Data processing: financial – business practice – management – or co – Automated electrical financial or business practice or... – Insurance
Patent
1995-12-21
1998-06-02
Hayes, Gail O.
Data processing: financial, business practice, management, or co
Automated electrical financial or business practice or...
Insurance
G06F 1900
Patent
active
057616450
ABSTRACT:
Upon the death of an insured, a system releases gift payments to designated beneficiaries on designated dates over a period of years (e.g. ten years.) As part of the policy, the insured may select a message to be sent to the beneficiaries with the gift payments. In a preferred embodiment, the user selects the amount of gift payments, which must be divisible by $25. In a preferred embodiment, 1 unit=$100 in gift payments for 10 years. The insurer develops a premium table or other mechanism to designate a premium for each unit based on the age and sex of the insured. The insured provides the insurer with name and address of the beneficiaries, the date on which payment is to be made, and the amount. This information is stored in a data base. Prior to the insured's death, the insured's account is in living status. While in living status, a computer determines that premiums are paid, if any are due. Once the insured dies, insured's account is updated to a deceased status. No further premiums are due, and payments begin on the designated dates for the number of years specified in the policy. Different beneficiaries may have different designated dates and amounts.
REFERENCES:
Black's Law Dictionary, Abridged Fifth Edition, pp. 46,47,782-789, Dec. 1983.
Conway, Margaret; Life Insurance Trusts; CPA Journal, v64, pp. 38-42, Sep. 1994.
"Microsoft Schedule+ Integrates Mail and Time Management", Microsoft Press Release, May 6, 1991.
R.I. Mehr, et al., Principles of Insurance, Seventh Edition 1980, pp. 358-401.
K. Black, Jr., et al. Life Insurance, Eleventh Edition, 1987; Chapter 9, pp. 139-158.
Equitable Life & Casualty Insurance Co.
Hayes Gail O.
Voqui Thanh-Hang
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