
First Claim
1. A computer system for administering applications for insurance, comprising:
- a processor;
a memory storage device having stored data indicative of criteria for eligibility for issue of a life insurance policy prior to comprehensive underwriting, in communication with the processor;
the processor configured to;
receive data indicative of an application by a proposed insured for life insurance for issue prior to comprehensive underwriting;
determine, based on the received data, whether the proposed insured is eligible for life insurance for issue prior to comprehensive underwriting;
responsive to a determination that the proposed insured is eligible, generate an output signal having data indicative of instructions to issue a life insurance policy on the life of the proposed insured, and an output signal having data indicative of instructions to commence comprehensive underwriting of the proposed insured, insured;
provide to an insurance process administration computer system data relating to the issued initial policy for determining insurance data associated with the issued initial policy;
receive data indicative of a result of the comprehensive underwriting process;
based on the result of the comprehensive underwriting process, determine terms of a final issued policy; and
provide to the insurance process administration computer system data relating to the final issued policy.
4 Assignments
0 Petitions
Accused Products
Abstract
A computer system for administering applications for life insurance has a processor and a memory storage device in communication with the processor. The processor is configured to receive data indicative of an application and an initial premium payment from a proposed insured for life insurance; based on the received data, determine whether the proposed insured is eligible for life insurance issued before completion of comprehensive underwriting; responsive to a determination that the proposed insured is eligible, generate an output signal having data indicative of a decision to respond to the application by issuing a policy and by commencing a comprehensive underwriting process. The processor may be configured to receive data indicative of a result of the comprehensive underwriting process and based on the result of the comprehensive underwriting process, provide an output signal indicative of policy changes.
24 Citations
25 Claims
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1. A computer system for administering applications for insurance, comprising:
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a processor; a memory storage device having stored data indicative of criteria for eligibility for issue of a life insurance policy prior to comprehensive underwriting, in communication with the processor; the processor configured to; receive data indicative of an application by a proposed insured for life insurance for issue prior to comprehensive underwriting; determine, based on the received data, whether the proposed insured is eligible for life insurance for issue prior to comprehensive underwriting; responsive to a determination that the proposed insured is eligible, generate an output signal having data indicative of instructions to issue a life insurance policy on the life of the proposed insured, and an output signal having data indicative of instructions to commence comprehensive underwriting of the proposed insured, insured; provide to an insurance process administration computer system data relating to the issued initial policy for determining insurance data associated with the issued initial policy; receive data indicative of a result of the comprehensive underwriting process; based on the result of the comprehensive underwriting process, determine terms of a final issued policy; and provide to the insurance process administration computer system data relating to the final issued policy. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 23)
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9. A computer-implemented method for administration of insurance, comprising:
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receiving by a processor, and storing by the processor in a memory device in communication with the processor, data indicative of an application and an initial premium payment from a proposed insured for life insurance for issue prior to comprehensive underwriting; based on the received data, determining by the processor whether the proposed insured is eligible for life insurance issued prior to comprehensive underwriting; responsive to a determination that the proposed insured is eligible, generating by the processor an output signal having data indicative of a decision to respond to the application by issuing an initial policy and commencing a comprehensive underwriting process, and providing to an insurance process administration computer system data relating to the issued initial policy for determining insurance data associated with the issued initial policy; receiving by the processor data indicative of a result of the comprehensive underwriting process; based on the result of the comprehensive underwriting process, determining by the processor terms of a final issued policy; and providing to the insurance process administration computer system data relating to the final issued policy. - View Dependent Claims (10, 11, 12, 13, 14, 15, 24)
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16. A computer system for issue and administration of life insurance policies, comprising:
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a processing module, comprising a processor, for operable to; receive data indicative of an application and an initial premium payment from a proposed insured for life insurance for issue prior to comprehensive underwriting; and determine, based on the received data, whether the proposed insured is eligible for issue of life insurance issued prior to underwriting; an administration module, comprising a processor, operable to; responsive to a determination by the processing module that the proposed insured is eligible, administer a mandatory comprehensive underwriting process; and determine risk data based on a result of the mandatory comprehensive underwriting process; and an issuance module, comprising a processor, operable to issue a life insurance policy to the proposed insured prior to the mandatory comprehensive underwriting process and responsive to the determination by the processing module that the proposed insured is eligible. - View Dependent Claims (17, 18, 19)
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20. A computer-implemented method for issue and administration of life insurance policies, comprising:
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receiving by a processing module, comprising a processor, data indicative of an application and an initial premium payment from a proposed insured for life insurance for issue prior to comprehensive underwriting; determining by the processing module, based on the received data, whether the proposed insured is eligible for issue of life insurance issued prior to underwriting; administering by an administration module, comprising a processor, responsive to a determination by the processing module that the proposed insured is eligible, administering a comprehensive underwriting process; determining by the administration module risk data based on a result of the comprehensive underwriting process; and issuing by an issuance module, comprising a processor, a life insurance policy to the proposed insured prior to the comprehensive underwriting process and responsive to the determination by the processing module that the proposed insured is eligible. - View Dependent Claims (21, 22, 25)
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Specification