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US 2025/0054069 A1Published application
Execution of life insurance policy via smart contract on blockchain
AssigneeState Farm Mutual Automobile Insurance Company
InventorsJacob Braun, Justin Johnsen
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Abstract
A smart contract on a blockchain represents a life insurance policy for a policyholder. The smart contract can automatically execute on the blockchain based on a notice, from a death record repository, indicating that the policyholder has died. Automatic execution of the smart contract causes an automatic transfer of funds from a transfer source identified in the smart contract to a transfer destination identified in the smart contract.
Claims20
A computer-implemented method, comprising:
- receiving, by one or more processors, user input indicating a first identifier of an individual associated with a policy;
- identifying, by the one or more processors, a second identifier of a transfer source associated with the policy;
- identifying, by the one or more processors, a third identifier of a transfer destination associated with the policy;
- generating, by the one or more processors, computer-executable policy instructions associated with the policy, wherein the computer-executable policy instructions are configured to:
- automatically execute, in a blockchain, and in response to a notice from a death record repository that indicates the first identifier of the individual, a transfer from the transfer source indicated by the second identifier to the transfer destination indicated by the third identifier;
- and
- adding, by the one or more processors, a block associated with the computer-executable policy instructions to the blockchain.
4 more elements
A computer-implemented method, comprising:
- determining, by one or more processors, and based on a death record repository, a notice indicating an identifier of an individual;
- determining, by the one or more processors, that the identifier indicated by the notice corresponds with execution conditions defined in computer-executable policy instructions, stored in a blockchain, associated with a policy;
- and
- initiating, by the one or more processors, in response to the notice, automatic execution of the computer-executable policy instructions in the blockchain by automatically implementing a transfer from a transfer source identified in the computer-executable policy instructions to a transfer destination identified in the computer-executable policy instructions.
1 more element
A computing system, comprising:
- one or more processors, and
- memory storing computer-executable instructions that, when executed by the one or more processors, cause the one or more processors to:
- receive user input indicating a first identifier of an individual associated with a policy;
- identify a second identifier of a transfer source associated with the policy;
- identify a third identifier of a transfer destination associated with the policy;
- generate computer-executable policy instructions associated with the policy, wherein the computer-executable policy instructions are configured to:
- automatically execute, in a blockchain, and in response to a notice from a death record repository that indicates the first identifier of the individual, a transfer from the transfer source indicated by the second identifier to the transfer destination indicated by the third identifier;
- and
- add a block associated with the computer-executable policy instructions to the blockchain.
6 more elements
Dependencies are inferred from the claim text.