Method for evaluating the value of group and individual insurance products
OwnerJohn Colley, Ronald Bargatze +1inventors
InventorsJohn Colley, Ronald Bargatze, Timothy O'Shea
Life of this patent
Estimating the term…
Abstract
A method relates to the assessment and selection of group and individual insurance products. The method includes the relative valuation of diverse contractual attributes and the syntheses of these relative valuations into a Value Index for each insurance product being evaluated. The analysis method can be used for the assessment and comparison of various lines of voluntary or contributory group insurance products (as well as individual insurance products), including but not limited to Long-Term Disability (LTD), Short-Term Disability (STD), Life, Dental, Accidental Death and Dismemberment (AD&D), and Long-Term Care (LTC).
Claims10
A method for comparing insurance products comprising the steps of:
- selecting a standard insurance product and assigning a standard value to the standard product;
- selecting an alternative insurance product;
- calculating a value index for the alternative product;
- using the value index to compare the alternative and standard insurance products.
Dependencies are inferred from the claim text.