US 8,290,840 B2 · Method for determining insurance benefits and premiums from dynamic credit information

Abstract

Methods for obtaining credit life insurance for an individual via a service organization are provided. In one embodiment, the method includes the steps of: 1) registering the individual with the service organization via a computer system in a computer network; 2) accessing credit information on the individual via the computer system in the computer network and determining the total debt of the individual; 3) determining the amount of debt to be covered by credit life insurance benefits; 4) creating a data base including insurance companies that provide credit life insurance benefits, the data base further including the premiums that the insurance companies charge for issuing their credit life insurance; 5) selecting specific coverage with required specific premiums; 6) obtaining the individual's approval of the required specific premiums via the computer system in the computer network; and 7) obtaining credit life insurance benefits for the individual.

Claims14

Dependent claims

A method comprising:

obtaining authorization from an individual to obtain credit information from a credit reporting bureau;
and
using one or more computer processing units, on a periodic basis:
accessing credit information of the individual from a credit reporting bureau;
based on at least the credit information of the individual, determining an amount of debt owed by the individual;
classifying the amount of debt owed by the individual into a plurality of debt categories, based on indications in the credit information of types of debts associated with respective debts in the credit information;
providing a user interface to the individual indicating respective amounts of debt owed by the individual in respective debt categories;
receiving a selection of one or more of the debt categories to be insured;
and
determining how much of the amount of debt owed by the individual is to be covered by aggregated insurance benefits based on at least the selection of debt categories and the amounts of debt associated with the selected debt categories.

7 more elements

Dependencies are inferred from the claim text.

Method for determining insurance benefits and premiums from dynamic credit information

Life of this patent

Method for determining insurance benefits and premiums from dynamic credit information

Life of this patent

Abstract

Claims14