Data processing: financial – business practice – management – or co – Automated electrical financial or business practice or... – Insurance
Patent
1995-10-11
1998-09-08
Cosimano, Edward R.
Data processing: financial, business practice, management, or co
Automated electrical financial or business practice or...
Insurance
705 35, G06F 1760
Patent
active
058060421
ABSTRACT:
The present invention involves a computer software and hardware system which smoothly integrates the following functions into an integrated computer-based system for designing and administering a BOLI plan for national banks under current federal and state guidelines and financial market constraints. The systems includes determining the highest BOLI premium permitted under OCC Banking Circular 9651, determining insurable interest requirements by accessing a database with the appropriate state's insurable interest guidelines, generating performance estimates for the BOLI plan and allocating premium amount by business unit and employee. The system also ensures that the BOLI plan is in compliance with the regulatory requirements for the business unit. In addition, the system reinsures the BOLI plan through a captive insurance company of the financial organization, obtaining policy values for the captive insurance company. Other aspects of the system include verifying, reconciling, consolidating and reporting policy values for the financial organization, and performing administrative procedures for the BOLI plan of the financial organization.
REFERENCES:
patent: 4750121 (1988-06-01), Halley et al.
patent: 5499359 (1996-03-01), Vijaykumar
Christensen, Burke A., Reaffirming Bank's Right to Hold Life Insurance, Trusts & Estates, pp. 65-66, Oct. 1991.
Schiff, Albert J., BOLI: A Vehicle For Economic Stability, Life Association News, pp. 48-50, May 1992.
Wong, Everett D., Riddle Me This: The Truths and Myths of BOLI, Life Association News, pp. 96, 98-100,104; 106; 108; Oct. 1993.
The Wall Street Journal, col. 6, p. 37, May 15, 1980.
Downes, J., Goodman, J.E., Dictionary of Finance and Investment Terms, Fourth Edition, Barron's Educational Series, Inc., p. 473, 1995.
Black, Kenneth Jr., Insurable Interest: A Reappraisal, Best's Review, pp. 20, 22, 24, 119-120, Apr. 1988.
Bennett Charles D.
Kelly William Franklin
Wamberg Warren T.
Bainbridge Barton L.
Cosimano Edward R.
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