Data processing: financial – business practice – management – or co – Automated electrical financial or business practice or... – Insurance
Reexamination Certificate
1998-12-10
2004-01-27
Chilcot, Richard (Department: 3627)
Data processing: financial, business practice, management, or co
Automated electrical financial or business practice or...
Insurance
C705S03600T
Reexamination Certificate
active
06684190
ABSTRACT:
FIELD OF THE INVENTION
This invention relates generally to the field of computer-based systems regarding financing information, and more particularly, to a computer apparatus and method for exposing risk inherent in various financial plans using dynamic graphs and displays and for then permitting the user to re-balance that risk according to his/her risk tolerance.
BACKGROUND OF THE INVENTION
The following United States Patents describe various types of computer based systems regarding insurance data:
U.S. Pat. No. 5,655,085 (Ryan et al.) discloses a computer system for preparing and processing multiple universal life insurance quotes and for preparing and processing universal life insurance applications based on these quotes (FIG. 1 of the '085 patent). In particular, the computer system of the '085 patent makes it possible for a single computer to efficiently provide multiple life insurance product illustrations for multiple life insurance carriers. The system of the '085 patent steps a user through the application preparation process.
U.S. Pat. No. 5,479,344 (Keziah, Jr.) discloses an apparatus for receiving insurance data and for displaying life insurance needs in numerical format.
U.S. Pat. No. 5,523,942 (Tyler et al.) discloses a computer implemented graphical user interface for receiving instructions and information relating to insurance. The displays use conventional Window format for entering and displaying numerical data in tabular form.
U.S. Pat. No. 4,831,526 (Luchs et al.) discloses a computer system for processing and preparing applications for insurance and premium quotations and for preparing and writing insurance contracts. The displays utilize line displays.
U.S. Pat. No. 4,975,840 (DeTore et al.) discloses a method and apparatus for evaluating the insurability of a potentially insurable risk.
U.S. Pat. No. 5,504,674 (Chen et al.) discloses a communications network for processing insurance claims of objects.
U.S. Pat. No. 4,837,693 (Schotz) discloses a system including a group of computers for facilitating the implementation and administration of a desired group insurance plan.
U.S. Pat. No. 4,899,292 (Montagna et al.) discloses a system for storing and retrieving text and associate graphics for insurance estimation or service manuals.
U.S. Pat. No. 5,550,746 (Jacobs) discloses a method and apparatus for storing and selectively retrieving product data by correlating customer selection criteria with optimum product designs based on embedded expert judgments.
U.S. Pat. No. 5,537,315 (Mitcham) discloses a method and apparatus for permitting a patron to purchase an insurance policy and an insurance binder from a computerized kiosk.
It should be understood from the outset that the use of the term “illustration” is a term of art describing any numeric, or graphic, interpretation and projection of assumptions of the future values of a life insurance policy.
Two types of illustration software exist on the marketplace: (1) product illustrations and 2) concept illustration software. Both are static, number, time and paper intensive systems.
Current product software calculates policy values and creates a ledger of numbers (generally from 6 to 20 pages in length) which illustrate what a specific insurance company's policy values may look like in the future under a static set of economic assumptions (including Premiums paid in, Interest credited to the policy, Mortality charges, Selling expenses, General expenses, Lapse Rates). Although these illustrations contain footnotes which state that the policy has many “non-guaranteed” assumptions most of the company's specific assumptions are not disclosed to the reader. Thus, it is impossible for the policy buyer to fully understand what the term “non-guaranteed” may mean as it might effect his future policy values.
Using an input screen on a PC or mainframe computer an agent or home office can enter policy input data to create one illustration at a time. The ledger and possibly a graph may be created illustrating this one set of assumptions. If a second set of assumptions is to be considered the input data must be changed or reentered and the ledger pages and graph reprinted. The output of dozens of pages of numbers and or a few graphs can be laid side by side to compare these two possible outcomes. In most cases agents will summarize this data and create a new summary of values to discuss with his client.
The problem with this approach is that it is labor, time and paper intensive and can only cover a very few alternatives. The result is a policy design and buying decision based on a limited number of alternatives considered.
The second type of illustration system in the market transfers the primary illustration data created above, inside the computer to a new platform to illustrate a sales concept rather than a policy per se. This generally requires some type of transfer of data from the main illustration system to a second system where it can be formatted into a variety of sales concepts. All these systems generate a single ledger and series of static graphs which can be used with a client. (Most of these systems also require the printing and delivery to client of all the pages from the basic illustration and footnotes mentioned above.)
The following companies sell software programs that fall in the above categories and which calculate life insurance policy data, print out numbered illustrations and/or present static graphic depictions: Fipsco of Des Plaines, Ill.; United Systems of Park City, Utah (INTEFLEX); FDP of Miami, Fla.; and Insmark of San Ramon, Calif.
The following United States Patents describe various types of computer based systems regarding financial data:
U.S. Pat. No. 4,839,804 (Roberts et al.) discloses a method and apparatus for insuring the funding of a future liability of uncertain cost.
U.S. Pat. No. 4,953,085 (Atkins) discloses a system for the operation of a financial account.
U.S. Pat. No. 5,083,270 (Gross et al.) discloses a method and apparatus for releasing value of an asset.
U.S. Pat. No. 5,237,500 (Perg et al.) discloses a system and process for converting constant dollar financial instruments.
U.S. Pat. No. 5,006,998 (Yasunobu et al.) discloses a computerized consultation system that permits the user to request advice and/or expert's opinion regarding financial matters.
U.S. Pat. No. 5,095,429 (Harris et al.) discloses a method for modifying calculations on financial data in a financial information system whereby manually input data entered as a value can be prioritized above other values that are dependent on the first value by setting a lock flag to indicate that the data is to be secured against change by subsequent recalculation on the cell.
U.S. Pat. No. 5,495,412 (Thiessen) discloses a method and apparatus for supporting computerized interactive and assisted negotiations. This method and system computerize negotiation issues, preferences, and interested-stake holders and requires the parties to consider alternatives simultaneously, rather than separately.
U.S. Pat. No. 5,590,037 (Ryan et al.) discloses a method and system for computing a financial projection and an illustration of a prefunding program for an employee benefit.
U.S. Pat. No. 5,666,492 (Rhodes et al.) discloses a computer-based pharmaceutical care cognitive services management system and method that permits the transformation of pharmacist from vendor to a health care provider. The system utilizes a window display-format with multiple data fields for entering user-particular information.
U.S. Pat. No. 5,673,402 (Ryan et al.) discloses a computer system for producing an illustration of an investment repaying a mortgage. In particular, the '402 patent discloses a computer system for preparing, processing and transmitting life insurance premium quotes as part of a mortgage calculation in support of a new financial product.
U.S. Pat. No. 5,636,117 (Rothstein) discloses a method and apparatus for monitoring the strength of a real estate market or commodity market and making lending and insuranc
Powers James G.
Weber Richard M.
Caesar Rivise Bernstein Cohen & Pokotilow Ltd.
Chilcot Richard
Financial Profiles, Inc.
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