Registers – Systems controlled by data bearing records – Banking systems
Patent
1987-01-06
1991-06-18
Fuller, Benjamin R.
Registers
Systems controlled by data bearing records
Banking systems
3642252, 3642273, 364408, G06F 1530
Patent
active
050251384
ABSTRACT:
A method and system for providing line of credit information to participating banks that issue debit cards to owners of life insurance policies, wherein the cash surrender value of the life insurance policy has been assigned as collateral to secure the credit line on the individual's (policy holder's) debit card. The basis of this invention is the appreciation of the uniqueness in the collateral of the cash surrender value of a life insurance policy and the manner in which such collateral can be used to expedite the issuance and surveillance of debit card accounts. The system of this invention, (also hereinafter "assignee") provides line of credit information to participating debit card issuers and periodically monitors the line of credit for each of debit card holder whose line of credit is secured by the cash surrender value of his insurance policy. The manner of securing this line of credit effectively eliminates potential losses from default on such credit obligation.
REFERENCES:
patent: 3949191 (1976-04-01), Crowther
patent: 4194242 (1980-03-01), Robbins
patent: 4346442 (1982-08-01), Musmanno
patent: 4376978 (1983-03-01), Musmanno
patent: 4454414 (1984-06-01), Benton
patent: 4590365 (1986-05-01), Okada
Fuller Benjamin R.
Rogers Scott A.
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