System and method for administering last survivor life insurance policy

A computer system for administering a last survivor life insurance policy paying a death benefit on the death of the last survivor of a plurality of insureds, comprising:

• a processor;
• and
• a memory storage device in communication with the processor;
• the processor adapted to:
• determine at least one variable of a feature related to the policy based on a mortality charge based on, for each future year of the policy, a sum of the statistical likelihoods of the deaths of each of the insureds determined as of the policy issue date;
• store data indicative of the determined variable;
• output a signal having data indicative of the determined variable;
• access data indicative of whether any of the insureds is deceased;
• responsive to accessing data indicative that all of the insureds are deceased, access data indicative of the death benefit amount under the policy and an identity of a beneficiary, the identity including at least a name and address;
• and
• output a signal having data indicative of the amount of the death benefit under policy and the identity of the beneficiary.

A computer-implemented method for administering a last survivor life insurance policy paying a death benefit on the death of the last survivor of a plurality of insureds, comprising:

• determining by the processor at least one variable of a feature related to the policy based on a mortality charge based on, for each future year of the policy, a sum of the statistical likelihoods of the deaths of each of the insureds determined as of the policy issue date;
• storing by the processor in a memory device data indicative of the determined variable;
• outputting by the processor a signal having data indicative of the determined variable;
• accessing by the processor data indicative of whether the insureds are deceased;
• responsive to accessing data indicative that all of the insureds are deceased, accessing by the processor data indicative of the death benefit amount under the policy and an identity of a beneficiary, the identity including at least a name and address;
• and
• outputting by the processor a signal having data indicative of the amount of the death benefit under the policy and the identity of the beneficiary.

A computer-readable medium having a plurality of instructions thereon for use in administration of last survivor life insurance policies having a death benefit payable upon the death of the last to die of at least two insureds, which instructions, when executed by a processor, cause the processor to:

• determine at least one variable of a feature related to the policy based on a mortality charge based on, for each future year of the policy, a sum of the statistical likelihoods of the deaths of each of the insureds determined as of the policy issue date;
• store data indicative of the determined variable;
• output a signal having data indicative of the determined variable;
• access data indicative of whether any of the insureds is deceased;
• responsive to accessing data indicative that all of the insureds are deceased, access data indicative of the death benefit amount under the policy and an identity of a beneficiary, the identity including at least a name and address;
• and
• output a signal having data indicative of the amount of the death benefit under policy and the identity of the beneficiary.