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US 7,734,484 B2Granted
Products and processes for managing life instruments
AssigneeCfph, LLC
InventorsHoward W. Lutnick, Stuart A. Hersch
Life of this patent
Estimating the term…
Abstract
According to an embodiment, a method includes accessing a listing of a plurality of profiles of life insurance policies. A profile is selected from the listing, and the trading status of the profile can be viewed. A buy command or sell command is submitted to an exchange system to trade the life insurance policy that is associated with the selected profile.
Claims21
A method comprising:
- receiving, from a remote device, information about a settlement contract that is available for sale, in which the settlement contract is based on a life insurance policy of a policyholder;
- storing, using a processor, the information about the received settlement contract into a plurality of fields in a database, in which the processor and the remote device are in communication over a network and the database comprises information about a plurality of other settlement contracts;
- generating, using the processor, an index for the plurality of fields, in which the index is used for processing queries;
- receiving, from the remote device, a query that is based on at least one field;
- retrieving, using the processor, a first settlement contract that comprises information matching the at least one queried field;
- communicating to a plurality of potential purchasers, via the processor, that the first settlement contract is available for purchase;
- receiving, during a pre-determined period of time, at the processor a plurality of bids for the first settlement contract, in which each of the plurality of bids comprises a bid price;
- determining, using the processor, that a first bid price submitted by a first bidder is higher than any other bid prices that were received during the pre-determined period of time;
- transmitting, using the processor, an indication that an agreement to sell the first settlement contract at the first bid price has been made;
- and
- providing, using the processor, the policyholder of the first settlement contract with an opportunity to rescind the agreement.
8 more elements
An apparatus comprising:
- a processor;
- and
- a memory, in which the memory stores instructions which, when executed by the processor, direct the processor to:
- receive, from a remote device, information about a settlement contract that is available for sale, in which the settlement contract is based on a life insurance policy of a policyholder;
- store the information about the received settlement contract into a plurality of fields in a database, in which the processor and the remote device are in communication over a network and the database comprises information about a plurality of other settlement contracts;
- generate an index for the plurality of fields, in which the index is used for processing queries;
- receive, from the remote device, a query that is based on at least one field;
- retrieve a first settlement contract that comprises information matching the at least one queried field;
- communicate to a plurality of potential purchasers that the first settlement contract is available for purchase;
- receive, during a pre-determined period of time, a plurality of bids for the first settlement contract, in which each of the plurality of bids comprises a bid price;
- determine that a first bid price submitted by a first bidder is higher than any other bid prices that were received during the pre-determined period of time;
- transmit an indication that an agreement to sell the first settlement contract at the first bid price has been made;
- and
- provide the policyholder of the first settlement contract with an opportunity to rescind the agreement.
11 more elements
An article of manufacture comprising:
- a storage medium, in which the storage medium stores instructions which, when executed by a processor, direct the processor to:
- receive, from a remote device, information about a settlement contract that is available for sale, in which the settlement contract is based on a life insurance policy of a policyholder;
- store the information about the received settlement contract into a plurality of fields in a database, in which the processor and the remote device are in communication over a network and the database comprises information about a plurality of other settlement contracts;
- generate an index for the plurality of fields, in which the index is used for processing queries;
- receive, from the remote device, a query that is based on at least one field;
- retrieve a first settlement contract that comprises information matching the at least one queried field;
- communicate to a plurality of potential purchasers that the first settlement contract is available for purchase;
- receive, during a pre-determined period of time, a plurality of bids for the first settlement contract, in which each of the plurality of bids comprises a bid price;
- determine that a first bid price submitted by a first bidder is higher than any other bid prices that were received during the pre-determined period of time;
- transmit an indication that an agreement to sell the first settlement contract at the first bid price has been made;
- and
- provide the policyholder of the first settlement contract with an opportunity to rescind the agreement.
9 more elements
Dependencies are inferred from the claim text.