Method and system for processing data related to a life insurance policy having an accelerated benefit
AssigneeHartford Fire Insurance Company
InventorsStephen Roche, Michael Roscoe, Dawn M. LeBlanc, Christopher Benedict Cramer, Lisa Michelle Proch
Life of this patent
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Abstract
Disclosed is a novel insurance product that provides an accelerated death benefit to the insured individual. The insurance product contains a lifeaccess accelerated benefit feature that allows the insured individual to file a claim and receive benefits under a life insurance product if the insured individual becomes chronically or terminally ill.
Claims20
A computer system for processing data related to a life insurance policy issued by an issuer and having a death benefit payable to a beneficiary upon a death of an insured, comprising:
- a data storage device for storing data related to the life insurance policy, including a current value of the death benefit, and availability of periodic payments to an owner of the policy that reduce the death benefit, the periodic payments being available during a lifetime of the insured responsive to a request and certification of at least one of physical disability and cognitive impairment of the insured;
- and
- a processor, in communication with said data storage device, the processor configured to:
- receive data indicative of a request for periodic payments to an owner of the policy, an amount of the periodic payments not more than a maximum amount, and a term for which the periodic payments continue, the periodic payments ceasing at the expiration of the term unless a renewed certification of at least one of physical disability and cognitive impairment of the insured is received;
- determine a reduction of the current value of the death benefit based on one of the periodic payments, and
- provide an output signal having data indicative of the determined current value of the death benefit.
A computer-implemented method for processing data associated with a life insurance policy issued by an issuer and having a death benefit payable to a beneficiary upon a death of an insured, comprising:
- receiving by a processor, during a lifetime of the insured, data indicative of a request for periodic payments that reduce the death benefit to an owner of the policy, the request being associated with certification of at least one of physical disability and cognitive impairment of the insured;
- accessing by the processor an amount of the periodic payments, the amount of the periodic payments being not more than an available maximum amount, and a term during which periodic payments continue, the periodic payments ceasing at the expiration of the term unless a renewed certification of at least one of physical disability and cognitive impairment of the insured is received;
- determining by the processor a reduction of a current value of the death benefit based on one of the periodic payments;
- and
- storing by the processor in a data storage device in communication with the processor data indicative of the determined current value of the death benefit.
A non-transitory computer-readable medium, having processor-executable instructions thereon for processing data associated with a life insurance policy issued by an issuer and having a death benefit payable to a beneficiary upon a death of an insured, which instructions, when executed by a processor, cause the processor to:
- receive, during a lifetime of the insured, data indicative of a request for accelerated death benefits, the request being associated with certification of at least one of physical disability and cognitive impairment of the insured,
- access an amount of the periodic payments, not more than an available maximum amount of the periodic payments, and a term during which the periodic payments continue, the periodic payments ceasing at the expiration of the term unless a renewed certification of at least one of physical disability and cognitive impairment of the insured is received;
- determine a reduction of the current value of the death benefit based on one of the periodic payments, and
- store in a data storage device in communication with the processor data indicative of the determined current value of the death benefit.
Dependencies are inferred from the claim text.