Life insurance products under a single approved form
AssigneeM Financial Group
InventorGabriel R. Schiminovich
Life of this patent
Estimating the term…
Abstract
A system and method for generating life insurance products under a single approved form. In one aspect, a system and method are provided for determining a premium schedule by selecting a death benefit; targeting a projected balance of an account associated with the product; designating at least one premium band; generating, in response to a deferral determination for at least one premium-based charge for at least one premium band, factors for allocating charges associated with the product; and calculating the premium schedule. In another aspect, a system and method are provided for determining a death benefit, and in another aspect, a system and method are provided for determining a projected balance of an account associated with a life insurance product.
Claims1
A method for determining a premium schedule for a life insurance product under a single regulatory-approved for comprising:
- a) selecting a death benefit;
- b) targeting a projected balance of an account associated with the product;
- c) designating at least one premium band;
- d) generating, in response to a deferral determination for at least one premium-based charge for at least one premium band, factors for allocating charges associated with the product;
- and
- e) calculating, responsive to steps (a) through (d), the premium schedule.
Dependencies are inferred from the claim text.