US 2014/0156314 A1Published application

System and method for trading senior life settlement policies

OwnerJohn Gunninventor

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Abstract

A system and method for an exchange for auctioning senior life settlement policies are provided. The system and method may include a member creation system for approving new members, a policy approval and dematerialization system for approving and dematerializing a senior life settlement policy prior to being made available for auction, a policy listing system for selecting an approved and dematerialized senior life settlement policy for auction and for entering dynamic policy data to govern the auction for the selected senior life settlement policy, an auction system for accepting bids and determining whether an auction has been successful or whether an auction needs to be extended, and a trade confirmation system for confirming successful auctions and for tracking settlement of transactions which must occur within three business days of the date of auction.

Claims20

Dependent claims

A computer-implemented method for conducting an auction of a senior life settlement policy, said method comprising:

providing an exchange computer configured to:
receive, from a securities intermediary computer, data representing that title to a senior life settlement policy is held by a third party securities intermediary;
receive, from a seller computer, dynamic policy data associated with the senior life settlement policy;
store, in a market listed policy database, the dynamic policy data associated with the senior life settlement policy;
determine that the senior life settlement policy is available for auction;
receive, from a buyer computer, a bid to purchase the senior life settlement policy;
retrieve, from an auction information database, a highest bid associated with the senior life settlement policy;
compare the bid received from the buyer computer to the highest bid associated with the senior life settlement policy;
determine that the bid received from the buyer computer is higher than the highest bid;
store, in the auction information database, the bid received from the buyer computer as a new highest bid associated with the senior life settlement policy;
and
determine that the auction for the senior life settlement policy is closed.

9 more elements

An exchange system for conducting an auction of a senior life settlement policy, said exchange system comprising:

an exchange computer;
a market listed policy database;
an auction information database;
wherein the exchange computer is configured to:
receive, from a securities intermediary computer, data representing that title to a senior life settlement policy is held by a third party securities intermediary;
receive, from a seller computer, dynamic policy data associated with the senior life settlement policy;
store, in a market listed policy database, the dynamic policy data associated with the senior life settlement policy;
determine that the senior life settlement policy is available for auction;
receive, from a buyer computer, a bid to purchase the senior life settlement policy;
retrieve, from an auction information database, a highest bid associated with the senior life settlement policy;
compare the bid received from the buyer computer to the highest bid associated with the senior life settlement policy;
determine that the bid received from the buyer computer is higher than the highest bid;
store, in the auction information database, the bid received from the buyer computer as a new highest bid associated with the senior life settlement policy;
and
determine that the auction for the senior life settlement policy is closed.

12 more elements

At least one computer-readable medium including instructions that are executable to cause a system to perform operations comprising:

receiving, from a securities intermediary computer, data representing that title to a senior life settlement policy is held by a third party securities intermediary;
receiving, from a seller computer, dynamic policy data associated with the senior life settlement policy;
storing, in a market listed policy database, the dynamic policy data associated with the senior life settlement policy;
determining that the senior life settlement policy is available for auction;
receiving, from a buyer computer, a bid to purchase the senior life settlement policy;
retrieving, from an auction information database, a highest bid associated with the senior life settlement policy;
comparing the bid received from the buyer computer to the highest bid associated with the senior life settlement policy;
determining that the bid received from the buyer computer is higher than the highest bid;
storing, in the auction information database, the bid received from the buyer computer as a new highest bid associated with the senior life settlement policy;
and
determining that the auction for the senior life settlement policy is closed.

8 more elements

Dependencies are inferred from the claim text.

Facts

Application: 14/090,874Filed 26 Nov 2013
Priority: 30 Nov 2012
Published: 5 Jun 2014
Term ends: Not estimatedThe source records don’t support an estimate.

Classification2 codes

G06Q 40/08
Finance; Insurance; Tax strategies; Processing of corporate or income taxes: insurance
G06Q
Information and communication technology [ict] specially adapted for administrative, commercial, financial, managerial

Family

Application61/731,957Us provisional application · filed 30 Nov 2012
Application61/784,091Us provisional application · filed 14 Mar 2013
US 2014/0156314 A1This patent

From the US filing history. Foreign family members aren’t listed.

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