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US 2015/0088559 A1Published application
Retirement income assurance policy
AssigneePension Advisory Group
InventorPaul D. Hinson
Life of this patent
Estimating the term…
Abstract
The disclosure relates to certain insurance procedures, methodology and implementation. More specifically, the procedures and methodology relate to insurance or policies which allow for retirement plan contribution when an individual is disabled and is no longer able to receive pay from an employer.
Claims20
A computer implemented method of transmitting electronic funds on a networked computer system based on conditional and non-conditional events, and disbursing the electronic funds, the method comprising:
- A) initiating a data transfer from a computer comprising a user interface computer over the networked computer system to a financial services computer, the data comprising:
- a number of employees employed by an employer who participate in an employer's retirement benefit contribution plan, age of employees under the plan, a retirement benefit contribution plan, general health condition of employees under the plan, gender of employees under the plan, previous health conditions of employees under the plan or a combination thereof;
- wherein upon receipt of the data, the financial services computer sends a premium amount based on the data transmitted by the user interface and a disability insurance contract and sends data comprising the premium amount to the user interface via the networked computer system;
- and
- B) initiating a data transfer from the user interface computer authorizing the transfer of data comprising electronic funds equal to the premium amount to the financial services computer, either from transfer of said electronic funds from a bank computer holding a bank account or by transfer of said electronic funds from a trust computer;
- and
- C) wherein upon a first conditional event, the user interface computer transmits electronic data comprising an employee's injury, type of injury, and expectation of duration of disability or combinations thereof to the financial services computer;
- and
- D) transferring data comprising electronic funds from the financial services computer at scheduled time intervals to a trust system computer until a second conditional event occurs or a non-conditional event occurs;
- E) associating the data comprising electronic funds in the trust system computer with the employee;
- F) purchasing at least one annuity with data comprising electronic funds associated with the employee;
- and wherein
- G) data comprising the annuity is disbursed from the trust system computer to the employee upon the non-conditional event.
10 more elements
A networked computer system configured to transfer information and elect funds to a trust computer and configured to disburse annuities from the trust computer based on at least one conditional event and at least one non-conditional event, the system comprising:
- A) a user interface computer on the networked computer system;
- B) a financial services computer on the networked computer system;
- C) a trust system computer on the networked computer system;
- and wherein
- i) a user interface computer initiated electronic data transfer to the financial services computer, the data comprising a number of employees employed by an employer who participate in an employer's retirement benefit contribution plan, age of employees under the plan, a retirement benefit contribution plan, general health condition of employees under the plan, gender of employees under the plan, previous health conditions of employees under the plan or a combination thereof results in a generation of a premium amount by the financial services computer which is then sent as electronic data over the networked computer system to the user interface computer;
- and wherein
- ii) the premium amount sent over the networked computer system to the user interface computer results in a user interface computer initiated transfer of data comprising electronic funds equal to the premium amount to the financial services computer, from either transfer of said electronic funds from a bank computer holding a personal or business bank account, or by transfer of said electronic funds from a trust computer and further comprising
- iii) another user interface computer initiated electronic data transfer comprising a notification of a first conditional event to the financial services computer causing a financial services computer initiated data transfer of electronic funds to a trust services computer which then associates the electronic funds received with an account belonging to the employee, and optionally another user interface computer initiated electronic data transfer comprising a notification of a second conditional event to the financial services computer causing the processor to stop data transfer of electronic funds to the trust services computer;
- and wherein
- iv) there is a trust services computer initiated purchase of at least one annuity with data comprising electronic funds associated with the employee;
- and wherein upon a non-conditional event, there is a trust services computer initiated disbursement of the annuity to the employee.
8 more elements
An apparatus for receiving electronic data and disbursing annuitized funds to an entity, the apparatus configured to:
- A) receive electronic data comprising a numerical value and electronic funds associated with the entity and storing the data in a computer readable medium;
- B) receive electronic data from a database of annuity information, the information comprising annuity cost and market performance;
- C) transmit electronic data comprising electronic funds associated with an entity to a computer selling an annuity;
- D) receive electronic data comprising electronic funds from a computer selling an annuity and storing the data in a computer readable medium;
- and
- E) disburse funds to the entity, and
- wherein the electronic data comprising a numerical value and electronic funds associated with an entity is received from a device which transmits the data upon a first conditional event and optionally stops the transfer of the data upon a second conditional event, and wherein
- the device that transmits the data to the apparatus upon a first conditional and optionally a second conditional event is either:
- i. a financial services computer configured to receive data comprising the first conditional event and the entity associated with the first conditional event from a user interface computer;
- or
- ii. an underwriting computer configured to receive data comprising the first conditional event and the entity associated with the first conditional event from the financial services computer and wherein
- the user interface computer is configured to send electronic data to the financial services computer, the data comprising a first conditional event of an entity and optionally data comprising a second conditional event of an entity;
- and
- the user interface is further configured to send electronic data comprising a number of entities, environmental data of each entity, biological data of each entity to an device configured to run an actuarial model, the device configured to run said actuarial model being further configured to transmit binary data comprising a premium to either:
- i. the user interface computer or
- ii. the financial services computer, and wherein if the electronic data comprising the premium is sent to the financial services computer, then the financial services computer is configured to transmit said data to the user interface computer, which is configured to receive said data;
- and
- wherein the user interface computer is further configured to send electronic data comprising:
- i. electronic funds to the financial services computer;
- or
- ii. an authorization signal to transfer electronic funds to the financial services computer from an electronic account holding electronic funds;
- and
- wherein the financial services computer is configured to receive said electronic funds.
20 more elements
Dependencies are inferred from the claim text.