Insurance application process providing bound online coverage for life insurance products

A non-transitory, tangible computer-readable medium storing machine readable instructions that, when executed by a processor, cause the processor to:

• display a web-based application including at least the following portions of a single screen:
• (i) an input portion including a plurality of interactive fields for receiving customer information, and (ii) a summary portion including summary information regarding a life insurance policy;
• receive customer information entered via the input portion of the web-based application;
• determine whether the life insurance policy requires a medical underwriting procedure in accordance with a rule-based conditional analysis that analyzes responses to a series of knockout questions that are presented sequentially in the input portion of the web-based application in an adaptive manner based upon one or more of:
• (i) customer information, (ii) a type of the life insurance policy, or (iii) the customer's answers to previously-presented knockout questions;
• receive user input entered sequentially in response to each knockout question of the series of knockout questions presented in the input portion of the web-based application;
• in response to the user input received in response to each knockout question, (i) dynamically adjust a premium associated with the life insurance policy based upon the user input and (ii) display the dynamically adjusted premium;
• and
• provide, at the summary portion of the web-based application, a notification of binding insurance coverage based upon the user input received in response to the series of knockout questions.

A computer-implemented method for generating a user interface for collecting customer information from a customer and binding insurance coverage to the customer, comprising:

• displaying, via a display of a client computing device, a web-based application including at least the following portions of a single screen:
• (i) an input portion including a plurality of interactive fields for receiving customer information, and (ii) a summary portion including summary information regarding a life insurance policy;
• generating, by one or more processors, a first plurality of interactive fields via the input portion of the web-based application;
• receiving, by one or more processors, information entered at the first plurality of interactive fields of the input portion of the web-based application;
• determining, by one or more processors, details associated with the life insurance policy for a customer, wherein the details include a premium associated with the life insurance policy;
• generating, by one or more processors, a second plurality of interactive fields in the input portion of the web-based application based upon the details associated with the life insurance policy;
• presenting, by one or more processors, the second plurality of interactive fields sequentially and in an adaptive manner based upon one or more of:
• (i) the customer information, (ii) a type of life insurance policy, or (iii) information entered within previously-presented fields from among the second plurality of fields;
• receiving, at one or more processors, user input entered sequentially in response to the second plurality of interactive fields;
• in response to the user input received, (i) dynamically adjusting, by one or more processors, the premium associated with the life insurance policy based upon the user input and (ii) displaying, the dynamically adjusted premium in the summary portion of the web-based application;
• determining, by one or more processors, whether the customer is entitled to temporary life insurance coverage prior to completion of the medical underwriting procedure in accordance with a rule-based conditional analysis that analyzes information entered via the second plurality of interactive fields;
• and
• providing, at the summary portion of the web-based application, a notification of binding insurance coverage based upon the user input received in response to the second plurality of interactive fields.